top of page

Premature withdrawal and closing of Sukanya Samriddhi Yojana

Writer: YashJYashJ

Keep in mind the following:



From the date of account opening, the SSY Account has a 21-year term.

In a given year, you can make any amount of deposits into the SSY Account.



In a financial year, the least contribution is Rs 250 and the maximum contribution is Rs 1.50 lakh.

The SSY Account will become dormant if the minimum annual contributions are not made.

You must pay a penalty of Rs 50 per default year to reactivate such an account.

If the girl child is over the age of ten, the account can be handled by the parent or the girl child themselves.

The SSY Account must be controlled by the girl kid once she reaches the age of eighteen.


Why should you put money into the Sukanya Samriddhi Yojana?


Guaranteed returns — Because the scheme is supported by the government, the returns are guaranteed.

Every quarter, the government sets the interest rate.

It is determined for the month based on the account's lowest balance between the fifth and the last day of the month.


Tax Advantage — The SSY, like the Public Provident Fund Account, has an Exempt-Exempt-Exempt tax status.

This indicates that your SSY Account payments are eligible for a tax advantage of up to Rs 1.50 lakh under Section 80C of the Income Tax Act, 1961.

Furthermore, both the interest and the sum at maturity are tax-free.


Long-term financial commitment-

The account's lock-in period, which lasts up to 21 years from the date of opening, making it ideal for long-term investments.

This allows you to put money aside for long-term aspirations like your daughter's further education or marriage.


Despite the fact that there is a lock-in period till your daughter reaches the age of 21, there is the possibility to withdraw money after 5 years from the account opening date.

Only for educational purposes is this option available.


How can I close my account?


After 21 years, the SSY Account reaches maturity and is formally closed.

It can, however, be closed prematurely under the following circumstances:


If your daughter marries before the account matures, the account will be closed.

If your daughter becomes a Non-Resident Indian (NRI) or a Person of Indian Origin (POI),

On the basis of great compassion, if the funds are needed for her medical care or in the event of her untimely death.

In such cases, a formal application in Form-2 is required.

コメント


Connect with us

  • Instagram
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube

Incubated at MNIT Innovation and Incubation Centre

ww1.png
ww30.png

We are recognized by DPIIT as a startup.

Startup-India-creates-5-5-lakh-jobs-and-recognises-50000-startups-in-5-years.png
857-8570158_make-in-india-programme-make-in-india-logo.png

Disclaimer

The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject Myrupaya.in or its owners/affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by us based upon projections which have been determined in good faith by Myrupaya.in its administrators and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. Myrupaya.in does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared based upon projections which have been determined in good faith and sources considered reliable by Myrupaya.in. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.

bottom of page