Sukanya Samriddhi Yojana Rules: The Department of Economic Affairs has recently introduced new guidelines to regularize irregularly opened savings accounts under the popular Sukanya Samriddhi Yojana (SSY). It is important to note that the Ministry of Finance holds the power to regulate small savings accounts. The new rules, which aim to rectify discrepancies in account openings, will be effective from October 1.
The Department of Economic Affairs has made significant updates to the guidelines pertaining to Sukanya Samriddhi accounts opened by grandparents. Under the new rules, accounts that were not opened by the legal guardians or natural parents must now undergo a mandatory transfer of guardianship to comply with the scheme’s original guidelines.
Furthermore, if more than two accounts are opened for the same girl child, the extra accounts will be closed immediately, and only the principal amount will be refunded without any interest earned. Earlier, it was common for grandparents to open Sukanya Samriddhi Yojana (SSY) accounts for their granddaughters as a gesture of financial security.
Documents Required For SSY Account Transfer from Grandparents To Parents
For transfer, the original account passbook is required, as it contains all the necessary details of the account. The birth certificate of the girl child must be provided as proof of age and relationship.
Adding further, the crucial documents that establish the relationship with the girl child, such as the birth certificate or other legal documents, are necessary.
The identification proof of the new guardian, typically a government-issued ID, must also be submitted. At last, a duly filled application form, which can be obtained from the post office or bank where the account is held, is required to complete the process.
How To Transfer Ownership From Grandparents To Parents
Step 1: After gathering the necessary documents, go to the post office or bank where the account was originally opened.
Step 2: Notify the bank or post office officials about the need to transfer account guardianship in accordance with the new guidelines.
Step 3: Request and complete the required transfer form provided by the bank or post office, ensuring all necessary details are accurately filled in.
Step 4: Ensure that both the existing account holder (grandparents) and the new guardian (parents) sign the completed transfer form.
Step 5: Submit the signed transfer form along with the supporting documents. The bank or post office staff will then review and process your request.
Notably, the bank or post office will carry out the verification process after submitting the documents. They may request additional information if needed.