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Sukanya Samriddhi Account Rules 2016

Allied Laws - F.No.2/3/2014.NS-II - G.S.R. 323(E) - Dated:- 18-3-2016 - MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th March, 2016 G.S.R. 323(E).- In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873), and in supersession of the Sukanya Samridhi Account Rules, 2014 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 3rd December, 2014 vide notification of the Gove .....

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es,- (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 an Account under these rules; (e) beneficiary means an eligible girl child who is a resident Indian citizen at the time of opening of the a .....

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Government of India in the Ministry of Finance; (k) interest rate means the rate, as may be notified by the Government, to be applicable for a complete or part of the financial year; (l) maturity means maturity of an Account on completion of a period of twenty-one years from the date of its opening; (m) post office means any post office in India doing savings bank work and authorized to open an Account under these rules; (n) notification means a notification published in the Official Gazette; ( .....

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rnment 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 benefi .....

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children in a family if such children are born in the first and/or in the second order of birth, on production of a certificate to this effect from the competent medical authority regarding the birth of such multiple girl children in the first two orders of birth in a family: Provided further that the above proviso shall not apply to girl children of the second order of birth if the first order of birth in a particular family results in two or more surviving girl children. 5. Deposits. - (1) Th .....

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hall, if accepted due to any accounting error, not be 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 u .....

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maturity and any amount credited wrongly by way of interest into an Account under default shall be reverted to the Government account as soon as it comes to the notice of the Bank or the post office concerned. (6) Sub-rule (5) shall not apply if the default occurred because of the death of the guardian of the Account holder who opened the account and in such cases, the Account shall be eligible for interest under rule 7. 6. Mode of deposit and date of credit.- (1) The deposit in the Account may .....

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or (c) through electronic means (e-transfer) in the concerned post office or Bank if such post office or bank has access to the facility of CBS. (3) The date of credit of the deposit to the Account shall be determined as under: (a) where the deposit is made by cheque, the date of encashment 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 .....

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be operated by the guardian till the beneficiary Account holder attains the age of ten years or till the beneficiary Account holder attains the age of eighteen years. (2) The Account shall be operated by the beneficiary Account holder after such Account holder attains the age of eighteen years: Provided that the Account may be operated by the beneficiary Account holder after such Account holder attains the age of ten years. 9. Premature closure of Account.- (1) In the event of death of the Bene .....

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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. (3) In the event of change of status of the Account holder s citizenship or residential 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. (4) The balance at the credit of an Account on the date of deemed closure under sub-rule (3) shall - (a) be retur .....

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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: Provided that no premature closure of an Account under this sub-rule shall be made before completion of five years of the opening of such Account: Provided furthe .....

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ardian, relationship with the Account holder and the amount deposited. (2) A duplicate passbook may be subsequently issued in the event of loss, mutilation, etc., of the original passbook, on the written request of the guardian or the Account holder, on payment of a fee of fifty rupees and such fees shall be creditable to the Government account. (3) The guardian or the Account holder shall have the option to maintain the Account records exclusively in electronic form, provided the post office or .....

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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) .....

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