We opened the Sukanya Samriddhi Account with Post Office but unable to cope with their old rules. In that case how to transfer Sukanya Samriddhi Account from Post Office to Bank?
The biggest hurdle with Post Office is that you can’t deposit money using e-Transfer if the Post Office is not connected with CBS facility. Also, what if you are changing your location from one city to another city and you just need to transfer the branch of Post Office or Bank?
List of Authorized banks for opening Sukanya Samriddhi Account
Before jumping into the transfer, you must know which banks are authorized to open Sukanya Samriddhi Account. Below is the complete list.
- State Bank Of India (SBI)
- State Bank Of Patiala (SBP)
- State Bank of Bikaner & Jaipur
- State Bank of Travancore (SBT)
- State Bank of Hyderabad (SBH)
- State Bank of Mysore (SBM)
- Andhra Bank
- Allahabad Bank
- Bank of Baroda (BOB)
- Bank of India (BOI)
- Punjab & Sind Bank
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank (IOB)
- Punjab National Bank (PNB)
- Syndicate Bank
- UCO Bank
- Oriental Bank of Commerce (OBC)
- Union Bank of India (UBI)
- United Bank of India (UBI)
- Vijaya Bank
- Axis Bank Ltd
- ICICI Bank Ltd.
- IDBI Bank Ltd.
Apart from Post Office, you can also open the account with all the above listed 28 Banks.
Reasons to transfer Sukanya Samriddhi Account from Post Office to Bank or one bank to another bank?
There may be many reasons and few are listed below.
# You may feel the Bank or Post Office not providing you proper service.
# The concerned Post Office may not be connected with CBS facility, which is the biggest hurdle in depositing money online.
# You may be changing location. Hence, you feel it better to have the account within your city or nearest to your stay.
How to transfer Sukanya Samriddhi Account from Post Office to Bank?
There are five steps involved and I explained the same in below image.
Step 1–Visit the Post Office where you have Sukanya Samriddhi Account with Passbook and KYC Documents. Girl child who is the primary account holder need not visit the Post Office. However, if she is managing the account on her own, then she must visit the Post Office.
Step 2–Submit the transfer request by mentioning the full address of Bank where you want to transfer. You have to surrender the Passbook also. Remember to provide correct Bank Address.
Step 3–After due verification of signature and other documents, Post Office will give you (or arrange to send) the original documents such as a certified copy of the account, the Account Opening Application, specimen signature etc. to the new Bank branch address, along with a cheque orDD for the outstanding balance in the Sukanya Samriddhi Account.
There is no clarity of process mentioned whether the Post Office will give all these documents in your hand or they directly send to your bank (where you want your Sukanya Samriddhi Account should be transferred).
Step 4– Visit the Bank (where you want the Sukanya Samriddhi Account to be transferred) with the documents you received from Post Office and your KYC documents.
Step 5–Fill the new account opening form of Sukanya Samriddhi Account and submit it to Bank along with KYC Documents and the documents you received in Post Office.
That’s it. This is the whole process of transfer Sukanya Samriddhi Account from Post Office to Bank.
Note-This transfer facility is at free of cost if you furnish the proof of shifting of residence of either the guardian or the Account holder. If you are unable to provide the proof of address which is new, then you have to pay the fee of Rs.100 to the post office or the Bank to which the transfer is made. The process of transfer will be effected electronically if the post office or the Bank concerned, has access to the facility of CBS.