MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 2nd
December, 2014
G.S.R.863(E).— In
exercise of the powers conferred by section 15 of the Government Savings Banks
Act, 1873 (5 of 1873) , 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,2014.
(2)
They shall come into force on the date
of their publications in the Official Gazette.
2.
Definitions .-
In these rules, unless the context otherwise require , –
(a)
‘account’ means an account opened by a
depositor in accordance with the provisions of these rules;
(b)
‘Act’ means the Government Savings Banks
Act, 1873 (5 of 1873) ;
(c)
‘deposit’ means the money deposited by
the depositor in an account under the rules;
(d) ‘Depositor’
means an individual who – on behalf of a minor girl child of whom he or she is
the guardian, deposits money in an account under the rules;
(e)
‘post office’ means any post office in
India doing savings bank work and authorised to open an account under these
rules;
(f)
‘Bank’ means any branch of a commercial
bank authorised by the Central Government to open an account under these rules;
(g)
‘Year’ means financial year i.e. 1st
April to 31st March;
(h)
‘Interest rate’ means the rate as may be
declared by the Government on yearly basis to be applicable on accounts opened
under these rules;
(i)
Words and expressions used herein and
not defined but defined in the Post Office Savings Bank General Rules, 1981 shall
have the meanings respectively assigned to them in those rules.
3. Application of Post
Office Savings Bank General Rules, 1981 and 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 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 natural or legal guardian in
the name of a girl child from the birth of the girl child till she attains the
age of ten years and any girl child, who had attained the age of ten years, one
year prior to the commencement of these rules, shall also be eligible for
opening of the account under these rules.
(2)
A depositor may open and operate only
one account in the name of a girl child under these rules.
(3)
Birth certificate of a girl child in
whose name the account is opened shall be submitted by the guardian at the time
of opening of the account in post office or bank along with other documents
relating to identity and residence proof of the depositor.
(4)
Natural or legal guardian of a girl
child shall be allowed to open the account for two girl children only:
Provided that the
natural or legal guardian of the girl child shall be allowed to open third
account in the event of birth of twin girls as second birth or if the first
birth itself results into three girl children, on production of a certificate
to this effect from the competent medical authorities where the birth of such
twin or triple girl children takes place.
5. Deposits .- (1) The account
may be opened with an initial deposit of one thousand rupees and thereafter any
amount in multiple of one hundred rupees may be deposited subject to the
condition that a minimum of one thousand rupees shall be deposited in a
financial year but the total money deposited in an account on a single occasion
or on multiple occasions shall not exceed one lakh fifty thousand rupees in a
financial year.
(2)
Deposits in an account may be made till
completion of fourteen years, from the date of opening of the
account.
(3)
An irregular account where minimum
amount as specified in sub-rule (1) has not been deposited may be regularised
on payment of a penalty of fifty rupees per year along with the said minimum
specified subscription for the year (s) of default any time till the account
completes fourteen years.
6. Mode of Deposit .- (1) The deposit in the
account opened under these rules may be made –
a)
in cash; or
b) by cheque or demand
draft drawn in favour of the
postmaster of the concerned post office or the
Manager of the
concerned bank where the account stands and an endorsement on the back of such
instrument shall be made and signed by the depositor indicating name of the
account holder and account number in which the deposit is to be credited.
(2) Where
deposit is made by cheque or demand draft, the date of encashment of the cheque
or demand draft shall be the date of credit to the account.
7. Interest on deposit
.- (1) Interest at the rate, to be notified by the
Government, compounded yearly shall
be credited to the
account till the account completes fourteen years.
(2)
In case of account holder opting for
monthly interest, the same shall be calculated on the balance in the account on
completed thousands, in the balance which shall be paid to the account holder
and the remaining amount in fraction of thousand will continue to earn interest
at the prevailing rate.
8.
Operation of account .- (1)
The account shall be opened and operated by the natural or legal guardian of a
girl child till the girl child in whose name the account has been opened,
attains the age of ten years.
(2)
On attaining age of ten years, the
account holder that is the girl child may herself operate the account, however,
deposit in the account may be made by the guardian or any other person or
authority.
9.
Premature closure of account .- (1)
In the event of death of the account holder, the account shall be closed immediately
on production of death certificate issued by the competent authority, and the
balance at the credit of the account shall be paid along with interest till the
month preceding the month of premature closure of the account , to the guardian
of the account holder.
(2)
Where the Central Government is
satisfied that operation or continuation of the account is causing undue
hardship to the account holder, it may, by order, for reasons to be recorded in
writing, allow pre-mature closure of the account only in cases of extreme
compassionate grounds such as medical support in life-threatening diseases,
death, etc.
10. Pass book .- (1)
On opening an account, the depositor shall be given a pass book bearing the
date of birth of the girl child, date of opening of account, account
number, name and address of the account holder and the amount deposited.
(2) The pass book shall be presented to
the post office or bank, as the case may be, at the time of depositing money in
the account and receiving payment of interest and also at the time of final
closure of the account on maturity.
11. Transfer
of account .- The account may be transferred anywhere
in India if the girl child in whose name the account stands shifts to a
place other than the city or locality where the account stands.
12.
Withdrawal .- (1)
To meet the financial requirements of the account holder for the purpose of
higher education and marriage, withdrawal up to fifty per cent. of the
balance at the credit, at the end of preceding financial year shall be allowed.
(2)
The withdrawal referred to in sub-rule (1) shall be allowed only when the
account holder girl child attains the age of eighteen years.
13.
Closure on maturity .- (1) The account shall mature on
completion of twenty-one years from the date of opening of the account :
Provided that where the marriage of the account
holder takes place before completion of such period of twenty-one years, the
operation of the account shall not be permitted beyond the date of her marriage
:
Provided
further that where the account is closed under the first proviso, the account
holder shall have to give an affidavit to the effect that she is not less than
eighteen years of age as on the date of closing of account.
(2) On maturity, the balance including interest
outstanding in the account shall be payable to the account holder on production
of withdrawal slip along with the pass book.
(3) If the account is not closed in accordance with
the provisions of sub-rule (1), interest as per the provisions of rule 7 shall
be payable on the balance in the account till final closure of the account.
14. Power to relax .- Where
the Central Government is satisfied that the operation of any provision of
these rules causes undue hardship to the account holder or account
holders, it may, by order and for reasons to be recorded in writing, relax the
requirements of that provision in a manner not inconsistent with the provisions
of the Act.
[F. No.2/3/2014.NS-II]
Dr. RAJAT BHARGAVA, Jt.
Secy.
