Nov 272015

How much money can I withdraw from SSA when my daughter turns 18

Our site is flooded with so many articles and comments about Sukanya Samriddhi Account. That’s because the scheme, which was launched for the security and welfare of girl child in India has become quite popular and has gained a lot of new subscribers.  This is because through SSA, any parents can save a big sum of money in the name of their daughters and use the funds for their higher education and marriage.

The SSA scheme envisages that a premature withdrawal could be made from the account after the girl child attains an age of eighteen years.  This may be done for education/higher education purposes of the girl child, but not before 18 years of age of the account holder.  There are certain withdrawal rules that have to be followed while opting for partial withdrawal after 18 years.

The purpose of withdrawal after 18 years of age

The purpose of withdrawal from Sukanya Samriddhi Account by the account holder or the care-taker of the account should be strictly for meeting the expenses of either the higher education of the girl child or expenses related to marriage of the account holder.

The legal age of the account holder in any case, should not be less than 18 years at the time of application of withdrawal.  The withdrawal is permissible on grounds that this amount would serve as a support for meeting the financial burden on families of the girl child for either graduation, post graduation or for marriage requirements.

The amount of partial withdrawal

The amount of partial withdrawal in Sukanya Samriddhi Account should not increase fifty per cent of the accumulated amount in Sukanya Samriddhi Account in the previous financial year. For example, if the accumulated amount in the account is Rs 12 lakhs previous year then the subscriber/account holder can opt for a withdrawal up to Rs 6 lakhs.

Uunder this withdrawal rule of fifty per cent, the subscriber is allowed to withdraw partially, even if they have not deposited towards the account for 14 years.

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