Can Sukanya Samriddhi Yojana (SSY) account be closed before maturity?

Sukanya Samriddhi Yojana account is a special scheme for a girl child that aims at securing her future financially. By investing in the SSY scheme you can get section 80C income tax benefits and the returns are also tax-free.

When can the account be opened?
When opening a Sukanya Samriddhi Account, you must deposit a minimum of Rs 250 and deposit at least minimum amount every year till the girl child is 10 years old. However, the deposit amount can range between Rs 250 and Rs 1.5 lakh for the fiscal year.


The account will stay active for 21 years following the date of opening or until the girl turns 18 and marries. After the child reaches the age of 18, a partial withdrawal of 50% of the remaining balance may be made to cover the costs of her further education.

Can Sukanya Samriddhi Yojana (SSY) account be closed before maturity?
According to ICICI BANK SSY FAQ page, the account can be closed on following conditions. “In the event of death of the account holder. In case of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian that the operation or continuation of the account is causing undue hardship to the account holder. Provided that no premature closure of an account under this sub-paragraph shall be made before completion of five years from the date of opening of the account.”

On presentation of a death certificate, the account will be immediately terminated in the event of the account holder's passing. The account holder's guardian will get the remaining money in the account as well as interest accrued up until the month before the account was prematurely closed.

Eligibility for investing under Sukanya Samriddhi Yojna (SSY) scheme
As per the ICICI Bank website, “The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years

A depositor can open and operate only one account in the name of a girl child under the scheme rules

Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of birth of twin girls as second birth or if the first birth itself results into three girl children.”