Sukanya Samriddhi Account ( SSA ) Withdrawal Eligibility Conditions, Procedures
SSA Withdrawal eligibility conditions
(1)
Withdrawal of upto a maximum of fifty per cent of the balance in the
Account at the end of the financial year preceding the year of
application for withdrawal, shall be allowed for the purpose of higher
education of the Account holder:
Provided
that such withdrawal shall not be allowed unless the Account holder
attains the age of eighteen years or has passed tenth standard,
whichever is earlier.
(2)
The application for withdrawal under sub-rule (1) shall be accompanied
by a 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 clarifying such financial requirement.
(3)
The withdrawal under sub-rule (1) may be made as one lump sum or in
installments, not exceeding one per year, for a maximum of five years,
subject to the ceiling specified in sub-rule (1):
Provided
that the amount of withdrawal shall be restricted to the actual demand
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.
As per Revised POSB CBS Manual, Page No. 209
126. Withdrawal
(1).
Withdrawal up to maximum of 50% of the balance amount in the account at
the end of the preceding financial year is allowed for the purpose of
higher education, provided that the account holder, i.e. the girl child
should have attained the age of 18 years or passed 10th standard
whichever is earlier.
(2) Following conditions will also apply for the withdrawal:-
(i).
Withdrawals can be made in installments also. However, only one
withdrawal can be made in one financial year subject to max. 5
withdrawals within the overall limit of 50% balance at the credit of the
preceding financial year from the date of first application made for
withdrawal. In other words, the withdrawal may be made as one lump sum
or in installments not exceeding one per year for a maximum of 5 years
subject to the ceiling specified.
(ii).
The 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 shall be submitted
along with the request for withdrawal.
(iii).
The amount of withdrawal shall be restricted to the actual requirement
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.
iv).
Withdrawal can be made in one lump or in installments, not exceeding
one per financial year for a maximum of five years subject to the
ceiling prescribed in para (ii)(c) above. i.e. 50% of balance at the
credit of the preceding financial year from the date of first
application made for withdrawal.
For example:-
- Account open date 12.5.2014
- Date of Birth of Girl Child 12.4.2010
- Withdrawal applied on 25.5.2028(after 18 Years of age)
- Balance as on 31.3.2027 Rs.5,50,000/-
- Max amount that can be withdrawn will be Rs. 2,25,000/-
- Rs, 2,25,000/- can be withdrawn in max 5 installments subject to only one withdrawal in one financial year.
If
amount required for admission of the beneficiary as per actual demand
in offer of admission or fee-slip issues by educational institution is
Rs.2,00,000/-, withdrawal will be restricted to Rs.2,00,000/- only.
(v).
In Finacle, till the provision is made for withdrawal from SSA Account,
if any request for withdrawal is received, it will be handled manually
by raising the ticket with CEPT.
For Reference
