Yes, you can transfer your Sukanya Samriddhi Yojana (SSY) account to another bank or post office, according to your convenience. Here are the steps you need to follow to transfer your SSY account:
- Visit the bank or post office where you have opened your SSY account and submit a transfer request form along with your original passbook.
- Mention the name and address of the new bank or post office where you want to transfer your account.
- The existing bank or post office will verify your documents and close your SSY account. They will also give you a cheque or demand draft for the outstanding balance in your account and the original documents related to your account.
- Visit the new bank or post office and submit the cheque or demand draft, the original documents, and a new SSY account opening form with fresh KYC documents and photograph.
- The new bank or post office will process your application and open your SSY account.
You can also transfer your SSY account online with some banks such as ICICI Bank or Axis Bank. You need to have an existing savings account with the bank and access to internet banking. You can then log in to your internet banking account and select the option to transfer your SSY account. You need to fill up the online form and upload the scanned copies of the required documents. You can also make the first deposit online through net banking or debit card.
The SSY account is a savings scheme for the girl child that offers a high interest rate and tax benefits. The current interest rate for Q2 (July-September) FY 2023-24 is 8% p.a. The minimum deposit amount for an SSY account is Rs. 250 and the maximum is Rs. 1.5 lakh in a financial year. The deposits and the withdrawals are exempt from tax under section 80C and section 10(11A) respectively.