Business News Desk, The central government had announced the launch of Sukanya Samriddhi Yojana (SSY) in 2015. SSY is known to give higher returns than many other savings schemes like Public Provident Fund. Talking about the January-March 2024 quarter, a great interest of about 8.2 percent is being given on this scheme. Sukanya Samriddhi Yojana is a long term investment under which your daughter is made a millionaire. Now preparations are being made to make some changes in the accounts of Sukanya Samriddhi Yojana.
The account will be transferred
There were some accounts which were opened by the grandparents of the girl instead of the parents. The Department of Economic Affairs has given information about updating those accounts. Under the new rules, the accounts which were opened by the grandparents instead of the parents will now have to be transferred to the name of the parents to follow the basic guidelines of the scheme. Apart from this, those who have opened two accounts in the name of their daughter, those accounts will also be closed immediately. No interest will be given on the amount deposited in these accounts, only the principal amount will be refunded. Earlier, most of the grandparents used to open accounts for their granddaughters. Now the purpose of implementing this new rule is to correct the anomalies in opening the account, which will be implemented from October 1, 2024.
How to transfer account?
The original account passbook is necessary for account transfer, as it contains all the details of the account. It is necessary to provide the girl child’s birth certificate as proof of age and relationship. Apart from this, documents proving the relationship with the girl child will also be required. It is necessary to have the identity card of the person in whose name the account is to be transferred. Understand the process of transferring it step by step:
1- Take the required documents and go to the post office or the bank where the original account was opened.
2- Inform the bank or post office officials about what work you want to get done.
3- Ask for a form to transfer the account to the bank or post office. During this, ensure that all the information is filled correctly.
4- Ensure that both the existing account holder (grandparent) and the new guardian (parent) sign the filled transfer form.
5- Submit the signed form along with all the documents. After this the bank or post office employee will work on your application.
