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Sukanya Samriddhi Yojana: The Central Government’s Sukanya Samriddhi Yojana is considered to be one of the most reliable investment schemes for the future of daughters. Good returns can be earned by depositing money in this scheme for a long time. But many times when there is a sudden need of money, a question arises in the minds of people whether money can be withdrawn from this account even before the maturity of 21 years? The good thing is that in this scheme the government allows partial withdrawal and premature closure of the account under certain circumstances. However, some important terms and conditions have been set for this, which every investor needs to know.

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a small savings scheme of the Central Government, which was started to make the future of daughters financially secure. In this scheme, parents can open an account in the name of their daughter below 10 years of age and invest for a long term, on which the government also gives attractive interest.

Can one withdraw money from SSY before 21 years?

As per the rules set by the government, partial withdrawal facility is available in Sukanya Samriddhi Yojana. After the child completes 18 years of age or after 10th, you can withdraw up to 50% of the total amount in your account for higher education. The account holder can withdraw money up to a maximum of 50 percent of the balance of the previous financial year. This amount can be used for college fees, admission or other educational needs.

When can I close the account?

Apart from this, in some special circumstances, premature closure of the account is also allowed. If the account holder’s child suffers from a serious illness or a situation like death of the guardian arises, then as per the government rules, the account can be closed and money can be withdrawn. At the same time, if the girl gets married after attaining the age of 18 years, then also there is an option to close the account.