Sukanya Samriddhi Yojana: How to transfer account from the post office to banks
Transfer Sukanya Samriddhi Yojana Account
The Sukanya Samriddhi Yojana 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.
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 percent amount when or after the girl child turns 18. Initially, it was not allowed. It currently offers an interest rate of 8.60 percent 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 Yojana Account from the post office to banks.
- First, you need to visit the branch where you have your account with your KYC documents and the passbook. The girl child who is the primary account holder need not visit the branch unless she is managing the account on her own.
- Next, let your post office executive know that you want to transfer your Sukanya Samriddhi account to a particular bank.
- Surrender the passbook given to you by your post office at the time of account opening.
- After that, the concerned representative will close the account opened at the post office and give you the required documents that you need to submit at the bank.
- Then visit the particular branch where you want to transfer your account and submit the required documents collected from the post office.
- The bank might also ask you to submit your KYC documents.
- Bank will create a new passbook which would contain all your personal details and the carried forward balance from your previous account.
- Afterward, the bank will activate the new account.