At present, in Sukanya Samriddhi Yojana, interest is being received on this scheme at the rate of 8 percent. But 21 years is too much time. If a person needs the money before 21 years, what are the withdrawal rules?
Sukanya Samriddhi Yojana is a scheme to secure the future of daughters, which is run by the Government of India. In this scheme, an account is opened in the name of girls up to the age of 10 years. Deposits have to be made in the scheme for 15 years. But this scheme matures after 21 years. From Rs 250 to Rs 15,0000 can be deposited annually in Sukanya Samriddhi Yojana. The benefit of compounding interest is available in this scheme and the interest is calculated on an annual basis.
At present, interest is being received on this scheme at the rate of 8 percent. If investment is made in this scheme in time, then a lot of money can be added till the daughter grows up. But 21 years is too much time. Suppose a person needs money before 21 years after starting the scheme, then what are the rules for premature withdrawal? Know about it here.
Withdrawal Rules
Withdrawal facility is available from the account after the daughter’s 10th standard or after she turns 18. In this case, you can withdraw up to 50% of the total balance of the previous financial year. If you are withdrawing the amount for the higher studies of the daughter, then you will have to give proof for higher studies. Apart from this, money can be received in lump sum or in installments. You will get money only once in a year and can take money in installments for a maximum of five years.
Premature closure can be done in these situations
1. If the girl dies before the maturity of her scheme, then her parents get the money invested in this scheme along with interest. However, for this the death certificate of the girl has to be submitted.
2. If the girl who has Sukanya Samriddhi account in her name has a serious illness and needs money for treatment, you can close the account prematurely. But for this you may have to provide proof related to the illness and treatment of the daughter. But this facility is available after 5 years.
3. If the girl child in whose name the Sukanya Samriddhi account has been opened, her parents or legal guardians die before the account matures, then the account can be closed midway.
4. Your account is considered closed even if you give up your Indian citizenship. In this case, all the money is returned by adding interest. But if you have settled in some other country, but have not given up the citizenship of India, then this account can be continued till maturity.
