SSY Benefits

1. Account opening

1. The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years .

2. You can open only one account in the name of the girl child .

3. Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only (exception for twins)

2. Deposits

1. The account may be opened with an initial deposit of Rs 250
2. Total amount deposited in an account cannot exceed Rs 1,50,000/-
3. Deposit in an account may be made till completion of 14 years from date of opening the account

3. Interest

Interest at the rate, to be notified by the Government, compounded yearly shall be credited to the account till the account completes fourteen years

4. Operation

1. The account shall be opened and operated by the natural or legal guardian of a girl child till the girl child in whose name the account has been opened, attains the age of ten years

2. On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or any other person or authority.

5. Withdrawal

1. To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal up to fifty per cent of the balance at the credit , at the end of preceding financial year shall be allowed .

2. The withdrawal shall ONLY be allowed when the account holder girl attains the age of eighteen years

6. Maturity

1. The account shall mature on completion of 21 years from the date of opening the account

Reference

1. Sukanya Samriddhi Account
2. SSA Amendment 2018

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