Closure and Withdrawal of Sukanya Samriddhi Yojana

Sukanya samridhi yojana, a small saving scheme offered by the government of india for encouraging girl child investment under Beti Bachao Beti Padhao programme. Holding a ssy scheme, there are some rules for the closure and withdrawal of the account before maturity. Let's take a look at these premature closure and withdrawal rules.

Premature closure of account

A premature closure of the account can be completed by the girl after the age of 18 for her wedding. In some special cases, the closure of the account and withdrawal of the respective amount is possible.

Death of the account holder

In case of the death of the account holder, the parents or legal guardian are entitled to claim the amount in the account. The nominee of the account will receive the amount and the document related to the death of the account holder has to be submitted by the parents or legal guardian.

Unable to maintain the account

Premature closure is possible If the central government issues any form of directive on the depository's inability to maintain the account and it can be closed if the depositor is having any financial problem in making the deposits for the account. Permission from the authorities is required for the closure.

It should be remembered that only exceptional circumstances, such as life-threatening illnesses or medical emergencies, may result in the Sukanya Samriddhi Yojana account being closed.

Premature withdrawal of account

Sukanya samridhi scheme allows a partial withdrawal for the education or marriage of the account holder. Partial withdrawal can be made upto 50% of the amount in the account. The withdrawal can be made after the girl turns 18 with proper proof of admission in case of further studies. In Fact the amount can be restricted to the amount of fee to be paid for the admission as per the fee slip.

Transfer of account

In this scheme, the account can be transferred on the shifting of the account holder from one city to another city anywhere in india. Only a transfer request is to be filled. This transfer is cost free if the proof of shifting of account holder is submitted otherwise 100 rupees will be charged.