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The Sukanya Samriddhi account can be transferred from the post office to bank, from one bank to another, to another post office in India.  This article talks about the process to transfer a Sukanya Samriddhi Yojna account from the post office or bank to another bank.

How to transfer Sukanya Samriddhi Yojna Account

Sukanya Samriddhi Yojana is a government-backed savings scheme as part of the “Beti Bachao, Beti Padhao Yojana” for the benefit of the girl child.

It can be opened by the parents of a girl child below the age of 10. A Sukanya Samriddhi Account has a tenure of 21 years or until the girl child marries after the age of 18.  From April 2020, this scheme offers an interest rate of 7.6% compounded annually. Flexible investment with a minimum deposit of Rs.250 and a maximum of Rs.1.5 lakh p.a. Eligible for Tax deductions under Section 80C up to Rs.1.5 Lakh

Our article  Sukanya Samriddhi Yojna account  covers Sukanya  Sukanya Samriddhi Yojna account in detail.

Reasons for transferring the SSY account

Reasons for transferring the SSY account are given below

  • You want to deposit money online but Post Office may not be connected to the Core Banking Solution(CBS) facility
  • You are moving to a different city or a different part of the city. You want the account in the city where you live or nearest to your stay.
  • The Bank or Post Office is not providing you proper service.

Process to transfer a Sukanya Samriddhi Yojna Account

To transfer from a Post office to bank or from bank to post office one has to pay a charge of Rs. 100. The transfer can be done only once a year. However, the transfer of SSY account from one post office to another post office is free.

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.

  • Visit the branch where you have a Sukanya Samriddhi account with your passbook and KYC documents.
  • Tell the post office/bank executive that you want to transfer your Sukanya Samriddhi account to a particular bank. Fill out a Sukanya Samriddhi Yojana transfer request
  • Surrender the passbook given to you 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 to the new bank bank. Documents such as a certified copy of the account, the Account Opening Application, specimen signature etc along with a cheque/ Demand Draft for the outstanding balance in the SSY account. They may also send the documents to the bank branch where you want to open the account.
  • Visit the particular branch of the bank where you want to transfer your account and submit the required documents collected from the post office/other banks. The customer will have to fill up an SSY account opening form and provide KYC documents to complete the transfer procedure. (sample filled form is shown in the image below). A list of documents is as follows
    • Birth Certificate of the beneficiary
    • Guardian’s address proof
    • Identity Proof of the guardian
    • Passport photographs for the beneficiary

Note that

  • The new bank will open a new account. The new account will be opened from the date your previous account was closed. For eg, if your SSY was transferred on 01.01.2017 by closing your account, your new bank will open the new account from 01.01.2017 only. This is because the maturity date of the account cannot be changed as per scheme policy.
  • Bank will create a new passbook which would contain all your personal details and the carried forward balance from your previous account.
  • Your new bank will give you interest from the date of the new account opening so that there is no interest loss.

Sukanya Samriddhi Yojana Filled form

Sukanya Samriddhi Yojana Filled form

List of Authorized banks for opening Sukanya Samriddhi Account

The banks where one can open a Sukanya Samriddhi Account is given below.

  1. State Bank Of India (SBI)
  2. State Bank Of Patiala (SBP)
  3. State Bank of Bikaner & Jaipur
  4. State Bank of Travancore (SBT)
  5. State Bank of Hyderabad (SBH)
  6. State Bank of Mysore (SBM)
  7. Andhra Bank
  8. Allahabad Bank
  9. Bank of Baroda (BOB)
  10. Bank of India (BOI)
  11. Punjab & Sind Bank
  12. Bank of Maharashtra
  13. Canara Bank
  14. Central Bank of India
  15. Corporation Bank
  16. Dena Bank
  17. Indian Bank
  18. Indian Overseas Bank (IOB)
  19. Punjab National Bank (PNB)
  20. Syndicate Bank
  21. UCO Bank
  22. Oriental Bank of Commerce (OBC)
  23. Union Bank of India (UBI)
  24. United Bank of India (UBI)
  25. Vijaya Bank
  26. Axis Bank Ltd
  27. ICICI Bank Ltd.
  28. IDBI Bank Ltd.

Related Articles:

Sukanya Samriddhi Account : A scheme for Girl Child

The process of transferring Sukanya Samriddhi account is very simple. The two main things you need to keep ready are your KYC documents and the account passbook.

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