The Sukanya Samriddhi Yojana (SSY) is a government-supported savings scheme designed to benefit girl children, launched as part of the Beti Bachao, Beti Padhao campaign. Its primary goal is to provide financial security for a girl child’s educational and marriage expenses. Parents or guardians of girls aged 10 or younger can open an account under this scheme, which offers a higher interest rate and various tax benefits.
Transferring your SSY account from a post office to a bank can streamline its management and enhance convenience. Whether you are looking for improved accessibility or enhanced services, the process of transferring your SSY account is straightforward.
1. First visit the Post Office
Visit the post office where your SSY account is currently held.
Carry the following documents:
SSY passbook
2. KYC documents
A written transfer request form (you can get it from the post office)
Inform the staff about your plan to transfer the account to a specific bank. They will assist you with the initial steps.
3. Submit Transfer Request
Complete the transfer request form accurately.
Submit the form along with your passbook and necessary documents.
Make sure to provide details of the bank branch where you want to transfer the account.
4. Post Office Processing
When submitting your request at the post office, they will:
Verify your documents
Prepare transfer documents such as a certified copy of your account opening form, specimen signature card, and account statement
Issue a cheque or demand draft for the balance amount in your SSY account
Once processed, the post office will send these documents along with a transfer letter to your selected bank branch.
5. Collecting Transfer Documents
Upon completion of processing, the post office will provide you with a set of documents to present to the bank. These include:
Transfer letter addressed to the bank
SSY passbook
Any additional supporting documents.
6. Destination Bank
Proceed to the designated bank branch where you plan to transfer your account. Submit the necessary transfer documents, including:
Updated KYC documents (if requested)
A recent photograph
Specimen signatures
The bank will review the submitted documents and initiate the transfer process.
7. Activate Your Account
Upon completion of the transfer, the bank will issue a new SSY passbook containing your revised account information and transferred balance. You can now administer your SSY account using the bank’s services, including online banking options if provided.
Why maintaining bank accounts is better
By transferring your Sukanya Samriddhi Yojana account from a post office to a bank, you can streamline the management of your child’s savings plan. Banks typically offer more branches and ATM facilities, making it easier to make deposits and manage your account. In addition, many banks provide online and mobile banking options for SSY accounts, allowing you to monitor balances and transactions at your convenience.
Banks accept deposits via cash, cheque, or online transfers, and offer digital tracking of SSY account balances and history. Banks often boast superior infrastructure and services, including automated reminders for important account-related deadlines.
Recent SSY guidelines
In September 2024, the Department of Economic Affairs implemented new guidelines to streamline the regularisation process for irregularly opened savings accounts within the National Small Savings Schemes, such as the Sukanya Samriddhi Yojana and Public Provident Fund.
Among the changes, a significant update to the guidelines pertains to accounts opened under the Sukanya Samriddhi Yojana by grandparents for their granddaughters. The revised rules now mandate that accounts not opened by legal guardians or biological parents must undergo a transfer of guardianship to comply with the original provisions of the scheme. As a result, only the legal guardian or natural parent is authorized to open and manage these accounts.
These updated regulations came into effect on October 1, 2024.
New regulations
If accounts are opened under the guardianship of grandparents (who are not legal guardians), the guardianship will be transferred to the appropriate person as required by law, such as the natural guardian (living parents) or a legal guardian.
If more than two accounts are opened within a family in violation of Paragraph 3 of the Sukanya Samriddhi Account Scheme, 2019, the irregular accounts will be closed by the scheme guidelines.