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The SSY is a government initiative that aims at supporting the education and wedding of the girl child. This account remains operative till the age of 21 years.
The account can be opened for a girl child under the age of 10. Parents can open accounts for two girl children, with a minimum deposit of Rs 250 and a maximum of Rs 1.50 lakh (for both accounts) in a year. After the girl child reaches the age of 18 years, up to 50 per cent of the total investment can be withdrawn. The account has an 8-year lock-in period starting from the date of opening.
If you have opened an SSY account for your daughter and wish to transfer it for any reason, this process can be accomplished by following a few simple steps.
Visit the bank branch or post office to start the transfer process of your SSY account. You have to submit a statement outlining the reason for the transfer and fill out a transfer request form.
The transfer request form requires the new details of the bank you want to transfer your SSY account to. This should include the contact information of your new bank.
Some banks provide an online provision for you to transfer your SSY account, making the process more convenient.
After submitting the transfer request, the bank or the post office will forward the original documents related to the SSY account to the new bank branch.
Once your documents reach the new bank, you will need to fill out a new SSY account opening form and resubmit your KYC.
After submitting the new account form and KYC documents, your SSY account will be successfully transferred to the new bank. The balance in the account will also be transferred to the new one.