Sukanya Samriddhi Yojana Rule Changes: Transfer Accounts Before October 1 to Avoid Closure

Key Highlights

• Sukanya Samriddhi Yojana rule changes effective from October 1, 2024.
• Accounts must be transferred to legal guardians or parents.
• Failure to transfer may lead to account closure.
• Only parents or legal guardians can now open or maintain accounts.
• Simple transfer process at bank or post office.

The government has recently introduced changes to the Sukanya Samriddhi Yojana (SSY) that will take effect from October 1, 2024. These changes are crucial for parents and guardians who have opened accounts under this scheme. Sukanya Samriddhi Yojana, a popular initiative, is designed to secure the future of daughters by helping families save for their higher education or marriage. Here's what you need to know about the rule changes and their impact on your account.

Key Changes in the Rules

One significant change in the new rules is that if a Sukanya Samriddhi Yojana account has been opened by someone other than the legal guardian or natural parent of the girl child, such as a grandparent or other relative, it must now be transferred to the legal guardian or the child's parents. Failure to do so may result in the closure of the account. This rule applies even if the account was initially opened by close family members like grandparents who are not legal guardians.

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How Accounts Were Previously Opened

Previously, any close relative—such as an uncle, aunt, or grandparent—could open an SSY account on behalf of a girl child. Once the girl reached 18 years of age, the account would be transferred to her name. However, under the new rules, only parents or legal guardians will be allowed to open or maintain these accounts going forward.

Transferring the Account: A Simple Process

To transfer an SSY account to the legal guardian or parent, you must follow a simple process:

1. Visit Your Bank or Post Office: First, go to the branch where the Sukanya account is held.
2. Collect the Account Transfer Form: Request the transfer form from the bank or post office.
3. Fill in the Required Details: Complete the form with the necessary details and attach the required documents, such as the Sukanya account passbook, the girl's birth certificate, proof of the relationship between the person opening the account and the girl, and a government-issued ID card of the actual guardian.
4. Submit the Form: Submit the completed form along with the necessary documents to the bank or post office. The form must be signed by both the current guardian and the new guardian. After verification, the account will be transferred.

Overview of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched in 2015 by the central government to help parents save for their daughters' futures. Under this scheme, parents can open an account with as little as ₹250. The government offers an attractive interest rate of 8.2% on deposits. This account can be used for the daughter's higher education or marriage, making it a long-term investment plan with significant benefits.

Important Points About Sukanya Samriddhi Yojana

• Eligibility: An account can be opened for a girl child aged below 10 years. A family can open a maximum of two SSY accounts, one for each daughter.
• Account Duration: The account matures when the daughter turns 21, and withdrawals can be made for her education or marriage after she turns 18.
• Multiple Accounts: Only one account can be opened per girl child, and benefits apply to a maximum of two daughters per family. However, exceptions are made for twins or triplets.
• Adopted Children: Legally adopted girls are also eligible for the benefits under this scheme.

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CMV360 Says

With the changes in Sukanya Samriddhi Yojana rules taking effect from October 1, parents and guardians need to ensure that accounts comply. If the account is currently in the name of someone other than the legal guardian or parent, it's essential to transfer it to avoid closure. By following the updated process, you can continue to secure your daughter’s future through this beneficial scheme.