If you want to withdraw money before maturity from ‘Sukanya Samriddhi Yojana’ then know these terms and conditions

SSY Withdrawal Rules: Sukanya Samriddhi Account Not only does it give you more interest than all government savings schemes, but also gives you a substantial tax exemption. With the help of this account, you can collect several lakhs (up to Rs. 64 lakhs) by depositing little by little till your daughter grows up. This money, under normal circumstances, gets back to your daughter after 21 years. But, due to some rules, you can withdraw this money before time also. Such as marriage, serious illness, higher studies, or going abroad. Today we will tell you how to withdraw money from Sukanya Samriddhi Yojana.

Any Indian citizen can open Sukanya Samriddhi account for his daughter below 10 years of age. Its account can be opened in bank or post office. This account can be opened by depositing at least Rs.250. A minimum of Rs 250 and a maximum of Rs 1.50 lakh can be deposited in this account every year. The rules for withdrawing money from Sukanya Samriddhi account are as follows-

on daughter’s marriage

If your daughter gets married at the age of 18, then you can withdraw 50 percent of the balance in the account. But this is 50 percent of the total balance of the previous financial year. For this money can be withdrawn from one month before the marriage of the girl till three months after the marriage.

for higher studies

If you want to send your girl child for higher studies after 10th and you need money for this, then you can withdraw up to 50 percent of the amount after the girl child turns 18. This amount can also be 50 percent of the total balance of the previous financial year. But for this you have to give proof for higher studies.

on the death of the girl

If the girl child comes of age before the maturity of the 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.

Account can be closed in these circumstances

• If the parents of the girl child die before maturity, then the account can be closed midway. But this facility is available after 5 years of account opening.
• If the account holder girl child gets any fatal disease. If you need money for treatment, you can get the account closed. But this facility is also available only after 5 years.
• Even if you give up the citizenship of India, your account is considered closed. 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
• The account can be continued till maturity.

Other withdrawal conditions

At the time of withdrawing money, the girl has to give proof of identity. While withdrawing money from this scheme, along with the application form, the girl has to provide a document certifying her identity (indentity proof). That is, an identity card has to be given. Also, proof of Indian citizenship has to be given. For these works, work will be done with Aadhaar card, Voter ID and Passport.