Sukanya Samriddhi Account – RBI ask banks to follow Rules

By | March 12, 2015
The Chairman and Managing Director/Managing Director Head Office,
Government Accounts Department State Bank of India/
State Bank of Patiala/
State Bank of Bikaner & Jaipur/
State Bank of Travancore/
State Bank of Hyderabad/
State Bank of Mysore/
Andhra Bank/
Allahabad Bank/
Bank of Baroda/
Bank of India/
Punjab & Sind Bank/
Bank of Maharashtra/
Canara Bank/
Central Bank of India/
Corporation Bank/
Dena Bank/
Indian Bank/
Indian Overseas Bank/
Punjab National Bank/
Syndicate Bank/
UCO Bank/
Oriental Bank of Commerce/
Union Bank of India/
United Bank of India/
Vijaya Bank/
Axis Bank Ltd./
ICICI Bank Ltd./
IDBI Bank Ltd.
Dear Sir/Madam,
Sukanya Samriddhi Account
1. We forward herewith a copy of the Government of India Notification No. G.S.R.863(E) dated December 02, 2014 regarding the Sukanya Samriddhi Account for necessary action at your end. The Government of India, vide this Notification, has notified the Sukanya Samriddhi Account Rules, 2014, which came into force with effect from December 02, 2014.

2. Reporting of the Sukanya Samriddhi Account transactions i.e. receipt, payment, penalty, etc. may be directly done through the Government Account at Central Account Section, Reserve Bank of India, Nagpur on daily basis like the transactions of PPF, 1968, in order to have uniformity in reporting, reconciliation and accounting.

3. The Agency banks are required to observe the rules and regulations of the Scheme, and non-observance of rules and regulations would attract penal action, including de-authorization of the branch or bank. Pecuniary liabilities, if any, arising from such non-observance shall be borne entirely by the bank.

4. You may, therefore, approach Central Account Section, Reserve Bank of India, Nagpur for necessary arrangements to report Sukanya Samriddhi Account transactions with immediate effect.

5. Specimen of account opening application form and the passbook of the Sukanya Samriddhi Account are also enclosed for ready reference and necessary action at your end.

6. The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 Scheme. These instructions should also be displayed on the notice boards of your branches for information. Yours faithfully (R. K. Singh) Deputy General Manager Encls: As above.

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