Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana (SSY) is a popular saving scheme of the government for the future of daughters. In this, parents can open an account in the name of their daughter and deposit money for her higher education and marriage. The special thing about this scheme is that if needed, up to 50 percent of the amount deposited in the account can be withdrawn for the daughter’s education. However, some conditions have been set for this. Let us understand when and how to withdraw half the money from Sukanya account and what will happen to the remaining amount after withdrawal?
When can you withdraw 50% money from Sukanya account?
According to the rules of Sukanya Samriddhi Yojana, a maximum of 50 percent of the amount deposited in the account can be withdrawn for the daughter’s higher education. But for this, the daughter’s age should be 18 years or she should have passed 10th class. Partial withdrawal facility can be availed after whichever of these two conditions is fulfilled first. It is worth noting here that 50 percent withdrawal is calculated on the basis of the balance in the account at the end of the previous financial year, that is, not the total amount of the current account, but the balance as on the last day of the previous financial year will be the basis for this.
What documents are required to withdraw money?
To withdraw money for studies from Sukanya account, the account holder will have to apply by filling Form-3. Along with this, proof of daughter’s admission or fee slip of the educational institute will have to be submitted. The amount to be withdrawn cannot be more than the actual educational needs and expenses of the daughter.
Can you withdraw money at once or in installments?
The 50 percent withdrawal facility available from Sukanya account can be used in lump sum or in installments. If the guardian does not want to withdraw the entire amount at once, then he can take the money in annual installments. However, there are rules for this also. Withdrawal can be made only once in a financial year and this facility is available for a maximum of 5 years, that is, as per the need, one installment can be withdrawn every year for 5 years.
What will happen to the remaining amount after withdrawing 50%?
Withdrawal of up to 50 percent of the amount from Sukanya account does not mean that the account will be closed. After withdrawal, interest will be given on the amount remaining in the account as per the rules of the scheme. In this way, the remaining money will be deposited for the daughter’s future and she will get the benefit after the completion of the account period. The maturity of Sukanya Samriddhi Account is 21 years after account opening. On maturity, the principal amount remaining in the account and the interest received on it is given to the account holder.
Account can be closed even for marriage
Another facility has been provided in Sukanya Samriddhi Yojana. If the daughter is going to get married after completing 18 years of age, then the account can be closed prematurely. For this, proof of age and signed declaration has to be submitted. When the account is closed, the amount deposited in it and the interest received on it is given to the account holder.
Source: ndtv.in
