Sukanya Samriddhi Yojana: The Central Government is running Sukanya Samriddhi Yojana (SSY) for the secure future of daughters. Under this scheme, parents can create a big fund through small savings by opening an account in the name of their daughter. The special thing is that if needed, up to 50 percent of the amount deposited in the account can be withdrawn for the higher education of the daughter. Let us know the important rules related to this facility.
When can you withdraw 50% of the money for your daughter's education?
According to the rules of Sukanya Samriddhi Yojana, a maximum of 50 percent of the amount deposited in the account can be withdrawn for the higher education of the daughter. For this, the daughter's age should be at least 18 years or she should have passed 10th class. Whichever of these two conditions is fulfilled first, then withdrawal facility can be available. It is worth noting that the withdrawal amount is calculated on the basis of the balance in the account at the end of the previous financial year.
Documents required to withdraw money
To withdraw money for education, the account holder will have to apply by filling Form-3. Along with this, proof of daughter's admission or fee slip of the educational institution will have to be submitted. The amount withdrawn cannot exceed the actual educational expenses.
Can you withdraw money at once or in installments?
In this scheme, there is a facility to withdraw up to 50 percent of the amount in lump sum or in installments. If parents wish, they can withdraw money as an installment every year. This facility is available for a maximum of 5 years. That means, annual withdrawal can be made according to the education expenses.
Interest will continue to be received even after withdrawal of money
The account is not closed after withdrawing 50 percent of the amount from Sukanya account. Interest is received on the amount remaining in the account as per the prescribed rules of the scheme. The maturity of this account is 21 years after the account is opened. On maturity, the remaining deposit amount and the interest received on it is given to the account holder.
Account can be closed even on daughter's marriage
If the daughter is going to get married after completing 18 years of age, then Sukanya Samriddhi Account can be closed prematurely. For this, proof of age and necessary declaration form has to be submitted. After this the amount deposited in the account and interest is paid. In this way, Sukanya Samriddhi Yojana is an option to prepare financial security for daughters' higher education and marriage. Parents can save a good amount for their daughter's future by saving regularly.