49 comments

  1. Whether grand father may be a depositer for a girl in SSA and can open a account even when the parents of the girl child are alive.

  2. Hi Suresh,

    Thank you for the informative post. If girl becomes NRI after opening account, it will be closed. However, will she be able to withdraw money (with interest) immediately or will have to wait till 21 years of age?

    Thanks and Regards,

    Janardan

    1. Hi Janardan, As per my knowledge if girl becomes NRI, we need to close the account and amount would be paid back. Pls reach out to post office / bank where you opened this account

      1. Thank you for the clarification. One further doubt – will it be paid back including accumulated interest or only principal amount?

    1. Hi Sachin, In case of unfortunate death of guardian or parents, the amount would be paid back to nominee (in this case it would be girl child or any other named nominee) along with interest immediately

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