How to Transfer Sukanya Samriddhi Yojana (SSY) from Post Office to Bank

How to Transfer Sukanya Samriddhi Yojana (SSY) Account from Post Office to Bank

Before we dive into the process of transferring a Sukanya Samriddhi (SSY) account from Post Office to Bank account, let us learn about SSY and its benefits.

Learn how to transfer your Sukanya Samriddhi Yojana (SSY) account from Post Office to Bank. Step-by-step guide, required documents, and tax benefits explained.

What is Sukanya Samriddhi Yojana & its benefits:

Sukanya Samriddhi Yojana (SSY) / Selva Magal Thittam is a savings scheme which was introduced in 2015 by the Central Government of India which focuses on the girl children for their education and marriage.

High interest rate & the maturity amount is tax free. Partial withdrawal is allowed when the child turns 18 years of age which will be helpful for their education or marriage.

How to transfer the Sukanya Samriddhi Yojana (SSY) account from Post Office to Bank:

If you have an existing account in the Post office and you wish to transfer the Sukanya Samriddhi Yojana account to Bank account, you will have to submit a transfer request form to the Post Office by mentioning the details of Bank name, Branch & address of the Bank.

The existing Post office shall provide the below documents in original directly to the bank.

Account opening application
Specimen signature card
Passbook / Statement of the account
A DD or cheque with the total outstanding amount.

Once the bank receives those documents, a new account opening form along with KYC of the child & Parent/ Guardian should be submitted to the bank.

How to know if the bank has received the transfer request:

To know whether your respective bank has received the transfer request, visit the bank with your passbook and enquire with the bank’s Customer Service Representative.

KYC Documents of the Child & Parent / Guardian:

Birth Certificate & Aadhar of the child
Passport size photo of the child
Pan & Aadhar Card of the parent / guardian
Passport size photo of the parent/guardian
Address proof of the parent / guardian

If the child is of minor age i.e below 18 years of age, she need not be present at the bank. The parent / guardian can visit and complete the process of transfer.

Who can avail the SSY Scheme?

If you are a parent/guardian to a girl child who is below 10 years of age, you can open a Sukanya Samriddhi Yojana account in the nearest Post Office or Banks. This scheme is only applicable to two girl children in a family and it can be opened by the Parent / Legal Guardian of the children. Only one account can be opened on a girl child.

What is the Interest Rate offered?

The interest rate is fixed and reviewed by the Government of India on quarterly basis and the present interest rate is 8.2%. The interest amount is deposited to the account on every financial year based on the principal amount deposited.

How is the maturity amount calculated?

The maturity amount is calculated based on the below factors,

- Age of the child
- Investment start year
- Total amount in a financial year

Is the Sukanya Samriddhi Yojana tax free:

Yes, SSY scheme is exempted from tax. Individuals can claim tax exemption up to Rs 1.5 Lakh from the amount contributed to their SSY account under Section 80 C of Income Tax.

Common FAQ on SSY scheme:

Only one account per girl child is allowed.
Minimum deposit of Rs.250 to maximum deposit if Rs. 1.5 Lakhs can be made in a financial year.
Either the parent / guardian can open the account on behalf of the girl child.
Once the child attains 18 years of age, partial withdrawal is allowed for their education or marriage.
Once the child attains 21 years, full withdrawal is allowed.
Premature closure of the account is not allowed.
You can open the account either in a post office or in a bank.

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