How to Transfer Sukanya Samriddhi Yojna (SSY) Account

How to Transfer Sukanya Samriddhi Yojna (SSY) Account?

How to Transfer Sukanya Samriddhi Yojna Account?: It is very important to know how to transfer your Sukanya Samriddhi Yojna account. You gain mobility when you transfer your funds from your Sukanya Samriddhi Yojna account. The simple way to transfer funds from the Sukanya Samriddhi Yojna account is to transfer it from your one financial institution to another.

There are several options available for you when you are trying to transfer funds from one account to another. You can transfer funds from a post office to a bank or from one bank to another bank or lastly, from one post office to another post office in India.

It is important to know how to transfer your Sukanya Samriddhi Yojna account. When you don’t have adequate information about the transfer, you will be confused. Therefore, it’s important to know all the information about the Sukanya Samriddhi Yojna account. In this article, you will find helpful information about how you can transfer your Sukanya Samriddhi Yojna account from any of the above options.

What is a Sukanya Samriddhi Yojna Account?

Sukanya Samriddhi Yojna account is an initiative by the Indian government. It is a saving scheme part of the “Beti Bachao, Beti Padhao Yojna”. The scheme is which is helpful for the girl children of India. This scheme will help the girl children save money and use it towards achieving their goals and dreams in life.

The Sukanya Samriddhi Yojna account can be opened by the parents if the girl child is below the age of ten. The maturity or tenure of this account is till the girl child turns twenty-one years old. However, if the child gets married at eighteen, the tenure of the account will reach its maturity. The Indian government increased the amount of interest on this account in April 2020.

According to the new announcements, the interest rate of the Sukanya Samriddhi Yojna account is increased to 7.6% annually. The minimum amount to deposit in the account is Rs. 250 and the maximum amount that a person can deposit is Rs. 1,50,000 per year. The eligibility of tax deductions on this scheme is up to Rs. 1,50,000, under the Section 80C.

Reasons for Transferring the Sukanya Samriddhi Yojna Account

There can be several reasons for the transfer of the Sukanya Samriddhi Yojna account. Some of the reasons are listed below:

  • With the digital advancement in banking, it is very easy to deposit money online. However, the post office where you have opened the account may not have online facilities or it may not be connected to the Core Banking Solutions facility.
  • If the person is moving to another state or city or a different part of the city, they would want to have the bank or post office near to their house, so they can easily deposit money in the account.
  • Lastly, if the financial institution where the person has opened the account, the post office or the bank, isn’t providing you with proper services.

How to Transfer Your Sukanya Samriddhi Yojna Account

If you want to transfer your SSY account from one financial institution to another, you need to pay a sum of hundred rupees. You can transfer your account only once a year. If you are Sukanya Samriddhi Yojna account from one post office to another, it’s free and you don’t need to pay the amount.

If the parents of the child are handling the account, the child doesn’t need to visit the post office or bank. However, if the child is operating the account by herself, she will need to do the transfer process of her account.

Steps To Follow While Transferring Your Account

Here are the steps that you need to follow when you want to transfer your account:

Visit the post office or bank where you have your Sukanya Samriddhi account along with your passbook and KYC documents.

Inform the post office or bank officials that you want to transfer your Sukanya Samriddhi account to another post office or bank.

Then, you will need to fill the Sukanya Samriddhi Yojna account transfer request form.

It’s important that you need to surrender the passbook you received when you opened your account in the post office or bank.

After you submit the form and surrender the passbook, the official will close your account opened in the post office or bank and give you the necessary documents you need to submit to the new bank. The documents will include a certified copy of the account, your account opening application, your specimen signature, among other documents.

The official will give a cheque or a demand draft with the outstanding balance in the Sukanya Samriddhi Yojna account.

You will receive these documents. However, there are some other documents that the bank or post office will send to the new bank or post office where you want to open the account.

After you complete this process at your bank or post office, you can visit the bank or post office where you are opening the account and submit all the documents you received from your old bank or post office.

You will have to fill a Sukanya Samriddhi Yojna account opening form and hand over the KYC documents to complete the transfer procedure.

Documents To Be Submitted in New Bank

Here are some of the documents you will need to submit at the new bank or post office:

  • Your Birth certificate ( if you are handling your account) or the birth certificate of the child.
  • The address proof of the guardian.
  • Guardian’s identity proof
  • Your passport size photographs or passport size photographs of the child.

The new bank or post office will open a new account for you. Your new account will be opened on the date your previous account was closed. For example, if your old account was closed and transferred on 02.04.2018, your new Sukanya Samriddhi Yojna account in the new bank or post office will be opened on 02.04.2018. The reason for that is the maturity period of the Sukanya Samriddhi Yojna account cannot be changed. According to the scheme, the date is fixed and transferring your account will not change the maturity date of the account.

The new bank or post office will provide you will a new passbook. This passbook will have your personal details and the carried forward balance from your old account. Along with the details, it will also add the date of interest in your new account. This is so that you don’t lose any interest.

List of Authorized Banks for opening SSY Account

Here are some of the banks where you can open or transfer your Sukanya Samriddhi Yojna account:

  • State Bank of India (SBI)
  • Bank of India (BOI)
  • Canara Bank
  • Indian Overseas Bank (IOB)
  • Punjab National Bank (PNB)
  • Andhra Bank
  • Corporation Bank
  • UCO Bank
  • Central Bank of India
  • Syndicate Bank
  • Union Bank of India (UBI)
  • United Bank of India (UBI)
  • Axis Bank Limited
  • ICICI Bank
  • IDBI Bank Ltd

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