Sukanya Samriddhi Account ( SSA ) Premature Closure / Maturity Closure

 Sukanya Samriddhi Account ( SSA ) Premature Closure / Maturity Closure

128. Maturity of account

(1). The account shall mature on completion of twenty-one years from the date of opening of account. At the time of closure of account, payment will be made to the Girl Child only in whose name account was opened. Girl Child has to get account converted to her name on attaining the age of 18 years by submitting fresh identification and address documents from the list of officially valid documents mentioned for opening of a savings account.

(2). The closure of the account may also be permitted before completion of twenty-one years if the account holder (girl child) on an application makes a request for such closure for the reason of her intended marriage on furnishing of a declaration duly signed on non-judicial stamp paper attested by the notary supported with proof of age confirming that the applicant will not be less than eighteen years of age on the date of marriage. No such closure shall be allowed before one month from the date of the intended marriage or after three months from the date of marriage.

(3). On maturity, the balance including interest outstanding in the Account shall be payable to the Account holder, on an SB-7A application by the Account holder for closure of the Account, and on furnishing documentary proof of her identity, residence and citizenship.

(4). On receipt of SB-7A by the Account holder, Counter PA will invoke the menu HCAAC in Finacle for closure of account. Supervisor will use the same menu for verification. For withdrawal Rs 20,000/- and above will be paid either by transferring the amount to POSA of the Account holder or by issuing cheque in favour of the Account holder / Guardian

 129. Premature Closure

(1). In the event of death of the account holder, the account shall be closed immediately on application in Account Closure Form SB-7B on production of death certificate issued by the competent authority and the balance at the credit of the account and interest due thereon till the date of death shall be paid to the guardian.

(2). Interest for the period between the date of death of the account holder and date of closure of the account shall be paid at the rate applicable on Post Office Savings Account for the balance held in the account.

 (3). If it is satisfied that in case 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, after complete documentation establishing the grounds for such closure, by order and for reasons to be recorded in writing, premature closure of the account may be allowed. Outstanding balance in the account with interest due as applicable to the Scheme shall be paid to the account holder or guardian, as the case may be. Such closure shall be sanctioned by Head of the Division for the accounts standing in SOs and their BOs / Sr. Postmaster or Chief Post Master or Director for the accounts standing in Gazetted HOs/GPOs.

(4). No premature closure of an account under above sub rule (c) shall be made before completion of five years from the date of opening of the account

 Source : POSB CBS Manual, Page  No 211, 212