Sukanya Samriddhi Yojana is one of the best schemes introduced by the Modi Government. It offers attractive interest rates and also promotes a girl child education.
Sukanya Samriddhi Yojana or SSY is a scheme where the parents or guardians of a girl child deposit funds on an SSY account and earn attractive interest rates for the deposit made.
You can calculate the maturity amount by using an SSY Excel Calculator which will provide you with an estimate about the funds that you can collect over the period.
Here, we have used an example to calculate the funds you would get if a certain amount was deposited over 15 years and the maturity calculation in the Sukanya Samriddhi Yojana Chart.
The maturity period of the account is 21 years or until the girl marriage happens after the age of 18. At the time of maturity, the money will be provided to the girl child tax-free that can be used either in education or marriage of the girl child.
There are also some benefits that the parents or guardians get like tax benefits up to Rs.1.5 lakhs and can start saving for as low as Rs.250/-.
Only a few selected banks and Post Office offer Suknaya Samriddhi Yojana account opening and they are inter-transferable meaning you can transfer SSY Account from one bank to other.
In this article, we will discuss how to transfer Sukanya Samriddhi Account from the Post Office to SBI or any other bank.
But first, let’s find out the reasons why transferring SSY account from Post Office to SBI or other Banks is important.
Why Transfer Sukanya Samriddhi Account from Post Office to SBI?
There can be numerous reasons why you might feel a need to transfer Sukanya Samriddhi Yojana From the Post office to SBI or other banks, few are listed below-
- You may be not getting good service in the Post Office and might feel the need to transfer account
- Your Post Office might lack a CBS facility which can be problematic for online money deposit
- You may be changing the location, hence, transferring your account to a new location is convenient
- The online facility of the bank like SBI is far better than Post Office which provides you online access to your SSY account
How to Transfer Sukanya Samriddhi Account from Post Office to SBI?
The following are the step by step instructions that you can use to transfer funds from Post Office to SBI or another bank account-
- First, arrange or download the SSY transfer request application form available online or at your bank branch or post office where you have your SSY Account opened
- Now, fill the form with correct details and make sure to mention the details of the SBI Bank or other bank where you are going to open the bank account
- Submit the filled application form to the post office where you have hosted your SSY account. You also have to submit the original passbook of the SSY account along with your identity document like Aadhaar, PAN, etc.
- After submitting your documents and application form, the post office representative will verify your details followed by initiating the closure of the existing Sukanya Samriddhi account
- Upon successful closure, you’ll be provided with the transfer documents which you have to submit to the SBI Bank branch where you want to continue your Sukanya Samriddhi Account
- You have to visit the new SBI Bank Branch and submit the account opening form along with the transfer documents and other KYC Documents that you would need for account opening
Related Article-How to open Sukanya Samriddhi Account in SBI Bank
Documents Required for Transferring Sukanya Samriddhi Account
The following are the documents required for transferring Sukanya Samriddhi Account-
- Birth certificate of the girl child
- 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
No, you cannot close SSY prematurely, only in case of the death of the girl child the SSY account can be closed.
The minimum amount that you can start saving from an SSY account is Rs.250/- and the maximum amount that you can deposit per year is Rs.1.5 Lakhs.
No, one account can be opened for one girl child only. If multiple accounts have been opened in the name of one girl child then the oldest account will be considered for the interest payments and the other account interest rate will not be paid and only the deposit amount will be returned.
No, you cannot avail of a loan facility from SSY Account.
In a financial year, a minimum of Rs.250 is required to be paid by the account holder. If the account holder fails to pay the amount then a fine of Rs.50 will be put on the account holder.