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SSY: Do you also have an old Sukanya Samriddhi Yojana account? The Department of Economic Affairs has recently issued new guidelines to regularize irregularly opened savings accounts under NSS. The government has issued new rules for Sukanya Samriddhi Yojana (SSY). These rules will come into effect from October 1, 2024 and are being made to remove the mistakes found in opening the account.
New rules for Sukanya Samriddhi Account opened by grandparents
An important update in the guidelines pertains to accounts opened by grandparents under the Sukanya Samriddhi Yojana. As per the new rules, accounts that are not opened by the legal guardian or natural parents will now have to be mandatorily transferred to the guardian to comply with the basic guidelines of the scheme. Earlier, grandparents would often open SSY accounts as a form of financial security for their granddaughters. However, as per the scheme guidelines, only the legal guardian or natural parents can open and close these accounts.
These documents will be required to close or transfer the old account
Basic Account Passbook: In which all the information about the account is there.
Birth Certificate of Girl Child: Proof of age and relationship.
Proof of relationship with the girl: Birth certificate or other legal document that establishes the relationship.
Proof of identity of the new guardian: Government-issued ID card of parent or guardian.
Completely filled application form: Which will be available in the post office or bank where the account is opened.
After the documents, the first thing a person should do is to visit the post office or bank where the account was opened. They should inform the authorities about the need to transfer the account to the guardian as per the new guidelines. After this, they have to fill the transfer form provided by the bank or post office. Both the existing account holder (grandparents) and the new guardian (parents) have to sign this form.
Verification and Update
After submitting the form and supporting documents, the bank or post office staff will review the request and process the verification. They may also ask for additional information if necessary. Once the verification is complete, the account records will be updated with the new guardian's information.