Sukanya Samridhi Yojana: How to transfer money from SSY account

Started as part of government's 'Beti Bachao, Beti Padhao Yojana' for the benefit of the girl child, Sukanya Samridhi Yojana has emerged as one of the best long term investments for girl children over the last few years. This Sukanya Samridhi scheme allows you to open up to two accounts for girl child below the age of 10. The scheme offers better rate of interest when compared to other EEE (Exempt, Exempt, Exempt) schemes. The interest rate on this scheme is reset every quarter and is decided by the government. For the October to December quarter of 2019, the scheme offers an interest rate of 8.5%.

The maximum amount that can be deposited in such accounts is Rs 1.5 lakh per annum. The account opened under the Sukanya Samridhi Yojana has a tenure of 21 years or until the girl child marries after the age of 18.But, what happens to your money if you decide to relocate or change your bank branch?  The government allows the transfer of SSY accounts to other post office branches and bank branches. For this, you need to pay a fee of Rs 100. Also, the transfer is allowed just once a year.

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Steps to transfer Sukanya Samriddhi Yojana account from post office to a bank

1. Visit the post office with the required KYC documents.

2. Parents are not required to take the girl child with them to complete the process.

3.  Provide your passbook at the post office given at the time of opening of the account.

4. The Post office executives will close the account and prepare transfer documents.

5. They will open a new account at the bank and will submit required documents at the bank to get the account transferred.

6. Go to the bank branch where you want to open SSY account.

7. Submit the documents given by the post office.

8. The new account will be opened and you will be given a new passbook by the bank.