In this article we will check out the rules regarding Sukanya Samriddhi Account premature closure. Although the information shared in Govt. website is not 100% clear. There could be many scenarios or cases which will come in real time and according to that we have to see how this premature closure rules will work in future.
So far we have to assume many facts. Before proceeding further first check out what is mentioned in this actual notification released from Govt of India.
Sukanya Samriddhi Account Premature Closure
9. (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.
Now let’s explain this 2 points in detail with some examples.
1) If the parent or the legal guardian who opened the SSA account dies accidentally, then the account has to be closed immediately by providing the death certificate. In other case if the minor girl child dies in any case, parent has to provide death certificate of the child and in that case Sukanya Samriddhi Account premature closure can be done.
So in either case account can not consider any further deposit. And the accumulated money till the last month-end would be refunded as maturity value to the girl child or parents as per the case. Means, if death happens in January, then amount balance till December last year would be considered as SSA maturity value.
2) Now this is a special scenario where no clear provision is made that exactly how early one can close SSA account. Few reasons could be if the person is not able to pay the deposit as he/she is very poor. Other reason could be if they need some urgent money for medical treatment and no other option to break this Sukanya Samriddhi Scheme. In such a case the person have to file a written application for account closure and if required valid proof have to provide.
Although the first point may be understandable, but the 2nd point is not 100% clear. Govt. has to provide some cases in which this account can be closed. We can expect that they will come up with some more specific rules about the Sukanya Samriddhi Account premature closure. May be this is too early to expect every information about this scheme at this point.