5 Major Rules About Sukanya Samriddhi Yojana For Contributions, Interest Earned

If you have a girl child, then for her future the most intelligent thing you can do is to invest in Sukanya Samridhi Yojana. Backed by the Government itself, it’s an easy to avail risk-free investment scheme which offers a huge corpus of returns along with an accumulated amount in exchange for low monthly contributions. However, this scheme can be availed by the parents or guardians for a girl child to support their higher education or marriage in future. But before going further with availing the process benefits you must read these major rules about maintaining an SSY account.

5 Must Read Facts Or Rules About Sukanya Samriddhi Yojana Account:

You Can’t Contribute More Than ₹1,50,000 For Any FY In SSY Account

The annual limit for contributing to a Sukanya Samriddhi Yojana account annually is ₹1,50,000 in a financial year. And if you want to contribute more than this capped limit then you can’t as the post office branch or bank not accept it. However, by any chance or accident, if you still manage to contribute more than this limit then the interest rate will not apply to it and it will count as idle with the government.

No Earning After Maturity

The maturity period for an SSY account is 21 years from the account opening date or when a girl gets married even before completing 21 years. But what you should know is that there is no interest amount paid when an SSY account completes the maturity period. So, it’s always best to close an SSY account after the maturity period, there is no need to continue.

Early Withdrawals

Early withdrawals of around 50 per cent of the accumulated amount are allowed only for a girl’s higher education fees, only after she passes 10th standard or gets 18 years old, whichever is earlier. Also, the parents or guardians are needed to provide the proof of fees that is to be submitted.

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UIDAI Update: A Guide to Check Bank Account Balance using Aadhaar

Transfer of SSY Account

It’s not mandatory to open an SSY account and hold it in the same branch of a post office or bank for the complete 21 years. You can easily transfer your account across the nation as you want.