The Modi government has recently introduced significant changes to the Sukanya Samriddhi Yojana (SSY). If you have an SSY account, especially one opened by grandparents, it’s crucial to address this by October 1, 2024. Failure to do so might result in the closure of your account, as the government has introduced new guidelines to regularize irregularly opened accounts.
What’s New in Sukanya Samriddhi Yojana?
The new rules for the Sukanya Samriddhi Yojana (SSY), effective from October 1, 2024, aim to correct the process of account creation and transfer. Many accounts were irregularly opened by individuals who did not meet the scheme’s criteria. The government is urging account holders to correct these irregularities to ensure smooth operation in the future.
According to the updated guidelines issued by the Department of Economic Affairs, only the legal guardian or natural parents of a girl child can open an SSY account. Accounts opened by grandparents or other relatives will now be considered irregular, and they must be transferred to the legal guardians to meet the scheme’s requirements.
Is Your SSY Account Opened by Grandparents?
Many SSY accounts were traditionally opened by grandparents for their granddaughters, offering them financial security for the future. However, under the new rules, such accounts must be transferred to the legal guardians or natural parents to remain active.
If your SSY account was opened by someone other than your legal guardian or parents, it is essential to update the account details before the deadline. Not doing so may result in account closure by the government.
How to Transfer or Update Your Sukanya Samriddhi Yojana Account
To comply with the new rules, account holders must transfer the ownership of the SSY account from the grandparents (or whoever initially opened it) to the legal guardian or parents. Here’s a step-by-step guide on how to do it:
- Required Documents:
- SSY Account Passbook: This will have the complete details of the account.
- Birth Certificate of the Girl Child: Proof of the child’s age and identity.
- Proof of Relationship: Documentation, like a birth certificate, establishing the relationship between the girl child and the new guardian.
- ID Proof of the New Guardian: A government-issued identification card of the parent or legal guardian.
- Application Form: This form is available at the bank or post office where the SSY account is held.
- Visit the Post Office or Bank:
Take all the required documents to the post office or bank where the account was originally opened. Inform the officials about the need to transfer the account to the parents or legal guardian, following the new government guidelines. - Fill Out the Transfer Form:
After informing the officials, you will be given a transfer form that needs to be filled out. Both the current account holder (grandparents or others) and the new guardian (parents) will have to sign the form. - Verification and Processing:
Once the form and supporting documents are submitted, the bank or post office will verify the information. They may request additional details if needed. Once verification is completed, the account will be updated with the new guardian’s information.
Deadline for Regularization: October 1, 2024
It is crucial to complete the transfer process before Tuesday, October 1, 2024. If the account details are not updated by then, the government may proceed to close the account. Ensure you act promptly to avoid any inconvenience.
This change in rules aims to regularize SSY accounts, ensuring that they are opened and operated by the correct individuals as per the scheme’s guidelines. By adhering to the new rules, account holders can secure the financial future of their girl child under the Sukanya Samriddhi Yojana without any disruptions.
