Sukanya Samriddhi Scheme is an investment scheme for the girl child. Parents of a girl child can open Sukanya Samriddhi Account on behalf of their girl child. The age of the girl child should be below 10 years at the time of opening the account. The Sukanya Samriddhi Account gets matured when a girl attains 21 years of age.
Sukanya Samriddhi Account can be opened in the bank as well as the post office. In case you are not satisfied with the services of a bank or post office you can transfer this account to another bank or post office. Another reason for transferring account is the change of location or city. If you have shifted to a new location or for any other reason if you want to transfer your Sukanya Samriddhi Account, this post is for you. In this post, I will share the method of transferring SSA account from bank to bank, post office to bank, and post office to post office.
The transfer of account can be done once a year. Transfer of account from a post office to banks or bank to post office is chargeable. You need to spend Rs.100 for doing this transfer. The transfer of account from a post office to other post office is free.
Transfer Sukanya Samriddhi Account – Post Office to Bank
Submit SSY Transfer Request
You need to physically visit a post office to initiate a transfer of Sukanya Samriddhi Account to the bank. You need to carry the passbook and KYC documents with you.
The visit of a girl child is not required at the post office for account transfer unless a girl child is managing the account herself.
Inform the post office executive that you want to transfer SSY account to the bank. The post office executive will give you SSY transfer request form. You need to fill-up the form and submit the passbook along with the KYC document. You also need to pay transfer fees.
The account holder’s parents or legal guardian can initiate this process.
Also Read – Sukanya Samriddhi Account – Calculator Download
Verification of Document and New Bank Details
After verification of KYC documents and account detail, the post office executive will close the account. The post office executive will prepare the necessary documents that are required to be submitted at the bank.
If you have fixed up the bank where the account to be transferred, the post office executive can arrange to send papers at bank.
Visiting Bank and Resubmitting KYC
Now, you need to visit the bank branch where you want to transfer the account and submit the documents given by the post office executive. You also need to fill up account opening form and resubmit KYC documents.
Transfer of SSY Account
The new SSY account will be created and activated. The new account will be opened from the date of closure of the old account. The new account will also reflect carried forward balance from the previous account. This to ensure that the maturity date of the account remains the same.
The new passbook will be created and given to you. The interest will be paid by the new bank henceforth.
The process of doing transfer from bank to bank remains same.
Frequently Asked Questions about Sukanya Samriddhi Account
#1 Is it possible to transfer SSY account online?
Yes, it is possible to transfer SSY account online. However, only few banks offer facility to transfer SSY account online. You need to check at bank for this facility.
#2 In what case SSY account can be transferred?
In case the girl child moves to other city or state, the account can be transferred. If you are not satisfied with the services of post office or bank you can transfer account.
#3 Which document I should take when I visit for account transfer?
Following documents are required for transfer of SSY Account.
- Passbook of SSY Account
- The ID proof of parent or guardian
- Address proof of parent or guardian
#4 What will be interest loss in case of account transfer?
NO interest amount will be lost in case of account transfer from post office to bank or bank to post office.
#5 How much amount I need to spend for account transfer?
You need to spend Rs.100 for transferring account from bank to post office or post office to bank.
Over to you
Have you used facility of transferring Sukanya Samriddhi Account from post office to bank or bank to post office?
Do share your experience in the comment section given below.