Sukanya Samriddhi Yojana Account Transfer: If you have opened an account under Sukanya Samriddhi Yojana in the name of your daughter, you want to transfer that account, now you can easily transfer the account of Sukanya Yojana.
Because the transfer process of this account has been made even easier. For this, you have to first give a Sukanya Yojana transfer request to your current bank or post office by entering the address of the new bank branch. Balance in Sukanya Accounts and for account transfer will send the certified copy of the existing bank or post office account, account opening application, signature etc. along with original paperwork to the new bank branch address along with a check or money order
As per the ICICI Bank website, after receiving the transfer documents at the ICICI Bank branch, the customer needs to submit a new Sukanya account opening form along with a fresh set of KYC documents. After this your Sukanya account will be transferred. Under the new process, now the account holder will not have to worry.
So much interest is being received in Sukanya Yojana
The government has increased the interest rates of some small savings schemes for the January-March 2023 quarter. However, there has been no increase in the interest rates of PPF and Sukanya Samriddhi Yojana for this quarter. So far 7.6 percent interest is being given on Sukanya Yojana. The process of transferring the account of Sukanya Yojana has become very easy and simple.
Explain that Sukanya Samriddhi Yojana (SSY) is being run especially to benefit girls. This scheme helps parents to secure their girl child’s higher education or marriage as well as her financial future, as it provides guaranteed interest income and tax exemption.
Documents required to open Sukanya account
- Sukanya account opening form.
- Birth certificate of the girl child, on which the name of the child is mentioned.
- Photograph of the parent/legal guardian of the girl child.
- KYC documents (identity and address proof) of the parent/guardian.
Benefits of Sukanya Yojana
- The age of daughters should not be more than 10 years at the time of opening the account.
- Account maturity period is up to 21 years from the date of opening of the account.
- Maximum period for which deposits can be made – 14 years from the date of opening of the account.
- Applicable under section 80C of the IT Act 1961. Triple Tax Benefit – The principal amount, the interest earned as well as the maturity amount are tax free.
- The account can be closed in the event of the death of the depositor or in situations involving strong compassionate justification such as the need for medical care for life-threatening conditions.
- A fine of Rs 50 per year will have to be paid along with the minimum amount per year.
- After the age of 18 years, up to 50% of the amount in the account can be withdrawn for the purpose of marriage. The rest of the money can be withdrawn on completion of 21 years.
