Sukanya Samriddhi Yojana: Scheme allows partial withdrawal under these conditions – details here!

Sukanya Samriddhi Yojana: Small deposit scheme Sukanya Samriddhi Yojana (SSY) allows withdrawal of money from the account of a girl child only when she attains 18 years or completes her 10th standard schooling. The Sukanya Samriddhi Account (SSA) allows partial withdrawal up to 50 per cent of the total savings available at the end of the preceding financial year.

The withdrawal can be in one lump sum or in installments, not exceeding one year and for a maximum of five years. The withdrawal amount cannot exceed the ceiling of 50 per cent and will be subjected to applicable fee or charges.

The closure or maturity period is attained after the completion of 21 years from the date of account opening or at the time of marriage of the girl child after attaining age of 18 years. It should be 1 month before or 3 months after the date of her marriage.

The Government-backed Sukanya Samriddhi Yojana was launched as part of the government’s ‘Beti Bachao Beti Badhao’ campaign. The small deposits scheme can be opened to for a girl child to help het meet her financial needs including education and marriage. The scheme is currently offering interest rate of 7.6 per cent per annum.

The account can be opened with a minimum amount of Rs 250 or a maximum of Rs 150,000 in a financial year. The deposits can be made in multiples of Rs 50. Deposits can be made in lump-sum too. There is no limit on number of deposits either in a month or in a financial year.

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The scheme also offers tax benefits under Section 80C of the Income Tax Act. Interest earned in the account is free from Income Tax under Section 10 of the IT Act.

The scheme also allows premature closure after the completion of 5 years from the day of account opening on fulfillment of certain conditions.

Also Read: Sukanya Samriddhi Yojana: Scheme allows premature closure after 5 years, but only under these conditions

The account will be operated by the guardian till the girl child attains the age of majority ie 18 years.

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