Sukanya Samriddhi Yojana Withdrawal Rules: Maturity, Partial Withdrawal and Closure

Sukanya samriddhi yojana maturity period and maturity age

Maturity arrives 21 years after the opening date. The maturity period is fixed by the opening date, not by the girl's age. Since an account can be opened only before she turns 10, she will be roughly 21 to 30 years old at maturity, depending on when it was opened.

Payments stop after year 15; for the six years after that, interest alone builds the balance. At maturity the account is closed on Form-4, and the balance with interest is paid to the account holder herself. The guardian runs the account only until she is 18; after that she operates it on her own once she submits her documents. To estimate the maturity value of Sukanya Samriddhi Yojana for different deposits, use the SSY calculator.

Sukanya samriddhi yojana withdrawal rules for education

This is the only partial withdrawal the 2019 Scheme allows. There is no sukanya samriddhi yojana premature withdrawal before she turns 18 or passes Class 10; before that, money comes out only if the account is closed in one of the cases below.

• How much: up to 50% of the balance as it stood at the close of the previous financial year.
• When: on reaching 18, or earlier if she passes Class 10 before that.
• Proof: an admission offer from the institution or a fee slip.
• How paid: as one lump sum or in instalments, at most one a year for up to five years, and never more than the actual fees and charges.

Some websites still mention a partial withdrawal for marriage. That is from older rules. Under the current scheme, marriage is a reason for full early closure (below), not a partial withdrawal.

How to withdraw sukanya samriddhi yojana money for education

1. Collect the admission offer letter or the fee slip from the college or institution.
2. Ask the branch holding the account for Form-3.
3. Fill it in, stating the amount needed, which must not exceed 50% of last year-end balance or the actual fees.
4. Submit it at the counter with the passbook, the proof and the KYC documents the branch asks for.
5. For instalments, repeat the request once a year, for up to five years.

Branch visits are covered in our post office walkthrough and bank guide.

Sukanya samriddhi yojana premature closure for marriage

The account holder can close the account before maturity for her intended marriage. The conditions are strict.

• She must give a notarised statement written on non-judicial stamp paper about the marriage.
• She must give proof that she will have turned 18 by the wedding date.
• The closure cannot be done earlier than one month before the marriage date or later than three months after it.

Outside this window, closure for marriage is not allowed, so plan the branch visit inside it. The full balance is paid out and the account ends.

Sukanya samriddhi yojana in case of death of child

If the account holder dies, the account is closed straight away. The guardian applies on Form-2 with the death certificate, and the balance is paid to the guardian.

Interest is paid in two parts:

• at the scheme rate up to the date of death, and
• at the Post Office Savings Account rate from the date of death until the account is actually closed.

Because the lower savings rate applies after the date of death, applying for closure without long delay avoids losing interest.

Closure on extreme compassionate grounds

An account can also be closed early on extreme compassionate grounds, such as:

• a life-threatening disease of the account holder, or
• the death of the guardian.

This is not automatic. The post office or bank allows it by a reasoned written order. In this case interest is paid at the scheme rate. This kind of closure is not allowed until the account is 5 years old.

2024 rules for irregular accounts

From 1 Oct 2024, new Finance Ministry instructions began fixing small savings accounts that had been opened against the rules. For Sukanya Samriddhi accounts, two points matter.

1. Grandparent-opened accounts: if a grandparent who is not the legal guardian opened the account, guardianship must be transferred to a natural parent or the legal guardian.
2. Extra accounts in one family: where one family has SSY accounts for over two daughters in breach of the scheme, the extra ones are closed, unless the extra girls are twins or triplets and the guardian has given an affidavit with birth certificates.

Our sources do not confirm what interest, if any, is paid on excess accounts closed under these guidelines. If this affects you, raise it with the branch in writing. For the two-account rule and the twins exception, see the age limit page.

How to close sukanya samriddhi yojana at maturity

1. Wait until 21 years from the opening date are complete.
2. The account holder visits the branch with the passbook and her KYC documents.
3. She fills in Form-4 for closure on maturity.
4. The balance with interest is paid to her. Maturity proceeds are tax-free, as explained on the tax benefits page.

If the girl later moved abroad and became an NRI, sources disagree on whether the account can run to maturity, so ask your branch before assuming either way. Always confirm the current rules at your branch, and never give your passbook or OTP to anyone offering to close the account for you.