The Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme designed to secure the financial future of a girl child. A common question is what happens to an SSY account when the girl gets married.
Marriage does not automatically close an SSY account. The account generally remains active until its normal maturity, but the scheme allows for premature closure in certain circumstances, including marriage after the girl turns 18, in accordance with SSY rules.
When SSY matures
Under SSY, the account matures on the earlier of the girl’s 21st birthday or the date of her marriage after she has turned 18. At maturity, the accumulated corpus plus interest is paid out.
Premature closure for marriage after 18
If the girl marries after turning 18, the rules permit premature closure of the SSY account to meet marriage expenses. This requires following the prescribed process and submitting the necessary documentation, such as a marriage certificate, to the bank or post office where the account is held. The entire corpus, along with the accrued interest up to the withdrawal date, is payable subject to the scheme’s terms.
Practical considerations
- The account is opened by a parent or guardian on behalf of a girl child who is up to 10 years old.
- Deposits in a financial year are subject to the scheme’s contribution limits.
- For the exact steps and documentation required to opt for premature closure, check with the post office or the bank handling the SSY account.
For precise guidance, consult the official SSY scheme rules or speak with the financial institution managing the account.