Whenever it comes to securing the future of daughters, the name of Sukanya Samriddhi Yojana (SSY) inevitably comes up. This is a scheme by the Government of India under which an account can be opened in any authorized bank or post office for a daughter up to 10 years of age. Investment must be made in this scheme for 15 years, and it matures when the girl reaches the age of 21. In SSY, you can invest a minimum of Rs 250 per year and a maximum of Rs 1,50,000.
The interest rate on the Sukanya Samriddhi account stands at 8.2% per annum, providing you with the opportunity to build a substantial corpus for your daughter with competitive interest. If you have already opened this account for your daughter and have been transferred to another city, or if you want to transfer the account for any other reason, that is also possible. Here is the process for transferring a Sukanya Samriddhi account.
Where can you transfer Sukanya Samriddhi Yojana (SSY) account?
-From post office branch to another post office branch
-From a bank branch to another branch
-From post office to a bank
-From a bank to a post office branch
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How to transfer SSY account?
Step 1: The facility of opening or transferring Sukanya Samriddhi account online is not available right now. Therefore, you will have to go to the bank or post office with your KYC documents, where you have opened the Sukanya Samriddhi account. However, once the account is opened, money can be deposited in it online.
Step 2: By going to your bank or post office, you will have to talk to transfer the account and give an application. After this, you will be provided a form for transfer, which has to be filled carefully.
Step 3: In the form, the name and address of the new bank or post office, where you want to transfer the Sukanya account, must be provided. After this, the bank or post office will check your form and start the transfer process, send the documents related to your account to the branch where you have to transfer.
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Step 4: As soon as the documents and details related to your account reach the new bank, the process of opening your account will be started there.
Step 5: Your account will be opened again in the new bank. You will have to fill the SSY Account Opening Form again and also submit KYC documents. After submitting the documents along with the form, the bank will verify your documents, and then your account will be opened.
Conclusion:
Sukanya Samriddhi Yojana, an initiative aimed at securing the future of girl children in India, offers attractive interest rates and flexible investment options. The scheme has the ability to support educational expenses, serving as an effective savings tool for parents.
