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 you have an option to close the SSY account.
Earlier SSY account has to be closed in case of marriage but as per new rules that mandatory closing clause has been tweaked.
Now a window is provided when SSY account can be closed in case account holder is getting married. The duration in which the account can be closed is; with in one month before the marriage or with in three months after marriage.
So there is a window of four months in which SSY account can be closed in case of marriage. If SSY account is not closed with in that duration then it has to be continued till maturity (i.e. 21 years).
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 :).
- Refer Sukanya Samriddhi Account (SSY) Pre-Mature Closure And Partial Withdrawal Rules to see other scenarios when SSY account can be closed prematurely.
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). No interest will be paid once the SSY account completes twenty-one years from the date of its opening. Note that earlier rule was prevailing interest rate for the Sukanya Samriddhi Yojana shall be payable on the balance in the account till final closure of the account. Now that won't happen and no interest will be paid.
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 SSY account is not closed even after 21 years it won't fetch any interest after the completion of 21 years.
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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