Sukanya Samriddhi Yojana: Sukanya Samriddhi Yojana (SSY) is one of the most popular small savings schemes to secure the financial future of the girl child. SSY account can be operated by any one of the parents or legal guardian of the girl child. However, there is a misconception among many parents that they can invest in SSY accounts only till their daughter turns 15 years old. Let’s see what the actual rules say.
Till when can deposit in SSY account?
As per Sukanya Samriddhi Account Scheme 2019, deposits can be made in SSY account up to 15 years from the date of account opening. SSY account can be opened in the name of a girl child by a guardian/parent who has not attained the age of 10 years as on the date of opening of the account. For example, if you open an SSY account in the name of your girl child at the age of 9 years, you can deposit in the account for 15 years i.e. till she attains the age of 24 years.
The rules of the SSY scheme 2019 say, ‘Deposits can be made in the account till the completion of a period of fifteen years from the date of opening of the account.’ SSY Deposit matures after 21 years from the date of account opening. This means that if the account is opened when the girl child is 9 years old, the account will mature after 21 years i.e. when she attains the age of 30 years.
Till when you can operate SSY account?
However, depositors must note that the SSY account can be operated by the guardian/parent only till the girl child attains the age of 18 years.
Whereas, premature closure of SSY account is allowed before the completion of 21 years, if the account holder applies for account closure due to marriage or any other reason. Apart from this, withdrawal up to 50% of the amount in the SSY account is allowed for the purpose of education of the account holder.
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