Sukanya Samriddhi Yojana: Don’t miss payments, how to transfer daughter’s account when you move

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Updated: February 4, 2019 5:42:34 PM

With the revised 2017 rule, you can now transfer your SSY accounts. Though the process of transferring the account is quite simple, it can come with a charge.

Sukanya Samriddhi Yojana, SSY, small savings scheme, beti bachao beti padao, girl child, post office scheme, chil education, daughter's marriage, Post Office, SBI, HDFC Bank, online account openingIf you are also planning to transfer your daughter’s account, know how you can transfer Sukanya Samriddhi Account from the post office to banks.

The Sukanya Samriddhi Scheme was bought in by the government to benefit girl children. This plan became popular because of its various features and benefits. Parents or legal guardians on behalf of their girl children can invest in this scheme for up to two daughters aged below 10, in any post offices or authorized banks. You can now also open SSY for your adopted girl child. The maximum amount that can be deposited under this scheme is Rs 1,50,000 and the minimum is Rs 1,000 in a financial year, which can be made online. This scheme can also be closed prematurely if the girl on whose name the account is opened reaches 18 years.

Also Read: What is your post-Budget 2019 income tax outgo? Calculate now

The account holder can also make a partial withdrawal for the girl child’s education when she has cleared 10th class or turned 18 years. You can now also withdraw 100 per cent amount when or after the girl child turns 18. Initially, it was not allowed. It currently offers an interest rate of 8.60 per cent per annum, which is subject to change on a quarterly basis. The interest earned under this scheme is tax-free, and the investment will also earn tax rebate under Section 80C.

With the revised 2017 rule, you can now transfer your SSY accounts. The process of transferring the account is quite simple. However, you need to make two visits to the old and the new post office or bank branch and the account would be transferred. If you would do from a post office to post office it would be free. But transfer from Post office to banks or vice versa would cost you Rs. 100 and you can do this only once in a year. If you are also planning to transfer your daughter’s account, know how you can transfer Sukanya Samriddhi Account from the post office to banks.

  • To transfer your daughter’s Sukanya Samriddhi Account from a post office to a bank, you need to visit the post office branch where you hold the account with your passbook and KYC documents.
  • Unless the girl child is managing the accounts herself, she does not need to be present at the branch.
  • You need to inform the post office executive that you want to transfer the account to a particular bank or if you want to close your account.
  • As a parent or legal guardian, you need to provide the passbook given to you by the post office at the time of opening of the account.
  • Eitherways, the executives would close your account at the post office and prepare necessary documents that need to be submitted at a bank where you want to get the account transferred.
  • Then you need to visit the bank branch where you want to transfer the account and submit the transfer documents.
  • You need to also provide your KYC documents and the papers given to you by the post office.
  • A new passbook would be created by the bank officials which would include the account holders details and the carried forward balance from the previous account at a post office.
  • The new bank branch would activate your account from where you can start banking.

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