Four scenarios are possible
1. Your wife can take over the gaurdian position in the account and choose to continue the deposits
2. In case of death of both parents the legal gaurdian of the child can take over the account and choose to continue deposits.
3. If at time of death, child is 10year or older she can take control of the account herself and make further deposits herself. In case she is unable to make deposits, she has the power to choose whether to continue or close the account.
4. In case of financial difficulty in making further deposits and maintaining the account, bank needs to be informed of the same and account will be permanently closed, without any penalty.
Whenever the account is closed amount accumulated in it, will be paid out to the girl child.