The duration of the SSY account is 21 years. Please note that it is 21 years from the date of the opening of the account not when the girl attains the age of 21 years.
There is one exception to the rule - If the marriage of the account holder (girl child) takes place before the completion of those 21 years, then the account has to be closed. Operation of the account won't be permitted beyond the date of her marriage.
In the case of the closing of the account because of the marriage of the account holder, the account holder shall have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of the account, in that way it also ensures that at the time of marriage girl is at least 18 years old :).
Deposit for first 14 years only
Deposit in the Sukanya Samriddhi Account needs to be done for first 14 years only from the date of opening of the account, i.e. deposit of a minimum of Rs. 1,000 and a maximum of Rs. 1,50,000 has to be done for 14 years only, since the maturity of the account is after 21 years (apart from the exception of the marriage of the account holder) which means for the last 7 years of the SSY account no deposit has to be made. Account will keep earning the prevailing interest rate till it matures.
Closure of the account after maturity
On maturity of the Sukanya Samriddhi Account the principal along with the accrued interest shall be payable to the account holder on the production of -
- Withdrawal Slip.
- SSY passbook.
What if the Account is not closed at the time of maturity
In case account is not closed when it matures (i.e. after 21 years of opening of the account) , prevailing interest rate for the Sukanya Samriddhi Yojana shall be payable on the balance in the account till final closure of the account.
Points to note -
- The duration of SSY account is 21 years from the date of opening of the account.
- It can be closed before that period of 21 years if girl is getting married before completion of that duration of 21 years. In that case Account holder has to submit an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of the account
- If account is not closed even after 21 years it will keep getting the prevailing rate of interest till it is finally closed.
That's all for this topic Sukanya Samriddhi Yojana (SSY) account duration. If you have any doubt or any suggestions to make please drop a comment. Thanks!
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