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SSY (Sukanya Samriddhi Account) early withdrawal/ premature closure

There is a guideline mentioned in SSY scheme that reveals about early withdrawal/ premature closure of Sukanya Samriddhi Account (SSA). You can only withdraw funds only at the age of 21 years of your girl child. However, what happens if the depositor needs to close the account prematurely? Following are conditions where an SSA can be closed prematurely:

● In the case of death of the account holder, the account will be closed on the submission of the death certificate. The accumulated balance will be paid to the respective nominee or the guardian of the account holder.

● In any other case, a request for the premature closure of the account can be put in front only after the completion of five years from the date of account opening. But this closure will only be granted on extreme grounds related to medical support in life-threatening diseases.

The premature withdrawal is allowed up to 50% of the amount under the following circumstances:

● For higher education, for example, for any course that the girl wants to pursue after her schooling

● To meet the financial demands of marriage.

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