Sukanya Samriddhi Account (SSA) Scheme gets matured on completion of 21 years from the date of opening of the account or when the girl child or daughter gets married, whichever is earlier. Please note that the girl attaining the age of 21 years has no relevance to maturity of this scheme.
A- Closure on Maturity or before Maturity due to Marriage of Account Holder:
The SSA account shall mature on completion of 21 years from the date of opening of the account but in case marriage of the account holder takes place before completion of 21 years the operation of the account shall not be permitted beyond the date of her marriage. In such closure of accounts accountholder have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of account. If account is not closed after maturity, the balance will continue to earn interest as specified for the scheme from time to time.
B- Pre-mature Withdrawal:
One can withdraw 50% of the amount accumulated till 18th year (opening of the account, this is not the age of girl). The purpose of withdraw, should be to support education expense. So till 18 years whatever amounts accumulate in Sukanya Samriddhi Account, she can withdraw 50% of that and utilize for her (girl’s) education. Rest amount will stay there and earn compound interest till maturity.
Mr A has opened an SSA account on 01/01/2015 for his daughter D (DOB – 01/01/2004). Mr A has made initial deposit of Rs.1000/ and from then onward also depositing Rs. 1000/- every year in SSA account. D was 10 year old, when the SSA account was opened.
- Mr. A can deposit money in SSA till 24th year (10 + 14) of her age (One can deposit under this scheme up to 14 years from the date of account opening only). After that no further deposit will be allowed.
- Daughter D could do a partial withdrawal of Rs. 3500 = 10,069*X50% (maximum upto 50% of the balance standing at the end of the preceding financial year can be taken after account holder attaining age of 18 years.) *Interest Rate 9.10%
- SSA will get matured on 01/01/2025 (on completion of 21 years from the date of opening of the account, if the daughter doesnot gets married at that age)
- Full withdrawal is possible when the daughter gets married or after she turns 31 (10 + 21).
- In case daughter D gets married before 24 years, then the account will be closed on that year itself (on completion of 21 years from the date of opening of the account or as the girl child gets married).
There are three exceptions scenarios, under which the SSA account can be closed prematurely –
1. Untimely death of the SSA Account Holder:
Only allowed in the unfortunate death of the account holder (girl child). The account shall be closed immediately on production of death certificate issued by the competent authority. In this case the balance at the credit of the account shall be paid along with the accrued interest till the month preceding the month of premature closure of the account, to the guardian of the account holder.
2. Untimely death of the Depositor:
In case of death of depositor the account should be closed immediately on production of death certificate issued by the competent authority. In such case the amount accumulated till the previous month of death will be returned to the SSA Account Holder (girl child).
3. Hardship to the Depositor or Extreme Compassionate Grounds:
One can close SSA account only if he/she is not able to deposit money further by providing valid reason in written application. The application will be scrutinized for the reason given by the authorities (central government). When the authorities satisfied that operation of the account or continuation of the account is causing undue hardship to the depositor (guardian). Authorities may allow pre-mature closure of the SSA account. But this will only allowed in cases of extreme compassionate grounds such as medical support in life threatening diseases, death etc.
Things you need for Withdrwal of SSA:
2- Withdrawal Slip
3- Original SSA Pass Book
4- An affidavit (That account holder is eighteen years of age) or Date of Birth (DOB) Certificate
How to check, how much will I get?
Things you should know
- The pass book shall be presented to the post office or bank, at the time of final closure of the account on maturity.
- The maturity of the SSA account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years (whichever is earlier).
- The SSA scheme qualify for tax-free status on withdrawal.
- This year interest rate has revised to 9.20% for FY 2015-16.