In the present day, India is progressive and willing to work towards the betterment of its female population. Under the guidance of a visionary prime minister, the country is moving towards addressing gender bias and empowering female children through various welfare measures, Sukanya Samriddhi Yojana being a key component.
By providing financial incentives and tax benefits, the government aims to instil a sense of financial security and support for the girl child, promoting her overall development and empowerment.
This article discusses the age limit for Sukanya Samriddhi Yojana, its maturity period, how to open an account and more. Read on to find out.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a savings plan supported by the Indian government to boost the economic future of girls. It was introduced as part of the ‘Beti Bachao, Beti Padhao’ initiative. The goal is to encourage parents or guardians to set up a savings account for their daughters. If you’re interested in this plan, it’s important to know the Age limit for Sukanya Samriddhi Yojana so you can choose when to invest.
Many people use this scheme to build a fund for the education and marriage expenses of their daughters. Starting early is recommended to maximise the benefits. The Sukanya Samriddhi Yojana allows you to open an account for a girl child under 10 years old, and any parent or legal guardian can initiate the process.
Read on to learn about the what is the age limit for Sukanya Samriddhi Yojana, its benefitsand how you can open an account.
What is the Age Limit For Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana girl age limit is one of the primary eligibility criteria that has to be considered at the time of account opening. As per the guidelines, there are other criteria as well, but the SSY scheme age limit is a must-meet point.
Whether you are interested in knowing the Sukanya Samriddhi Yojana post office age limit or you want to check the Sukanya Samriddhi Yojana SBI age limit or the age limit set by any other bank, you must understand that all these are the same.
In order to open the Sukanya Samriddhi Yojana for your child, theage of the child at the time of account opening must be less than 10 years. The same has to be mentioned in the application. You can write the Sukanya Samriddhi Yojana age limit in Hindi or English on the application form at your convenience, but make sure it is legible and clear. Supporting documents must be submitted as proof of age.
In addition to the Sukanya Samriddhi Yojana girl age limit, some other eligibility factors to be considered are –
- The account can only be opened by the parents/legal guardians of the girl child.
- The girl must be an Indian citizen at the time when the account is being opened.
- The Sukanya Samriddhi Yojana scheme is only for female beneficiaries.
- A maximum of two SSY accounts can be opened by one family even if they have more girl children — one account for one girl.
- There is a provision to open three accounts in special cases such as –
- If there are twin/ triplet girls born after the first girl child
- If triplets are born at first
- But if a single girl child is born after twin or triplet girls, one cannot open an SSY account for her.
How to Open the Sukanya Samriddhi Yojana Account?
There are two ways to open your Sukanya Samriddhi Yojana account — Through a post office or through a bank. Let us understand both:
Through post office
To open a post office Sukanya Samriddhi Yojana account, follow the procedure as given below:
- Select the nearest post office branch of your choice to open the SSY account.
- Take Form-1 from the help desk. This is the SSY application form.
- Duly fill it out and provide all required mandatory KYC documents supporting your application.
- Pay the initial deposit amount, which can range anywhere between Rs 250/- and Rs 1.5 lakh.
- Allow the post office to verify your particulars and process your payment.
- Once the procedure is opened, your SSY account will be opened.
- You must then immediately apply for a passbook, which is issued alongside, and the account is initiated.
Through a bank
While you can open an SSY account at any post office branch in the country, this is not the case with banks. The Reserve Bank of India has authorised only 23 banks in India to participate in the Sukanya Samriddhi Yojana and open accounts.
If the bank where you already have a savings account is also a participating bank, then you must open your SSY account there for ease of managing the account. You can visit your bank website and download the application Form-1 online. Fill it out as discussed above and submit the associated documents. The rest of the procedure is the same as it is at a post office.
Here is a list of documents you will require to apply for an SSY account:
- The girl child’s birth certificate
- The guardian’s ID proof and address proof
- Proof of birth indicating birth of single or multiple girl children on a single
- KYC documents like – Aadhaar cards and Voter ID
How do you withdraw from the Sukanya Samriddhi Account?
There are two ways of withdrawing from the SSY account – One is a partial premature withdrawal before maturity, and the other is a premature closure of the account. The latter is done only under special circumstances. Let us discuss both the cases:
Partial Withdrawl before maturity:
If your account has not matured but you want to withdraw some amount from it here prematurely is what you need to do:
- Submit a withdrawal form to the bank or post office duly signed and accompanied by the SSY account passbook.
- If you are claiming partial withdrawal for marriage, it must be done at least a month prior to the ceremony or within three months after it.
- The girl must have turned 18 before marriage for you to be able to claim the withdrawal.
- If the withdrawal is for further education, the same has to be proved via a class 10th certificate and documents certifying admission to any other educational institution. A fee slip will also be required.
- Applicants can withdraw only 50% of the amount as was available at the end of the previous financial year.
- You can make only one withdrawal a year, which can either be in five instalments, or in lump sum.
Premature closure of SSY account:
While premature closure of the SST account is not permitted, but certain conditions can be exceptions. These include –
- When the girl child has reached 18 years of age, the family needs funds for her marriage the same year. In this case, the application must be sent a month before the marriage or three months after it, along with age proof.
- If the girl child has died. The investor can provide the death certificate to withdraw the corpus with interest in this case.
- If the girl child is now an NRI or has become a citizen of another country. By submitting related documents, the SSY account can be prematurely closed within a month of the status change.
- If the guardian dies or the girl is keeping unwell and the continuation of the account is difficult, it can be closed prematurely.
Sukanya Samriddhi Account Maturity
The SSy account matures when it completes a tenure of 21 years. This is when you can withdraw the invested principal and the interest accrued on it.
The beneficiary must submit an application form for withdrawal so that the accumulated balance can be duly paid out. An ID proof, a residence proof and citizenship proof are all required to be submitted with the form.
If a beneficiary fails to submit a withdrawal application, the account is considered closed and dormant. It will not earn any interest.
Conclusion
Timely investments for your children’s future are the key to generating a corpus that can come in handy when the need arises. Whether it is education or marriage, the Sukanya Samriddhi Yojana account is a great way to plan for your girl’s future. That is why understanding the Sukanya Samriddhi Yojana Age Limit is a must to plan well and in advance.
FAQ’s:-
You may get a 10% tax discount if you take money out of your EPF before the 5-year term is over (but only if you disclose your PAN when you take it out; otherwise, 30%). However, after five years of continuous service, withdrawals from the EPF are not subject to taxes.
If the EPF is withdrawn before five consecutive years of service, a 10% tax will be taken from it. Keep in mind that your PAN will be required whenever you make a withdrawal. There will be a 30% withholding if you choose not to. Furthermore, the employee may transfer funds from his PF to his NPS tax-free.
The account remains active, and deposits can continue to be made even if the girl child’s age exceeds 10. The initial eligibility criteria are applicable only at the time of opening the account provident Fund” on the site.
While the account is initially managed by the parent or legal guardian, the girl child gains control of the account once she turns 18. Until then, the guardian oversees the account on her behalf.
The Sukanya Samriddhi Yojana account matures after 21 years from the date of opening or when the girl child gets married, whichever is earlier.
No, deposits cannot be made into the SSY account after it matures.