Sukanya Samriddhi Yojana: When SSY holders withdraw amount partially, fully


The Sukanya Samriddhi Account is a government-sponsored savings scheme for parents of girl children. The program encourages parents to set up money for their female child’s future schooling and marriage expenditures.

The current interest rate is 7.6%. With a minimum deposit of Rs 250, a Sukanya Samriddhi Account can be started at any time following a girl’s birth until she turns ten. A minimum of Rs 250 and a maximum of Rs 1.5 lakh can be placed in later years throughout the current financial year.

The account can be opened at any post office or a commercial bank’s authorised branch.

The account will be active for 21 years from the date of its opening, or until the girl turns 18 and marries.

Can the account be transferred?

Yes, the account can be transferred anyplace in India. The transfer is free of charge if proof of residency change is provided by either the parent/guardian or the account holder. If no such proof is provided, the applicant must pay a fee of Rs 100 to the post office or bank where the transfer is made.

SSY withdrawal

After a girl kid reaches the age of 18 or has completed the 10th grade, she may withdraw money from her account. While a withdrawal of up to 50% of the balance available at the end of the previous fiscal year may be made.

According to Post Office, “withdrawal may be made in one lump sum or in instalments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.”

When SSY can be closed prematurely

According to the post office, “Account may be prematurely closed after 5 years of account opening on the following conditions : –

” On the death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).

” On extreme compassionate grounds

(i) Life threatening decease of a/c holder.

(ii) Death of the guardian by whom account operated.

(iii) Complete documentation and application required for such closure.

(vi) For premature closure of account submit prescribed application form along with pass book at concerned Post Office.”

Closure on maturity

After 21 years from the account’s opening date. 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).

How is interest calculated

The interest is computed on the lowest amount in the account between the close of the fifth day and the end of the month for the calendar month. At the end of each financial year, the interest will be credited to the account, and any amount of interest in fractions of a rupee will be rounded off to the nearest rupee; for this purpose, any amount of fifty paisa or more will be treated as one rupee, and any amount less than fifty paisa will be ignored.

Interest is credited at the end of the financial year, regardless of whether the account office has changed owing to a transfer of the account during the year.



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