When can the account be opened?
when opening a Sukanya Samriddhi Account, you have to deposit a minimum of Rs 250 and every year at least the minimum amount till the girl child turns 10 years old. However, the deposit amount for the financial year can range between Rs 250 to Rs 1.5 lakh.
The account will be active for 21 years from the date of opening or till the girl child turns 18 and gets married. After the child reaches the age of 18 years, a partial withdrawal of 50% of the balance amount can be made to cover the cost of his/her further education.
Can Sukanya Samriddhi Yojana (SSY) account be closed before maturity?
According to ICICI Bank SSY FAQ page, Account can be closed on following conditions. “In the event of death of the account holder. On extreme compassionate grounds such as medical assistance in case of life-threatening diseases of the account holder or in case of death of a guardian that is causing undue hardship to the account holder due to the operation or continuation of the account. Provided that no account shall be closed prematurely before the completion of five years from the date of opening of the account under this sub-paragraph.
On production of the death certificate, the account will be terminated immediately in case the account holder is in possession. The guardian of the account holder will get the balance in the account as well as the interest earned till one month before the premature closure of the account.
Eligibility for investing under Sukanya Samriddhi Yojna (SSY) scheme
According to the ICICI Bank website, “The account can be opened by the natural or legal guardian in the name of the girl child from the date of birth of the girl child till she attains the age of 10 years.
Under the rules of the scheme, a depositor can open and operate only one account in the name of a girl child.
The natural or legal guardian of a girl child may be allowed to open an account for only two girl children. The third account can be opened in the name of the girl child in the case of birth of twin girls as a second birth or in case of three girl children resulting from the first birth.