I got the Solution, here it is
4 steps need to be followed.
1)Drop the existing rule
2)Unbind the existing Rule
3)Create the New Rule
4)Bind the New Rule
DROP RULE [AccountStatus] as @AccountStatus
EXEC sp_unbindrule 'BsmasterAcnt.AccountStatus'
EXEC sp_bindrule 'AccountStatus','Bsmasteracnt.AccountStatus'