The Government of India started Sukanya Samriddhi Yojana (SSY) under the Beti Bachao-Beti Padhao campaign. This scheme is specially for daughters. In this scheme, parents invest for their daughter’s education and marriage and when the daughter turns 18, she gets interest along with the investment amount.
In this scheme, one has to invest for 15 years. After this, one does not have to invest and withdrawal can be made after the daughter turns 18 years old. However, this scheme matures after the daughter turns 21 years old. If you are also thinking of getting this scheme done for your daughter, then please note that the age of the daughter should be less than 10 years. Currently, the government is offering an interest of 8.2 percent in this scheme.
In this scheme, one has to invest continuously for 15 years, so many times the question arises in the mind of the investor whether this scheme can be closed in between. We will tell you whether the scheme can be closed before maturity or not.
You can close the scheme earlier
According to the rules of Sukanya Samriddhi Yojana, this Sukanya account can be closed before maturity. This scheme is closed only in certain special cases.
- If the child’s legal guardian or parents die, the scheme can be closed midway. This scheme has a lock-in period of 5 years. In such a situation, the account can be closed only after 5 years.
- If the daughter gets a serious illness, then in this situation the guardian can close the account by submitting the documents related to the illness. This facility is also applicable after 5 years.
- If the daughter or the guardian has given up Indian citizenship, then the account is considered closed. In this situation, the investor gets only the investment amount. He does not get interest money. On the other hand, if the investor is only settled in another country but has Indian citizenship, then in such a case the account continues till maturity.
When can you do premature withdrawal
- If you need money for your daughter’s higher studies after she passes 10th standard, you can withdraw before maturity. In this, you can withdraw only 50% of the amount. For this withdrawal, you will have to submit proof related to higher studies.
- If the daughter dies before maturity, then the parents or guardian get the entire amount before maturity. In this, interest money is also received along with the investment amount.
- In this situation, the guardian has to submit the death certificate.
- If you marry your daughter at the age of 18, then you can withdraw only 50% of the amount from your Sukanya account. You can do this withdrawal one month before your daughter’s marriage or three months after her marriage.
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