The Department of Economic Affairs has issued new guidelines for the Sukanya Samriddhi Yojana (SSY), which will take effect on October 1, 2024.
These rules aim to address issues found in previously opened accounts and ensure compliance with the scheme’s basic guidelines.
Changes for Accounts Opened by Grandparents
Under the new rules, accounts opened by grandparents will need to be transferred to the legal guardian or natural parents.
Previously, grandparents could open SSY accounts for their granddaughters as a form of financial security.
However, the updated guidelines stipulate that only the legal guardian or natural parents are authorized to open and close these accounts.
Required Documents for Account Transfer or Closure
To close or transfer an old SSY account, you will need the following documents:
Basic Account Passbook: Shows all account details.
Birth Certificate of the Girl Child: Verifies age and relationship.
Proof of Relationship: Such as a birth certificate or other legal documents.
Proof of Identity of the New Guardian: A government-issued ID of the parent or guardian.
Duly Filled Application Form: Available at the post office or bank where the account is held.
Process for Updating Account Information
Visit the Bank or Post Office: Inform them about the need to transfer the account guardian.
Complete the Transfer Form: Both the current account holder (grandparents) and the new guardian (parents) must sign this form.
Verification and Updates: Submit the form and documents. The staff will verify the information and may request additional details if necessary.
Once verified, the account records will be updated with the new guardian’s information.
