SSA Withdrawal facility and Amendment to procedural rule in POSB (CBS) Manual

In accordance with the provisions in Rule 8 of SSA Scheme 2019, withdrawal of up to a maximum of fifty per cent of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder subject to the conditions that withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.

(2). The application for withdrawal shall be accompanied by documentary proof in the form of a confirmed offer of admission of the account holder in an educational institution or a fee-slip from such institution indicating such financial requirement.

(3). The withdrawal under sub-paragraph (1) may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified in sub-paragraph (l):

Provided that the amount of withdrawal shall be restricted to the actual requirement on account of fee and other charges required at the time of admission as shown in the offer of admission or the relevant fee-slip issued by the educational institution.

4. Since there was no provision in Finacle for withdrawal from SSA account it was prescribed in Rule 126 (2) (v) of POSB CBS Manual (Corrected up to 31.12.2021) that till the provision is made for withdrawal from SSA Account, if any request for withdrawal is received, it will be handled manually by raising the ticket with CEPT.

5. The functionality for withdrawal from SSA account has been deployed in Finacle on 20.02.2023. Accordingly, procedure in the Rule 126 (2) (v) of POSB CBS Manual (Corrected up to 31.12.2021) is amended as follows.

SB Order 02/2023 – Deployment of functionality in Finacle CBS for SSA withdrawal facility and Amendment to procedural rule in POSB (CBS) Manual (Corrected up to 31.12.2021)