The Department of Economic Affairs has recently introduced updated guidelines to address irregularities in the opening of savings accounts under the National Small Savings Schemes (NSS), specifically impacting the Sukanya Samriddhi Yojana (SSY). These changes, which will take effect from October 1, 2024, aim to streamline and rectify issues related to account management and guardianship.
Key Updates for Sukanya Samriddhi Accounts
Mandatory Guardianship Transfer
One of the major changes in the new guidelines is the requirement for transferring guardianship for Sukanya Samriddhi accounts that were opened by grandparents. Previously, it was common for grandparents to open SSY accounts for their granddaughters. However, the revised rules stipulate that only the legal guardian or natural parent is authorised to open and manage these accounts.
To comply with these new regulations, accounts opened by grandparents must be transferred to the legal guardians or parents. Here’s a step-by-step guide to ensure compliance:
How to Transfer Guardianship
1. Gather Required Documents
Before initiating the transfer process, collect the following documents:
- Original Account Passbook: Contains all account details.
- Birth Certificate of the Girl Child: Provides proof of age and relationship.
- Proof of Relationship: Documents establishing the relationship, such as the birth certificate.
- Identification Proof of New Guardian: Government-issued ID of the parent or guardian.
- Duly Filled Application Form: Available at the post office or bank.
2. Initiate the Transfer Process
Visit the post office or bank where the account was originally opened. Inform the officials about the need to transfer the account guardianship in accordance with the new guidelines. Complete the transfer form provided by the bank or post office, ensuring it is signed by both the current account holder (grandparents) and the new guardian (parents). Submit the form along with the required documents for review and processing.
3. Verification and Update
After submission, the bank or post office will verify the documents and may request additional information if necessary. Upon successful verification, the account records will be updated to reflect the new guardian’s details. Collect the updated passbook that shows the new guardian’s information.
Addressing Multiple Accounts
The new guidelines also tackle the issue of multiple Sukanya Samriddhi accounts opened in violation of the scheme’s rules. If more than two accounts have been opened for a single girl child, the additional accounts will be closed immediately. The principal amount from these accounts will be refunded, but no interest will be accrued. This measure ensures adherence to the SSY rule, which allows only two accounts per family.
These updated regulations aim to enhance the management and integrity of the Sukanya Samriddhi Yojana, ensuring that the benefits of the scheme are effectively utilised and in line with its original intent.
