Irregular opening of SSY accounts by grandparents

FS-65/1/2023-FS-DOP

1/78213/2023

No. FS-65/1/2023-FS-DOP 

Government of India 

Ministry of Communications 

Department of Posts (F.S. Division)

Dak Bhawan, 

New Delhi-110001 

Dated: 16.08.2023

To

The Chief Post Master General

(Assam, Kerala, Maharashtra, Punjab and Tamilnadu Circles)

Subject:Irregular opening of SSY accounts by grandparents - Reg.

Reference: This office letter of even number dated 09.01.2023.

Madam / Sir,

In the above referred matter, I would like to draw your kind attention to Rule 3 of the SSA Scheme, 2019 which also provides for provision of opening of account by guardian in addition to other applicable conditions and Rule 3(h) of Government Savings Promotion Act, 1873 defines who all can be "guardian".

2. As you are aware, some accounts of SSA have been opened in contravention of the above rules and such cases are being considered to be taken up with Department of Economic Affairs (DEA), MoF to seek their guidance and consent to regularise these accounts. Hence, in respect of the cases of SSA accounts opened through grandparents referred by the Circles, the information may be provided in the enclosed format.

3.Any other information may be provided in the remarks Column and it may specifically indicated in each case, whether;

(i). The rule 3(4) of the SSA Scheme, 2019 has been adhered to wherein it is stipulated that not more than 2 SSA accounts in a family can be opened with exclusions related to twins/triplets.

(ii). The total investment made through all SSA accounts (regular and irregular) in each financial year was/was not within the prescribed limit under the Rules for a regular SSA account, and, if not, details of excess interest payment made financial year wise should be provided.

4.The information in the enclosed format may be provided by 31.08.2023.

5.Since much SSA accounts have been opened in contravention of rules, no further deposits may be accepted in all such accounts.