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:
Steps to Transfer the Account:
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.
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