Your Sukanya Samriddhi Account Could Be Closed! Take Action Before October 1

Do you have an old Sukanya Samriddhi Yojana ( SSY ) account that was opened by grandparents? The government may close such accounts soon. If your SSY account falls under this category, there’s some relief news. The Department of Economic Affairs has issued fresh guidelines, effective from October 1, 2024, aimed at regularizing incorrectly opened accounts. These accounts need to be transferred to the correct guardian’s name before the deadline.

Was Your Sukanya Samriddhi Account Opened by Grandparents?

Previously, grandparents could open SSY accounts for their granddaughters, but under the new guidelines, only legal guardians—typically parents—are authorized to open and manage these accounts. If the SSY account was opened by grandparents, it must now be transferred to the parents' names.

Required Documents to Update the Account:

1. Account Passbook: Contains details of the SSY account.
2. Girl’s Birth Certificate: To confirm the child’s age and relationship.
3. Proof of Relationship: Legal documents such as a birth certificate that shows the connection to the girl.
4. Parent/Guardian Identity Proof: A valid government-issued ID of the parent or guardian.
5. Completed Application Form: Available at the bank or post office where the account was originally opened.

Steps to Transfer the Account:

1. Visit the post office or bank where the account is held.
2. Inform the staff about the need to transfer the account guardian, as per the new rules.
3. Fill out the transfer form provided by the institution. Both the grandparents (current account holders) and the parents (new guardians) must sign the form.

Verification and Update Process:

Once the necessary documents are submitted, the bank or post office will verify the information. If additional documents are required, they may ask for them. Upon successful verification, the account will be updated with the new guardian’s details.

It’s important to complete these steps before October 1 to ensure the account remains active and compliant with the updated regulations.