When can I withdraw from Sukanya Samriddhi Yojana?

You can withdraw from Sukanya Samriddhi Yojana (SSY) account when it matures, i.e., after 21 years from the date of account opening. The entire amount along with the accumulated interest shall be payable to the account-holder.

To withdraw the corpus, fill out Form-4 and submit it along with the original passbook to the post office or bank where the account is held.

You can partially withdraw or prematurely close SSY as well, though under special circumstances. They are:

Higher education of girl child

• In this case, you can withdraw up to 50 per cent of the available balance.
• This is allowed after the girl turns 18 years old or has passed Class 10, whichever is earlier.
• Fill out Form-3 and submit it with the necessary documents like age proof, admission confirmation or fee structure.

Marriage of girl child

• If the girl intends to get married, the SSY account can be closed prematurely provided she is 18 years old.
• To withdraw the amount, provide a declaration duly signed on non-judicial stamp paper attested by the notary, supported with proof of age confirming that the girl will not be less than 18 years of age on the date of marriage.
• Bear in mind, closure of the account will not be permitted one month from the date of the intended marriage or after three months of the marriage.

Death/Life-threatening disease

• The SSY account can be closed prematurely:
• If the account-holder or the guardian of the account-holder passes away.
• In case of extreme compassionate ground. For instance, if the account-holder is on medical support.
• Fill out Form-2 and submit documents such as the death certificate.
• The outstanding balance in the account with interest due as applicable to the scheme shall be paid.

It should be noted that premature closure is applicable only after five years from the date of opening of the SSY account.

Should you withdraw from your SSY account before maturity?

• Advisable to keep your money invested in Sukanya Samriddhi Yojana until maturity to benefit from the high-interest rates.
• Take out money only if it is very important.

Suggested read: Can the spouse claim Sukanya Samriddhi Yojana tax benefit?