Rules relating to Sukanya Samriddi Account Yojana

The rules & regulations of Sukanya Samriddhi Yojana are extremely simple and easy to understand. One of the primary rules of Sukanya Samriddhi is that withdrawal from the account cannot be done unless the girl child has reached the age of 18 years.

The new Sukanya Samriddhi Account Yojana scheme aims at enabling parents to save money for their female children through a special savings account. The deposits made in this account are exempt from taxation under Section 80C, and offer rate of interest (7.6% in 2019-20).

Rules for withdrawal from Sukanya Samriddhi Account

Here are some of the Sukanya Samriddhi Account rules relating to withdrawal and closure of the account.

  • There can be no withdrawal before the girl child (in whose name the account has been opened) has attained the age of 18 years.
  • As the rules state, the girl child (in whose name the account has been opened) can withdraw up to 50% of the amount in the account when she attains 18 years of age, for the purposes of higher education or marriage.
  • The amount will continue to compound with the prevailing rate of interest until 21 years from the date on which the account was created.
  • The account reaches maturity in 21 years from the date on which it was created and hence can be fully (100%) withdrawn only at that time.
  • It’s also worth mentioning that withdrawals will only be allowed for accounts that have been deposited in for 14 years.

Rules for Closing the Account

There are only two conditions under which the Sukanya Samriddhi Account can be prematurely closed (the account attains maturity 21 years after the date on which it was created):

  • In case the parent or legal guardian cannot continue to carry forward the account: The government must sign off on such a case, and it seems to be a difficult process and won’t be entertained unless in the case of medical exigencies and / or life threatening diseases.
  • In case the account holder dies: In the unfortunate event of the account holder’s death, the parent or legal guardian must submit the death certificate issued by the respective authority, and close the account. The balance including interest accrued until the month before the closure of the account will be given to the parents or legal guardian in this case.

Rules for Sukanya Samriddhi Account

  • The account cannot be operated after the girl child gets married.
  • Full (100%) withdrawal can only be done by the girl child on account maturity.

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