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How To Transfer SSY Account From One Bank To Another Bank?

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Sukanya Samriddhi Yojana (SSY) is a government-sponsored savings plan for girl child as part of the "Beti Bachao, Beti Padhao Yojana." Parents can create up to two such accounts for their daughters. These accounts are valid for 21 years or until the girl kid turns 18 and marries. The Ministry of Finance has permitted Banks to open SSY Accounts. Customers can open an account at any Banks branch by submitting account opening paperwork.

 

An SSY account opened at a post office or bank can be transferred to another bank or vice versa. To begin with, keep your passbook and other documentation available before requesting for a transfer. To transfer an SSY account from one bank to another, account holders must go to the post office or bank where they have their primary account. The girl kid does not need to be present at the branch unless she is handling her own accounts.

How To Transfer SSY Account From One Bank To Another Bank?

Follow the instructions below if you already have a SSY account with a bank or post office and want to transfer it to another bank:

  • To begin, you'll need to fill out a form requesting the account transfer. For the transfer request form, contact the bank branch or post office where the account was created. On the application form, you must include the name and address of the bank or post office where the account will be moved.
  • The next step is to send the transfer request form and account passbook to the bank branch or post office where the Sukanya Samriddhi account is kept. The original passbook and transfer request form must be submitted in order to begin the process of transferring the SSY account.
  • The documentation presented will be verified by the bank or post office where the account is presently kept, and the transfer request will be handled by shutting the existing Sukanya Samriddhi yojana account. The customer will receive all papers pertaining to the account. The paperwork must be delivered to the new bank or post office.
  • The next step would be to submit the paperwork at the new post office or bank. For the account to be transferred, the customer must fill out an account opening form and submit KYC papers, a picture, and a specimen signature.

Story first published: Sunday, March 13, 2022, 13:05 [IST]
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