How to transfer Sukanya Samriddhi Yojana Account

The account can be opened when the girl child is below 10 and matures when she is 21. One can transfer the account opened in a post office to a bank and vice versa.

Sukanya Samriddhi Yojana lets parents of a girl child create a corpus for her. The account can be opened when she is below 10 and matures when she is 21. One can transfer the SSY account opened in a post offi ce to a bank and vice versa.

Form
The customer needs to fill out a Sukanya Samriddhi Yojana transfer request. The form will be available at the existing post office/bank where the account is held. Account holder details, name and address of the bank/post offi ce where the account is proposed to be transferred should be mentioned.


Visit existing post office/bank
After filling up the form, the customer must visit the existing post office or bank along with the account passbook. The transfer request along with original passbook must be surrendered to enable the post offi ce/bank to process the request.

Closure of account
The existing post office/bank will verify the submitted documents and process the request by closing the account at their end. Documents related to the account including demand draft with the account balance will be handed over to the customer to be submitted to the new bank/post office.

Visit new bank or post office
Once transfer documents are received, the customer can approach the bank /post offi ce where the account needs to be transferred and hand over the documents. The customer will have to fi ll up a SSY account opening form and provide KYC documents, specimen signature and photograph to complete the transfer procedure.

Point to note
The child in whose name the account is opened need not visit the bank/post office, unless she is operating the account on her own.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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