How to Withdraw from Sukanya Samriddhi Scheme?

The Sukanya Samriddhi Scheme/Account is gaining popularity over the last few years as it offers an attractive interest rate and guaranteed returns. The scheme which is exclusively for a girl child rolled out to secure her future. The money invested can be utilized for the child's education or her marriage purpose post maturity.

The Sukanya Samriddhi Scheme/Yojana will mature 21 years from the date of opening of the account. But the contribution towards the scheme will end for 15 years from the date of opening.

Let's understand in detail about How to withdraw from Sukanya Samriddhi Account?

Rules for Withdrawal from Sukanya Samriddhi Account/Yojana

This account cannot be closed or the invested amount cannot be withdrawn before the girl reaches 18 years. Post that, partial withdrawal is allowed up to 50% of the amount accumulated during the preceding year for the following two conditions:

• For meeting the higher educational expenses - Partial amount from SSA can be withdrawn for meeting the higher education expenses of the girl.
• To meet the financial expenses of her marriage.

Amount of Withdrawal in Sukanya Samriddhi Scheme/Yojana

• If a girl's family have to meet the expenses of her higher education or marriage, then the partial withdrawal of 50% of the money is allowed once she turns 18 years and above.
• It is mandatory to deposit money for 14 consecutive years or more to be eligible for withdrawing the maturity amount from Sukanya Samriddhi account.
• No withdrawal will be allowed until the girl child turns 18 years.
• The concerned officials have to be satisfied that the reason for withdrawal of the proceeds from the Sukanya Samriddhi Yojana is genuine enough and satisfies all the terms and conditions as mentioned above.

Closure of Sukanya Samriddhi Yojana on Maturity

This scheme will mature after 21 years from the date of opening of the account. Post maturity the account holder can withdraw the complete proceeds of the scheme (principal amount + accumulated interest amount).

• Full withdrawal of the maturity proceeds can be done by the girl child herself.
• The entire proceeds from the account can be withdrawn by the girl during the time of her marriage and for that, the girl should have attained 18 years of age. Post marriage, the account can not be operated by the girl. For this, the girl will have to give an affidavit that she is aged over 18 years and is closing the account before maturity due to marriage.

Note: The scheme ensures that it does not support child marriage.

Pre-Mature Closure of Sukanya Samriddhi Scheme/Account

This account can be prematurely closed due to any of the below-mentioned conditions:

• Death of the account holder.
• If the account holder is facing any life-threatening disease, then for meeting the expenses for the treatment, the account can be prematurely closed.

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