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Sukanya Samriddhi Yojana Marriage Rules: If you have opened a 'Sukanya Samriddhi Yojana' (SSY) account for your daughter's secure future and education, this news is crucial for you. People often wonder whether the account closes automatically upon the daughter's marriage or if funds can be withdrawn from it.

According to government rules, the account does not close automatically upon marriage; instead, an application must be submitted at the appropriate time. Currently, the Central Government offers an annual interest rate of 8.2% on this scheme, which is subject to periodic review.

Here is the complete process for withdrawing funds from the Sukanya account and closing it at the time of the daughter's marriage.

Rules for closing the account at the time of marriage

A Sukanya Samriddhi Yojana account typically matures after 21 years, but premature closure is permitted at the time of the daughter's marriage.

Age Requirement: The account-holding daughter must have completed 18 years of age. The account cannot be closed on the grounds of marriage if she is under 18.

Time Constraint: An application for premature closure due to marriage can be submitted only within the period starting one month before the scheduled wedding date and ending three months after the wedding. If the application is submitted after this timeframe, permission to close the account on the grounds of marriage will not be granted.

Required Documents: Along with the application, one must submit an age certificate and a declaration in the prescribed format on non-judicial stamp paper.

Key Rules of Sukanya Samriddhi Yojana (SSY)

The account does not close automatically upon the daughter's marriage; an application must be submitted at the right time.

Who can open the account?

This account can be opened by parents or legal guardians in the name of a daughter who is under 10 years of age. The parents act merely as managers of the account. Once the daughter turns 18, the operation of the account is handed over to her. This scheme also offers tax exemption benefits under Section 80C.

Useful advice for investors

If your daughter's marriage is being finalized and you plan to withdraw funds from the Sukanya Samriddhi account, ensure all necessary documents are ready and contact the post office or bank branch at least one month prior to the wedding date.

If you apply three months after the wedding, you might have to wait until the account reaches maturity (21 years). For precise details about the scheme, please visit the official India Post website or consult a certified financial advisor.

Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content