Learn how to transfer Sukanya Samriddhi accounts opened by grandparents: Sukanya Samriddhi Yojana | Personal Finance

These are the new rules for Sukanya Samriddhi Accounts (SSA) opened by grandparents (excluding legal guardians):

For accounts opened under the guardianship of grandparents (who are not the legal guardians), the guardianship is transferred to a person entitled under applicable law, that is, the biological guardian (living parents) or the legal guardian.

If more than two accounts are opened in a family in violation of clause 3 of the Sukanya Samriddhi Account Scheme, 2019, the irregular accounts will be closed by treating them as accounts opened in violation of the guidelines of the scheme.

Documents Required for Transfer of Sukanya Samriddhi Yojana (SSY) Account from Grandparents to Parents

To transfer an SSY account from grandparents to parents, the following documents are required:

Original savings book: This is important because it contains all the necessary account details.

Birth certificate of the girl: This serves as proof of age and confirms the relationship to the child.

Proof of relationship: To prove your relationship to the girl, additional legal documents, such as a birth certificate, are required.

Identification of the new guardian Proof: An official identification of the parent who will become the new guardian must be presented.

Application form: This form is available at the post office or the bank where the account is held and must be completed to initiate the transfer process.

Step-by-step instructions for transferring account guardianship:

Gather all required documents, including proof of identity of the current account holders (grandparents) and the new guardians (parents).

Obtain any documents requested by the bank or post office, such as account details or a copy of the will or guardianship order (if applicable).

Go to the branch where the account was originally opened.

Request a form for transferring guardianship from the bank or post office.

Complete the form and make sure all required fields are filled out correctly, including grandparent (current guardian) and parent (new guardian) information.

Make sure that both the current account holders (grandparents) and the new guardians (parents) sign the transfer form. This step is crucial for authorization.

Hand the signed transfer form together with all receipts to the bank or post office employee.

The staff will check the documents and process your request.

The bank or post office carries out a verification process to confirm the validity of the transfer.

Once the verification is complete, the transfer of guardianship will be completed and the new guardian's information will be updated in the account records.

First published: 04 September 2024 | 11:48 am IS