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  • How to transfer Sukanya Samriddhi Account

    The government of India recently launched Sukanya Samriddhi scheme – a small savings scheme designed particularly for protecting the future of girl child. The scheme was launched on 22nd January 2015 as a part of “Beti Bachao Beti Padhao” campaign. The scheme is also known as girl child prosperity scheme, and it aims to ensure a bright future for the girl child by providing financial assistance for her marriage and higher education.

    How does Sukanya Samriddhi Account work?

    The Sukanya Samriddhi account remains operative for 21 years. The account can be opened by parents or legal guardian on behalf of their girl children in any post offices or authorized banks. Parents can open maximum two Sukanya Samriddhi Accounts against two girl children by making a minimum deposit of Rs.1000 and maximum deposit of Rs.1, 50,000 per year. The maximum entry age for a girl child to open this account is 10 years. However, a relaxation of 1 year is provided, if a girl child is born between 2nd December, 2003 and 1st December, 2004. The account can be closed prematurely when a girl child on whose name the account is opened reaches 18 years. A lock-in period of 8 years is applicable for this account. The account also offers a pass-book which contains details such as details such as account holder’s name and address, date of birth, account number and account opening date.

    The Sukanya Samriddhi account allows premature withdrawal of deposits when the girl child reaches the age of 18. It allows you to withdraw up to 50% of your total deposit provided you need money to bear the cost of your daughter’s higher education or arrange her marriage.

    The Sukanya Samriddhi scheme not only ensures a bright future for the girl children, it also helps parents get tax benefits on the deposited amounts under section 80C of the Indian Income Tax Act, 1961. Besides, the maturity benefits received from the scheme is also non – taxable.

    How to transfer Sukanya Samriddhi Account

    The Sukanya Samriddhi account can be transferred to anywhere in India. If you have opened a Sukanya Samriddhi account for your girl child in any of the Indian post offices, you can easily transfer it to other post offices across the country as per your convenience. Likewise, if you have opened the same in a commercial bank listed under the Reserve Bank of India, you can transfer your account from one bank to another as and when you need. Besides, the scheme also allows transfer of accounts form post offices to banks. Mentioned below is the process of transferring a Sukanya Samriddhi account from post offices to banks:

    • First, you need to visit the branch where you have your account with your KYC documents and the passbook. The girl child who is the primary account holder need not visit the branch, unless she is managing the account on her own.
    • Next, let your post office executive know that you want to transfer your Sukanya Samriddhi account to a particular bank.
    • Surrender the passbook given to you by your post office at the time of account opening.
    • After that, the concerned representative will close the account opened at post office and give you the required documents that you need to submit at bank.
    • Then visit the particular branch where you want to transfer your account and submit the required documents collected from the post office.
    • The bank might also ask you to submit your KYC documents.
    • Bank will create a new passbook which would contain all your personal details and the carried forward balance from your previous account.
    • Afterwards, bank will activate the new account.

    Thus, the process of transferring Sukanya Samriddhi account is very simple. The two main things you need to keep ready are your KYC documents and the account passbook.

     

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