Individuals who have opened Sukanya Samriddhi Account for their girl child in a post office, may find a few difficulties. These include constraints due to location of the post office and also due to the fact that the department does not accept any online payments.
If you are finding it difficult to maintain your account in a post office or any bank one can transfer the same to another bank.
The interest rate on Sukanya Samriddhi account is 8.6 per cent per annum calculated on a yearly basis or an yearly compounded basis.
Simple procedure to follow to transfer Sukanya Samriddhi Account:
- The guardian of the account should visit Post office personally along with Sukanya Samriddhi Account passbook and Identity proof and residence proof there.
- Inform about the transfer of the account. You will be asked to surrender the documents such as passbook.
- Write an application in the name of postmaster of that area and mention the reason for the transfer.
- The post office department will take time to verify and process your account.
- Visit the bank branch where you want to transfer the account.
- Fill the account opening application
- Submit all the documents provided by post office.
- Carry a fresh set of identity and address proof for KYC purpose.
- Bank will create a new passbook with carry forward current balance.
Why to opt for the Sukanya Samriddhi Account?
There are many advantages of placing money in this scheme. One is that it helps to build a corpus for the girl child, especially if there is an event like marriage or for higher education. Apart from this the interest in the scheme is free from tax.
Also, it gives you tax benefit under Sec 80C of the Income Tax Act. At the moment no large private or public sector bank in the country is offering an interest rate of 8.6 per cent. It is likely that the interest rate on this scheme will and should always beat bank deposit interest rates.
We believe that this is an excellent offering from the government of India to help individuals save money for their daughter. In fact, the scheme is available for up to two daughters. We suggest that you look at the scheme very seriously given its huge benefits.
The interest rates on this scheme are really attractive.
The process may take some time and may need few visits before transferring of account. In banks, one can make online payments through internet banking. Individuals can also opt for standing Instructions either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account. In the case of post office, it would be kay for people who are not familar with the internet to maintain their accounts.
However, the net savvy individuals can move their accounts from post to the bank. This is because they would get better service, as well as access to better technology.