126. Withdrawal
1). Withdrawal up to maximum of 50% of the balance amount in the account at the end of the preceding financial year is allowed for the purpose of higher education, provided that the account holder, i.e. the girl child should have attained the age of 18 years or passed 10th standard whichever is earlier.
(2). Following conditions will also apply for the withdrawal: -
(i). Withdrawals can be made in instalments also. However, only one withdrawal can be made in one financial year subject to max. 5 withdrawals within the overall limit of 50% balance at the credit of the preceding financial year from the date of first application made for withdrawal. In other words, the withdrawal may be made as one lump sum or in instalments not exceeding one per year for a maximum of 5 years subject to the ceiling specified.
(ii). The 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 shall be submitted along with the request for withdrawal.
(iii). The amount of withdrawal shall be restricted to the actual requirement 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.
(iv). Withdrawal can be made in one lump or in instalments, not exceeding one per financial year for a maximum of five years subject to the ceiling prescribed in para (ii)(c) above. i.e. 50% of balance at the credit of the preceding financial year from the date of first application made for withdrawal.
Source : CBS Manual Corrected upto 31/12/2024 Page No. 209 & 210
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