New rules for Sukanya Samridh schemes from 1st October you should know

New guidelines for Sukanya Samriddhi Yojana: If you have also invested in Sukanya Samriddhi Yojana, then it is important for you to know that new rules regarding this are going to be implemented from October 1.

In fact, the Department of Economic Affairs of the Ministry of Finance has recently issued new guidelines to regularize irregularly opened savings accounts under NSS.

The new rules, which will come into effect from October 1, 2024, are aimed at removing the errors found in opening the account. These guidelines also include updates related to accounts opened by grandparents under Sukanya Samriddhi Yojana.

Transfer Sukanya Samriddhi Yojana account from grandparents to parents

According to the new rules, such accounts which are not opened by the girl’s parents or legal guardian will now have to be mandatorily transferred to the name of the parents or their legal guardian as per the new guidelines. According to the new rules, only legal guardians or natural parents can open and close accounts under Sukanya Samriddhi Yojana.

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To transfer Sukanya Samriddhi Yojana (SSY) account from grandparents to parents, you will need these documents:

Original account passbook: This is necessary as it contains all the necessary account details.

Birth certificate of the girl: It serves as proof of the girl’s age and the relationship of the guardian with the girl.

Certificate of guardianship of the girl: Birth certificate or other legal documents that establish the relationship of the guardian with the girl.

Identification proof of the new guardian: The new guardian of the girl will have to submit a government-issued identity card.

Application form : This form will be available at the post office or bank where the account is opened, it is necessary to fill it and submit it to start the transfer process.

Step-by-step process to transfer account:

• First of all, submit all the required documents including the identity proof of the current account holders (grandparents) and new guardians (parents).
• Then go to the branch where the account was opened.
• Get the guardianship transfer form from the bank or post office.
• Fill the form making sure that all the required columns are filled correctly, including the correct details of both grandparents (current guardians) and parents (new guardians).
• Make sure that both the existing account holder (grandparents) and the new guardian (parents) sign the transfer form. This step is necessary for authorization.
• Submit the signed transfer form along with all the supporting documents to the bank or post office.
• After receiving the form and supporting documents, the bank or post office staff will review your request and then start the verification process. Once the verification is complete, the new parent’s details will be updated in the account records.

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