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SUKANYA SAMRIDDHI ACCOUNT RULES, 2016 AN OVERVIEW

Other Topics - By: - Mr.M. GOVINDARAJAN - Dated:- 28-9-2016 Last Replied Date:- 4-12-2016 - The Government Savings Banks Act, 1873 is an act dealing with the Government Savings Banks. Section 15 of the said Act gives powers to the Central Government to make rules for the purposes of carrying out the provisions of the said Act. The Government of India framed Sukanya Samridhi Account Rules, 2014 by exercising its powers under Section 15 of the Government Savings Bank Act, 1873. This rules are sup .....

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t may be opened by the guardian in the name of a beneficiary who has not attained the age of 10 years as on the date of opening of the account; These rules shall not affect a beneficiary born on or after 02.12.2003, whose account was opened on or before 02.12.2015; Every beneficiary shall have a single account; An application for opening of an account shall be accompanied with the birth certificate of the beneficiary along with other documents relating to the identity and residence proof of the .....

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apply to girl children of the second order of birth if the first of birth in a particular family results in two or more surviving girl children. The account shall be operated by the guardian till the beneficiary obtains the age of 10 years or till the beneficiary account holder attains the age of 18 years. The account shall be operated by the beneficiary account holder after such account holder attains the age of 18 years. The account may be operated by the beneficiary account holder after such .....

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such excess amount from the account at any time. The deposits may be made till the completion of a period of 15 years from the date of opening of such account. An account in which minimum amount of ₹ 1000/- has not been deposited it shall be treated as an account under default. Such accounts may be regularized on payment of penalty of ₹ 50/- per day along with such minimum specified amount for the year or years of default. If the default is not regularized within 15 years, then the .....

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ansfer. The date of credit of the deposit to the account shall be determined as under- Where the deposit is made by cheque, the date of encashment of the cheque; Where the deposit is made by demand draft, the date of submission of the draft; Where the deposit is made by e-transfer, the date of deposit. The interest for the deposit shall be compounded yearly at the rate notified by the Government from time to time. The interest shall be credited to the account at the end of the financial year. Th .....

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payment of ₹ 50/- towards fee for the same. The guardian shall have the option to maintain the records exclusively in electronic form, provided the bank of post office concerned has access to the facility of core banking business. Withdrawal The withdrawal of upto a maximum of 50% 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. Such withdrawal shall .....

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iling prescribed. The amount of withdrawal shall be restricted to the actual demand of fee and other charges required at the time of admission or the relevant fee-slip issued by the educational institution. Transfer of account The account may be transferred anywhere in India and from or to post offices and from or to banks and between post office and bank, free of cost on furnishing of proof of shifting of residence of either the guardian or the account holder or on a payment of ₹ 100/- to .....

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non resident of India, intimation shall be given by the guardian or account holder 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. Such interest shall be reverted to the Government. Where the post office or the bank is satisfied in case of extreme compassionate grounds such as .....

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shall be eligible only for the interest rate prescribed for the post office savings bank. Closure on maturity The account shall mature on completion of a period of 21 years from the date of opening. The final closure may be permitted before completion of 21 years, if the account holder makes a request for such premature closure for reasons of intended marriages of the account holder and on furnishing of age proof confirming that the applicant will not be less than18 years of age on the date of m .....

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