Sukanya Samriddhi Yojana (SSY) was a flagship scheme launched by the Government of India to empower a girl child. It not only promotes girl child education but also provides necessary funds at the time of marriage.
SSY Account is a savings account that offers high-interest rates for the deposited funds. This account is designed in such a manner that the girl child receives the benefit of the account at the time of maturity i.e at the age of 21.
The age of 21 can be the age for both higher education and marriage and therefore, the funds required for doing them can be met by savings funds in Sukanya Samriddhi Yojana Account.
The parents or guardians can avail of tax savings benefits under the Income-tax Act. This account also comes with other benefits as well like transferable account branch as well as account host both, high-interest rate, and much more.
In this article, we will discuss how to transfer Sukanya Samriddhi Account from the Post office to SBI. You can also use these steps to transfer from other banks to the post office as well or vice versa.
Transfer Process of Sukanya Samriddhi Account
You can transfer your account from one bank branch to another also you can transfer your SSY Account from one bank to another/Post Office. The following are the transfer process of your Sukanya Samriddhi Account-
- Visit the official premises of the bank or post office where you have hosted your Sukanya Samriddhi Yojana Account
- Now, ask for the SSY Trasfer form and fill it with correct details like SSY account number, name, parents name/guardian, address, etc.
- After filling the form, attach all the documents mentioned below along with the filled application form and submit it to the Post office representative
- After submission, your request will be reviewed by the Post office representative and after successful verification of the document, you’ll be provided with the SSY Account transfer papers
- Now, collect the account transfer documents and submit the documents to the SBI Bank branch where you want to host your SSY account
- The SBI bank will review your documents and you will be provided with a new account opening form which you have to fill and submit to the bank representative
- Your new SSY Account will be created and the old SSY balance will be updated. You can continue to deposit the funds to your SBI Bank branch as your account has been successfully been transferred
Documents Required for SSY Account
The following are the documents required for Sukanya Samriddhi Yojana Account transfer-
- Girl Birth certificate
- Guardian’s or parent’s ID proof- Aadhaar Card, PAN Card, Voter’s ID, etc.
- Address proof of the guardian or parent- any Utility Bill, Bank Passbook, etc.
- Account Transfer Application Form
- Documents issued by the existing Bank or Post Office branch for transferring account
- Sukanuya Samriddhi Account opening form
FAQ
No, you cannot take a loan against the Sukanya Samriddhi Yojana fund deposit.
No, you cannot withdraw the funds partially, it can only be closed in case of the death of the girl child.
The tenure of the SSY Account lasts until 21 years of age of the gild child.
Yes, you can use net banking to transfer funds online into your SSY Account. You can do that by adding the SSY account as a beneficiary and using it to send the funds.
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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