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[Cites 0, Cited by 0] [Section 9] [Entire Act]

Union of India - Subsection

Section 9(5) in The Sukanya Samriddhi Account Rules, 2016

(5)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:Provided that no premature closure of an Account under this sub-rule shall be made before completion of five years of the opening of such Account:Provided further that premature closure of an Account may be permitted, anytime after 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.