SSA can be opened by resident individuals on behalf of their gird child.

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An investor can open a maximum of one account each for a maximum of two girl children

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 SSA can be opened any time between the birth of the girl child till she attains age 10.

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The account comes with a lock-in period of 21 years. However, there is no compulsion on deposits after completion of 15 years.

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 A minimum of Rs. 250 must be deposited in the account initially. Thereafter, any amount in multiples of Rs 100 can be deposited subject to a  maximum deposit of Rs. 1,50,000. 

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The current interest rate is 7.6% (April-June 2022)

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Withdrawal is only allowed after the beneficiary attains age 18 or clears the tenth standard, whichever is earlier. Partial withdrawal up to 50% of the account balance at the end of the preceding financial year is allowed for the purpose of education.

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The SSA can be closed prematurely if the government feels the parents/guardians will not be able to carry forward the account or under extreme compassionate grounds like medical exigencies and life threatening diseases.

The account can also be closed normally before completion of 21 years when the reason for the intended closure is marriage. However, the minimum age of marriage is 18 years

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If the beneficiary marries before the completion of 21 years, the account can be normally closed and balance can be withdrawn. However, the minimum age is 18.

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. If an investor fails to deposit the minimum account of Rs.250/- in any financial year, the account will be treated as discontinued. The investor may revive the discontinued account by payment of Rs.50/- for each year of default along with arrear subscription of minimum Rs.250/- for each year

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The invested amount is eligible for deduction u/s 80C up to an overall amount limit of Rs.1,50,000/-. On maturity, the entire amount including the interest is non-taxable.

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