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The Central Government's Sukanya Samriddhi Yojana, which was launched in 2015, has been a popular choice among investors for a long time. This scheme provides a safe and profitable savings option, especially for the future of daughters.
This scheme is offering an interest rate of around 8.2 percent for the January-March 2024 quarter, which is quite attractive compared to other savings schemes. However, now some important changes are being made in this scheme, which is important to keep in mind. According to the new rules, the account opened by grandparents will have to be transferred to the name of the parents. Apart from this, if someone has opened two accounts in the name of his daughter, then those accounts will be closed immediately.
New rules for transfer and closure of accounts: Recently the Department of Economic Affairs has notified some changes in the accounts of Sukanya Samriddhi Yojana. Under these changes, it will be mandatory to transfer the accounts opened by grandparents to the name of parents. This change will be effective from October 1, 2024. Also, in cases of two accounts, only one account will be active while the other account will be closed. No interest will be charged on the amount deposited in this closed account, only the principal amount will be refunded.
Account Transfer Process: If your account is in the name of grandparents and you want to transfer it to the name of parents, follow the below process:
1. Prepare the required documents: To transfer the account, you will need the account passbook, birth certificate of the girl child, identity card of the girl child and guardian and documents proving the relationship.
2. Visit the bank or post office: Take your documents to the bank or post office where the original account was opened.
3. Fill the form: Get the required form for account transfer from the bank or post office and fill it correctly.
4. Signature: Ensure that the transfer form is signed by both the existing account holder (grandparent) and the new guardian (parent).
5. Submit Documents: Submit the filled form along with all the documents.
The bank or post office staff will process your application and complete the transfer process. These changes in Sukanya Samriddhi Yojana accounts have been made with the aim of proper operation of all accounts under this scheme. Parents have to ensure that the accounts opened by them are operated on the basis of the correct name and documents, otherwise they may face trouble. It will be necessary to follow these new rules, which will come into effect from October 1, 2024, so that your plan continues to run smoothly.