SUKANYA SAMRIDDHI YOJANA SCHEME
WITHDRAWAL FROM ACCOUNT:
In accordance with the provisions in Rule 8 of SSA Scheme 2019, withdrawal up to a maximum of fifty percent of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder subject to the conditions that withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.
(2). The application for withdrawal shall be accompanied by documentary proof in the form of a confirmed offer of admission of the account holder in an educational institution or a fee-slip from such institution indicating such financial requirement.
(3). The withdrawal under sub-paragraph (1) may be made in one lump sum or in instalments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified in sub-paragraph (l):
Provided that the amount of withdrawal shall be restricted to the actual requirement on account of fee and other charges required at the time of admission as shown in the offer of admission or the relevant fee-slip issued by the educational institution.
By Finance Act 2015, a new clause (11A) has been inserted under Section 10 of Income Tax Act 1961 under which any amount withdrawn from Sukanya Samriddhi Account will not be included in the total income of a previous year of a person for the purpose of calculation of Income Tax.
Click here for SB Order No. 2/2023
