Premature closure of account
Though the duration of the Sukanya Samriddhi account is 21 years
from the date of the opening of the account but request for premature closure
can be made after 5 years from the date of opening of account in following
scenarios :
1. Untimely death of the account holder – In the unfortunate
event of death of the beneficiary account holder (girl child), the account
shall be closed immediately on production of death certificate issued by the competent
authority. In that case the balance at the credit of the account shall be paid
along with the accrued interest till the date of death shall be paid to the
guardian.
2. Account holder become a non-citizen or NRI- If, after the
opening of an Account, the Account holder becomes a non-citizen or non-resident
of India, intimation to this effect shall be given by the guardian or the
Account holder to the post office or the Bank concerned, as the case may be,
within a period of one month from the date of such status of the Account
holder’s citizenship or resident status. No interest shall be deemed to accrue
to the Account from the change of such status and the Account shall be deemed
to be closed prematurely from that date and credit in the account will be
returned to along with interest due, to the Account Holder.
3. Extreme compassionate grounds–
Where the post office or the Bank concerned is satisfied, in cases 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, it may, after
complete documentation, by order and for reasons to be recorded in writing,
allow premature closure of the Account.
4. For Other Reasons– Premature
closure of an Account may be permitted, anytime after the opening of an
Account, for any reason other than provided under this sub-rule, and in which
case the whole deposit shall be eligible only for the interest rate prescribed
for the Post Office Savings Bank.
Pre-Mature Withdrawal for Education
(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 but 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
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 may be made as one
lump sum or in instalments, not exceeding one per year, for a maximum of five
years, subject to the limit specified in point (1) above.
(4) 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.
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