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TMI BlogSukanya Samriddhi Account Rules, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... be done before such supersession, the Central Government hereby makes the following rules, namely:- 1. Short title and commencement .- (1) These rules may be called the Sukanya Samriddhi Account Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions.- In these rules, unless the context otherwise requires,- (a) "Account" means the Sukanya Samriddhi Account opened in accordance with the provisions of these rules; (b) "Account holder" means a person in whose name the Account is held; (c) "Act" means the Government Savings Banks Act, 1873 (5 of 1873); (d) "Bank" means any branch of a public sector or private sector commercial bank authorized by the Government to open a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Post Office Savings Account Rules, 1981.- The provisions of the Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981 framed under the Government Savings Bank Act, 1873 (5 of 1873) may be applied in relation to matters for which no provision has been made in these rules. 4. Opening of Account .- (1) The Account may be opened by the guardian in the name of a beneficiary who has not attained the age of ten years as on the date of opening of the Account: Provided that nothing in these rules shall affect a beneficiary born on or after the 2nd December, 2003, whose Account was opened on or before the 2nd December, 2015. (2) Every beneficiary shall have a single Account under these rules. (3) An a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eligible for any interest: Provided further that such amount, which is deposited in excess of an annual ceiling of one lakh fifty thousand rupees, may be withdrawn anytime by the depositor. (3) Deposits may be made in an Account till the completion of a period of fifteen years from the date of opening of such Account. (4) An Account in which minimum amount as specified in sub-rule (1) has not been deposited shall be considered as an Account under default: Provided that an Account under default may be regularised on payment of a penalty of fifty rupees per year along with the such minimum specified amount for the year or years of default . (5) If in the case of any Account, the default is not regularised within fifteen years of the open ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shment of the cheque; (b) where the deposit is made by demand draft, the date of submission of the same to the Bank or post office; and (c) where the deposit is made by e-transfer, the date of deposit. 7. Interest on deposit.- (1) The interest on deposit shall be compounded yearly at the rate notified by the Government in the Official Gazette from time to time and shall be credited, rounded off to the nearest rupee, to the Account of the beneficiary at the end of each financial year. (2) The interest shall be calculated for the calendar month on the lowest balance in an Account on the deposits made between the close of the tenth day and the end of the month. 8. Operation of Account.- (1) The Account shall be operated by the guardia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest due, to the Account Holder and if the account holder is not alive, then to the guardian; (b) in case, any interest was credited to the Account after the change of resident status or citizenship of the Account holder, be reverted to the Government account by the post office or the Bank concerned, immediately on being informed of such change in the status of the Account holder. (5) 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 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of residence of either the guardian or the Account holder and otherwise, on payment of a fees of one hundred rupees to the post office or the Bank to which the transfer is made. (2) The process of transfer shall be effected electronically if the post office or the Bank concerned, has access to the facility of CBS. 12. Withdrawal.- (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) T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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