What is SukanyaSamriddhiYojana?
On 2nd January 2015 Government of India launched an ambitious social welfare scheme called SukanyaSamriddhi scheme. This is a small savings schememeant for protecting the future of girl child. Launched as a part of BetiBachaoBetiPadhao” campaign it aims to provide financial assistance during her higher education and marriage.
Operationally speaking, this account can be transferred from one place to another place of our country as per one’s choice. The account can be transferred from one branch of post office to another one as per wishes. Besides that the account can also be transferred from post office to banks.
Working Principle of SukanyaSamriddhi Account:
This account can be opened by parents or her legal guardian on behalf of a girl child in any post office of the country or in an authorized bank. The account remains operative for 21 years.
Parent can open maximum twoSukanyaSamriddhi Accounts by depositing minimum INR 250 and maximum INR 1, 50,000 per year. Maximum entry age of a child is 10 years, with a relaxation of 1 year for a child born between 2nd December, 2003 and 1st December, 2004. Premature closure is admissible if the child attains 18 years of age. One can withdraw upto 50% of total deposits provided the money is needed for the girl’s higher education or for her marriage.
Besides giving benefit to a girl child the scheme also help the parent for getting tax relief under section 80C of Indian Income Tax Act. Besides this the maturity benefits are tax free.
Ways to transferSukanyaSamriddhi Account:
As has been noted above the SukanyaSamriddhi account can be transferred to any place of India. It is transferable from one post office to another, from one bank to another and also from post office to an authorized bank.
Process of transferring SukanyaSamriddhi Accountfrom post offices to banks:
- Visit the branch of the account along withpassbook and KYC documents. The beneficiary girl child may not accompany you unless sheherself manages the account.
- Tell the post office executive about your willingness to transfer the SukanyaSamriddhi Account to a particular bank.
- Surrender the passbook given to you.
- The concerned post office executive will give you necessary documents to be submitted to the desired bank.
- Now visit the branch which was chosen by you and submit the documents,
- If so demanded submit your KYCto the bank.
- The bank will issue new passbook containing your personal details and showing the closing balance from your previous account.
- Bank will now activate your account.
Thus, it can be seen that the process of transferring SukanyaSamriddhi Accountfrom post offices to banks is very simple. Only you have to carry with you your KYCdocuments and the passbook.