When does a Sukanya Samriddhi account mature?

The Sukanya Samriddhi Account is a government sponsored scheme created to give your girl child a promising future. It provides tax advantages under 80c and a high interest rate of 7.6%, as of September 30, 2022.

Documents required to open SSY
The following documents are required:

• SSY Account Opening form
• Birth Certificate of the girl child, having the child's name on it
• Photograph of the parent/ legal guardian of the girl child
• KYC Documents (Identity & Address Proof) of the parent/ guardian.

Minimum and maximum investment amount

The minimum deposit amount is Rs 250 per financial year and the maximum amount is Rs 1,50,000 per financial year.

Penalty
If the customer fails to deposit the required minimum deposit of Rs. 250 within a financial year, a penalty of Rs. 50 will be assessed. After the penalty has been paid, the account may be reinstated.

Can SSY account be closed before maturity?
According to the Axis Bank FAQ on SSY, "The SSY account can be prematurely closed in following circumstances:
In the event of death of account holder;
If the Central Government is satisfied that continuation of the account is causing undue hardship to the account holder (such as medical emergencies or death of guardian), it may allow pre-mature closure of the account;
If the account holder attains NRI/ PIO status any time prior to the maturity of the account."

When does a SSY account mature?
The SSY account's tenure lasts until the account holder turns 21 years old from the date the account was opened, or until they get married, whichever comes first.

According to the HDFC Bank, "The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage."

How to open a Sukanya Samriddhi Account online?
Currently, opening an SSY Account online is not permitted at authorised bank branches or post offices. However, you can set the standing instructions online once the account has been opened following the submission of all required paperwork, as per the HDFC Bank website.