Sukanya Samriddhi yonaja (SSY) account: SSY account transfer: How to transfer Sukanya Samriddhi account from one bank to another

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If you have already opened a Sukanya Samriddhi Yojana (SSY) account in any bank or post office and want to transfer the same to another bank, here is the process you should follow.

How to transfer SSY from one bank/ post office to another bank

A SSY account opened in a post office, or a bank can be transferred to a bank and vice versa. Before applying for transfer, the applicant should keep their passbook and other documents handy.

According to the ICICI Bank website, “Customer needs to submit SSY Transfer Request at existing bank/ Post Office mentioning address of ICICI Bank branch. The existing bank/ Post Office shall arrange to send the original documents such as a certified copy of the account, the Account Opening Application, specimen signature etc. to ICICI Bank branch address, along with a cheque/ DD for the outstanding balance in the SSY account.”

This is the process to follow according to the Axis Bank website:

You need to submit an SSY Transfer Request Form at existing bank/ Post Office mentioning the address of the Axis Bank branch.

The existing bank/ Post office shall arrange to provide original documents such as a certified copy of the account opening application, specimen signature, certified copy of account statement or original updated passbook to Axis Bank branch address, along with the cheque / DD for outstanding balance in SSY account.

Once the transfer documents are received at Axis Bank branch, you will be required to submit a new SSY Account Opening form along with a fresh set of KYC documents for the account holder and parent/ guardian

Visit your existing bank or post office and submit an SSY Transfer Request, mentioning the new bank’s address. Account holder information, as well as the name and address of the bank or post office where the account is to be transferred, should be included.

Original documents, such as a certified copy of the account opening application, specimen signature, certified copy of account statement, or original updated passbook, will be delivered along with the cheque/DD for the outstanding balance in the SSY account, by the existing bank/post office.

In case if the existing bank or post office is submitting documents to you, follow the procedure below:

You will be needed to submit a new SSY Account Opening form along with received documents and a new set of KYC documents for the account holder and parent/guardian.

The transfer request will be handled by closing the existing SSY account once the bank has confirmed your given documents. The bank branch would then create a new passbook with all of the account holder’s information.

The transfer documents will be handed to you or transferred directly to the bank branch must be confirmed before submitting the transfer request.

What is Sukanya Samriddhi Sukanya Yojana?

The account can be opened by the natural or legal guardian in the name of the girl from her birth till she turns 10. Only one account can be opened for the girl child under the scheme. Maximum two accounts can be opened for two girl children in one family as per the scheme rules.

Currently, SSY offers the highest tax-free return with sovereign guarantee and comes with the exempt-exempt-exempt (EEE) status. The annual deposit (contributions) qualifies for Section 80C benefit and the maturity benefits are non-taxable.

Documents you need to open Sukanya Samriddhi Yojana Account are:

a) Photograph of applicant

b) Aadhaar number of guardian

c) PAN of guardian

d) Birth certificate of girl child

e) KYC documents, i.e., proof of identity and proof of address

Also read:
Sukanya Samriddhi Yojana (SSY): Tax benefits, Interest rate, Eligibility & Benefits



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