New rules for SSY A/C: Government has issued new rules for Sukanya Samriddhi Yojana (SSY)
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SSY: Do you also have an old Sukanya Samriddhi Yojana account? The Department of Economic Affairs has recently issued new guidelines to regularize irregularly opened savings accounts under NSS.
The government has issued new rules for Sukanya Samriddhi Yojana (SSY). These rules will come into effect from October 1, 2024 and are being done to remove the errors found in opening the accounts.
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New rules for Sukanya Samriddhi accounts opened for grandparents
An important update in the guidelines pertains to accounts opened by grandparents under the Sukanya Samriddhi Yojana. As per the new rules, accounts that are not opened by the legal guardian or natural parents will now require mandatory transfer by the guardian to comply with the basic guidelines of the scheme. Earlier, grandparents often opened SSY accounts as a financial security for their granddaughters. However, as per the scheme guidelines, only the legal guardian or natural parents can open and close these accounts.
- These documents will be required to close or transfer the old account
- Basic Account Passbook: Which contains all the account details.
- Birth Certificate of Girl Child: Proof of age and relationship.
- Proof of relationship with the girl: Birth certificate or other legal documents that establish the relationship.
- Proof of identity of the new guardian: Government-issued identification card of the parent or guardian.
- Duly filled application form: Which will be available at the post office or bank where the account is opened.
After the documents, the first thing to do is to visit the post office or bank where the account was opened. They should inform the authorities about the need to transfer the account guardian as per the new guidelines.
After this, they have to fill the transfer form provided by the bank or post office. Both the existing account holder (grandparents) and the new guardian (parents) have to sign this form.
Verification and updates
After submitting the form and supporting documents, the bank or post office staff will review the request and process the verification. They may also ask for additional information if required. Once the verification is complete, the account records will be updated with the new parent’s information.
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