Sukanya Samriddhi Yojana: Scheme allows premature closure after 5 years, but only under these conditions

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Sukanya Samriddhi Yojana: Government-backed Sukanya Samriddhi Yojana (SSY) allows premature closure of the account after five years. However, the account can be closed only on fulfillment of certain conditions.

The Sukanya Samriddhi Yojana was launched as part of government’s ‘Beti Bachao Beti Badhao’ campaign. The small deposits scheme can be opened to for a girl child to help het meet her financial needs including education and marriage. The scheme is currently offering interest rate of 7.6 per cent per annum.

A Sukanya Samriddhi Account (SSA) can be closed be close after five years of account opening on fulfillment of following conditions:

  1. On the death of account holder, says the Department of post website.
  2. On extreme compassionate grounds.
  3. Life threatening decease of a/c holder.
  4. Death of the guardian by whom account was operated.

The SSA can be opened in any post office or bank. The interest rate will be applicable from date of death to date of payment.

In order to prematurely close the SSA, complete documentation and application is required where the guardian of the account holder. The guardian of the girl child holding SSA must submit prescribed application form along with pass book at concerned Post Office.

The maturity period of a SSA is 21 years from the date of account opening or at the time of marriage of girl child after attaining age of 18 years (1 month before or 3 month after date of marriage).

The account can be opened with a minimum amount of Rs 250 or a maximum of Rs 150,000 in a financial year. The deposits can be made in multiples of Rs 50. Deposits can be made in lump-sum too. There is no limit on number of deposits either in a month or in a financial year.

The scheme also offers tax benefits under Section 80C of the Income Tax Act.

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