How To Transfer Sukanya Samriddhi Account

The Sukanya Samriddhi Yojana (SSY) is a Central government-backed small deposit scheme that helps you care for your girl child’s needs. The interest received on the deposit is tax-free, and you can use it for your child’s education, marriage, healthcare or other expenses.

For various reasons, if you want to transfer the account from the original branch, the question that may arise is how to transfer the Sukanya Samriddhi account. For a hassle-free transfer of the Sukanya Samriddhi account from the post office to the bank, you must inform the post office of the address change and bank details.

 The post office will process the account transfer request and notify the new bank accordingly. No charges are levied for the SSY account transfer from the bank to the post office or vice-versa.  

What Is Sukanya Samriddhi Yojana (SSY)?

The Sukanya Samriddhi Yojana is a small savings scheme backed by the Government of India to encourage parents to save for their girl child. Under this scheme, you can make regular deposits into a particular account in your daughter’s name. With guaranteed interest income and tax exemptions, it is an excellent way for you as a girl child’s parent or legal guardian to provide for her and secure her future financially. You can open a Sukanya Samriddhi Account for your girl child under 10 in any authorised bank or post office branch.

Also Read: How to Deposit Money in Sukanya Samriddhi Account Online?

How to Transfer Sukanya Samriddhi Account ?

You can open a Sukanya Samridhhi account on behalf of your daughter before she turns 10, and it will mature when your child reaches the age of 21. The account is transferable from a bank to a post office or vice-versa. However, before initiating the transfer process, the following points are essential to remember:

• You can only transfer the Sukanya Samriddhi account from the branch that currently holds the account.
• You must submit valid identity proof documents during the Sukanya Samriddhi account transfer.

Also Read: What Are Sukanya Samriddhi Yojana Tax Benefits?

Below is the detailed procedure for transfer:

Step 1

You need to fill out a form requesting the transfer of account. This form can be obtained from the bank or post-office branch where the account is opened. You need to mention the name and address of the bank or post office where the account is transferred in the filled-out form.

Step 2

In the next step, you have to visit the original bank or post-office branch for the SSY account and submit the filled-out form and the original passbook.

Step 3

Then, the concerned branch where the account is being held will review and verify the submitted documents. Finally, they will process the transfer request by closing the existing account. All the documents for the account will be handed over to you, and you need to submit them at the new bank or post-office branch.

Step 4

Lastly, you must visit the new bank or post-office branch and submit the documents. A new account opening form will be provided, which you have to fill out. In addition, a photograph and your specimen signature will be required, along with KYC documents.

You may even initiate the transfer process online by visiting the India Post or bank website.

How Sukanya Samriddhi Yojana Works?

The Sukanya Samridhhi Yojana is a great way to secure your child’s future. The account remains operative till your child turns 21 years or marries after the age of 18. It can be opened by a girl child’s parents or legal guardians. However, only two SSY accounts are allowed for a family, meaning you can open one for each girl child. But, your girl child has to be below the age of 10 at the time of account opening.

The following are the benefits of the Sukanya Samriddhi Yojana(SSY):

• SSY offers a high fixed interest rate compared to other Government-backed savings schemes.
• Being backed by the Central government, the SSY offers you guaranteed returns.
• SSY provides you tax-deduction benefits under 80C of ₹1.5 Lakh annually.
• You can deposit a minimum of ₹250 and a maximum of ₹1.5 Lakh in a year.
• The SSY is an excellent long-term investment scheme as it provides the benefit of annual compounding.
• The SSY account offers you the flexibility of easy transfer from one account in one part of the country to another account in some other part.
• You can withdraw before maturity if your child is above 18 years old or has passed her 10th board exams. However, only 50% of the balance available at the end of the previous financial year is eligible for withdrawal.

Please note that your SSY account will close in any of the following cases:

• Your child becomes NRI or loses her citizenship.
• You cannot take a loan against the SSY account.

Final Thoughts

Launched as part of the ‘Beti Bachao Beti Padhao Yojana’, the Sukanya Samriddhi Yojana is a grand scheme to secure your daughter’s future. The best part is that you can start depositing money in an SSY scheme right after your child is born. All you need is your child’s birth certificate alongside a filled-out form and supporting documents.

The service is available at all authorised banks or post-office branches across India. However, if you want to initiate an SSY account transfer from the post office to a bank, the process is simple and hassle-free, as demonstrated above. So, start investing today!

FAQs