If you have opened a Sukanya Samriddhi Yojana account for your daughter and wish to transfer it for any reason, this process can be accomplished by following a few simple steps
The Sukanya Samriddhi Yojana (SSY) is a government initiative aimed at supporting the education and wedding of the girl child. The SSY account remains operative till the age of 21 years and can be opened by parents or legal guardians on behalf of their girl child in any post office or authorised bank. However, if you need to move your SSY account from one bank to another, or from a bank to a post office, here are a few steps you must follow to ensure a smooth transition.
Eligibility: The account can be opened for a girl child under the age of 10. There’s a one-year relaxation for children born between December 2, 2003, and December 1, 2004.
Deposit Limits: Parents can open up to two accounts for their daughters, with a minimum deposit of Rs 250 and a maximum of Rs 1.50 lakh in a financial year.
Premature Withdrawals: After the girl child reaches the age of 18 years, up to 50 per cent of the total investment can be withdrawn for the child’s higher education or wedding expenses.
Lock-in Period: The account has an 8-year lock-in period starting from the date of opening.
1] Initiate The Transfer Request: Visit your local bank or post office to start the transfer process of your SSY account. To transfer the account, you have to submit a statement outlining your intentions and fill out a transfer request form.
2] Provide New Bank Details: In your transfer request form, include the details of the new bank where you wish to transfer your SSY account. This should include the contact information of the bank’s branch and address. Some banks also facilitate online transfers for SSY accounts, making the process more convenient.
3] Document Submission: After you submit your transfer request, the bank or the post office will forward the original documents related to your SSY account to the new bank branch.
4] Resubmit KYC Information: Once your documents arrive at the new bank, you will need to fill out a new SSY account opening form and resubmit your Know Your Customer (KYC) documentation. If the new bank supports online account registration, you can also do this digitally.
5] Successful Transfer Of Your SSY Account: After submitting the new account form and KYC documents, your SSY account will be successfully transferred to the new bank. Any existing balance in the SSY account in your previous bank or post office will be simultaneously transferred to the SSY account in your new bank or post office.