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 thepost office or the Bank concerned,
as thecase 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
withinterest 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
closureof an Account may be permitted, anytimeafter 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
shallnot 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
proofin 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.
