New Delhi: The Department of Economic Affairs (DEA), Ministry of Finance has issued guidelines for processing the cases of regularization of irregularly opened accounts under various National Small Savings Schemes through Post Offices.
DEA in a circular, issued on August 21 issued new guidelines, identifying — lrregular NSS accounts, PPF account opened under the name a minor, More than one PPF Account, Extension of PPF account by NRI, Small Savings scheme account opened under the name of a minor (Except PPF and SSA) and Regularization of Sukanya Samriddhl Account (SSA) opened by Grandparents, other than Guardian.
DEA has issued giudelines on condition if more than two SSY accounts are opened in the name of a daughter and also in case of accounts opened under the guardianship of grandparents. What will happen in such cases?
(a). ln case of accounts opened under the guardianship of grandparents (who are other than legal guardian), the guardianship shall be transferred to a person entitled under the law in force, that is, to the natural guardian (alive parents) or Legal Guardian.
(b). lf more than two accounts are opened in a family in violation of Para 3 of Sukanya Samriddhi Account Scheme, 2019, then the irregular accounts shall be closed by treating it as account opened in contravention to the scheme guidelines.
The circular said, all Post Offices are directed to obtain PAN and Aadhaar details of the account holder(s)/ guardian (if not already available) without fail and feed the same in the system before forwarding the regularization requests to this office.
All Post Offices shall take urgent action to identify such accounts and inform account holders of the approved guidelines through all channels. All Circles/Regions/Divisions are requested to proactively track cases that need regularization, so as to avoid inconvenience to account holders of the small savings schemes.
Who Can Open Sukanya Samriddhi Account?
Sukanya Samriddhi Account can be opened in the name of a girl child till she attains the age of 10 years. Account can be opened in Post offices and notified branches of commercial banks. The rate of interest on Sukanya Samriddhi Account is 8% Per Annum, calculated on yearly basis, and Yearly compounded.
Account can be opened with a minimum of Rs 250 and Maximum Rs 1,50,000 in a financial year. Subsequent deposit in multiple of Rs 50. Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year.