Closing and Withdrawal of SSA

Under what cases is premature closing of SSA allowed?

Premature closing of SSA is only allowed after five years of opening the account

SSA account can be closed in case of the account holder’s death.

The account can also be closed under extreme situations like

The account can also be closed under extreme situations like

  • The death of the girl child’s guardian
  • Life-threatening disease to the guardian or the girl child

How to Close Your SSA?

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    If the account is automatically closed after the maturity of 21 years, you can collect the check from the bank or post office where you had opened the account

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    If the account is closed on the maturity of the girl child getting married after 18 years of age, you might be required to submit necessary documents as proof of marriage.

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    In case of premature closure of SSA, you need to submit the necessary documents as proof of the extreme situation.

Pro-Tip

Please note that no bank official or bank will call you or email you for any OTP, user-ID, password, PIN or any card number and CVV.

Is Partial Withdrawal allowed in SSA?

Is Partial Withdrawal allowed in SSA?

Yes, partial withdrawal in SSA is allowed after the girl child has passed the 10th standard.

Not more than 50% of the investment amount can be withdrawn at this time.

What is the penalty for premature withdrawal of SSA?

What is the penalty for premature withdrawal of SSA?

In case of premature withdrawal, only the savings bank account interest rate will apply to the invested amount.

Points to remember

Points to remember

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    Sukanya Samriddhi Yojana is a high interest guaranteed return scheme especially to invest for the girl child

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    The maturity period for SSA is 21 years, or the marriage of the girl child after 18 years of age

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    The returns and investment in the Sukanya Samriddhi Account are tax-free

Quiz

Let’s take a quick quiz on SSA to understand how much you have learned

Sreedevi

CONGRATULATIONS

Hope you found our Guide interesting. We will be back with another interesting guide soon.

Till Then…

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Senior Citizen Savings Scheme

Guide on Senior Citizen Savings Scheme
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