Sukanya Samriddhi Yojana (SSY) is one of the most popular small savings schemes to secure the financial future of the girl child. The SSY account can be operated by one of the parents or a legal guardian of the girl child. However, there is a misconception among several parents that they can invest in SSY accounts only till their daughter becomes 15 years old. Let’s have a look at what the actual rules say.
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How long can you deposit in the SSY account?
As per Sukanya Samriddhi Account Scheme 2019, deposits in the SSY account can be made till 15 years from the date of opening of the account.
The SSY account can be opened by one of the guardians/parents in the name of a girl child who has not attained the age of 10 years as of the date of opening of the account. For example, if you open an SSY account in the name of your girl child when she is aged 9, you can make deposits in the account for 15 years, that is till she attains the age of 24.
“Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account,” says SSY Scheme 2019 rules.
The SSY deposits, however, mature after 21 years from the date of opening of the account.
“The account shall mature on completion of a period of twenty-one years from the date of its opening,” the rules say. This means, if the account is opened when the girl child is 9 years old, the account will mature after 21 years, that is when she attains the age of 30.
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How long can you operate SSY account?
However, depositors should keep in mind that SSY account can be operated by the guardian/parent only till the girl child attains the age of 18 years.
“The account shall be operated by the guardian till the account holder attains the age of eighteen years. The account shall be operated by the account holder herself after attaining age of eighteen years by submitting necessary documents,” the rules say.
Premature Closure
Premature closure of the SSY account before completion of 21 years is allowed if the account holder applies with such request on account of marriage. No such closure is allowed before one month from the date of the intended marriage or after three months from the date of marriage.
Withdrawal of up to 50% of the amount in the SSY account is allowed for the purpose of education of the account holder.
