GURU’S DAILY INSIGHT
102. Conditions for Premature Closure of SSA account
102. Conditions for Premature Closure of SSA account
SB order 03/2023
The National Savings Certificate (NSC) Scheme, 2019 outlines specific conditions under which an account can be closed before its maturity. According to Rule 7(1), premature closure is allowed in the following circumstances:
Death of Account Holder:
The account can be closed if the account holder of a single account passes away, or if any or all account holders in a joint account die.
Forfeiture by a Pledgee:
If the NSC has been pledged and the pledgee is a Gazetted Officer, the account can be closed upon forfeiture, provided that the pledge complies with the terms of the NSC Scheme.
Court Order:
The account can also be closed if there is a court order mandating the closure.
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