Sukanya Samriddhi Account FAQs
Below are the FAQs you must go through to know about general questions on Sukanya Samriddhi Account(SSA)
Who can open a SSA account?
SSA can be opened by resident individuals on behalf of their gird child.
How many SSA can I open?
An investor can open a maximum of one account each for a maximum of two girl children
What is the tenure of my investment?
The account comes with a lock-in period of 21 years. However, there is no compulsion on deposits after completion of 15 years.
When can I open the account?
SSA can be opened any time between the birth of the girl child till she attains age 10.
How much can I invest in a SSA account?
A minimum of Rs. 250 must be deposited in the account initially. Thereafter, any amount in multiples of Rs 100 can be deposited subject to a maximum deposit of Rs. 1,50,000.
Can I withdraw funds from my SSA before maturity?
Withdrawal is only allowed after the beneficiary attains age 18 or clears the tenth standard, whichever is earlier. Partial withdrawal up to 50% of the account balance at the end of the preceding financial year is allowed for the purpose of education.
Can I close my SSA before maturity?
The SSA can be closed prematurely if the government feels the parents/guardians will not be able to carry forward the account or under extreme compassionate grounds like medical exigencies and life threatening diseases.
The account can also be closed normally before completion of 21 years when the reason for the intended closure is marriage. However, the minimum age of marriage is 18 years
What will happen in the case of marriage of the girl child?
If the beneficiary marries before the completion of 21 years, the account can be normally closed and balance can be withdrawn. However, the minimum age is 18.
What are the tax benefits of SSA?
The invested amount is eligible for deduction u/s 80C up to an overall amount limit of Rs.1,50,000/-. On maturity, the entire amount including the interest is non-taxable.