Sukanya Samriddhi Yojana Form

Sukanya Samriddhi Yojana Forms

Important forms under Sukanya Samriddhi yojana (SSY) are:

Form 1: Application for account opening 

The legal guardian of a girl child under the age of 10 can fill the form and submit it to any authorised bank or their local post office to open an SSY account. 

The following documents are required to open a SSY account

• Sukanya Samriddhi Account Opening Form 
• Birth certificate of girl child 
• Identity proof (as per RBI KYC guidelines) 
• Residence proof (as per RBI KYC guidelines) 

Note that only one account can be opened per child and two accounts can  be opened per family. The scheme provides exceptions to families with triplets or twins born the second time or triplets born the first time. A third account can be opened in such circumstances by providing a medical certificate with the form. 

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Form 3: Application for withdrawal. 

An account holder can apply for withdrawals of up to 50% of the total balance at the end of the preceding financial year, especially for educational purposes. 

Key points to note include

• The withdrawal is only permissible when the account holder turns 18 or passes class 10, whichever comes first. 
• The account holder needs to submit a confirmed offer of admission or a fee-slip from the educational institution detailing the financial requirements along with the form of sukanya samriddhi withdrawal. 

Form 5: Application for transfer of account 

The SSY scheme also facilitates the free transfer of accounts from one bank to another without affecting the tenure or the rate of interest. 

The prescribed process to transfer an SSY account includes:

• The guardian of the account holder can submit the application to transfer the account along with details of the new bank where the account needs to be transferred including the contact details and the address of the new branch. 
• Once the new branch receives the details, the guardian is required to submit a new SSY account opening form along with KYC documents. 
• The account can be moved across post offices and banks across India but the account holder should furnish proof of change of residence of either the account holder or the guardian. 

Form 8: Application for premature closure of account 

An SSY account cannot be prematurely closed within 5 years from the date of account opening. However, an account can be prematurely closed

• In the unfortunate event of the death of the account holder, the account can be closed immediately by submitting form 8 along with the death certificate issued by a competent authority. The principle along with the accrued interest will be paid to the guardian. 
• In case of extreme compassionate grounds like the death of a guardian or life threatening medical conditions, the account can be closed prematurely after providing thorough documentation. 
• The account can also be closed prematurely in case of intended marriage of the account holder if a furnished proof of age declares her 18 or above of age. 

Form 9 : Application for closure of account. 

The account matures when the account holder reaches the age of 21 and is paid the total proceeds of the account which requires her to submit KYC documents along with form 9 for the account to be closed and the maturity amount to be released. 

Common Mistakes to avoid while filling the form. 

• Entering incorrect personal details: Ensure that all details filled by you are correct and verified. Avoid spelling mistakes and discrepancies in the date of birth, guardians details amongst others. 
• Mismatch between form details and KYC: Ensure that all details filled within the form match with the documents submitted for KYC. Any discrepancy can lead to delay in account processing. 
• Incomplete documentation: It is imperative for the guardian to ensure that all mandatory documents are presented to the bank or the post office along with the form. The documents include the Birth certificate of the child along with an identity proof and a proof of residence. 
• Check eligibility: The guardian should ensure that their girl child is below the age of 10 before opening her account. 

Conclusion

The Sukanya Samriddhi yojana offers a golden opportunity for parents and guardians of girl children across India to start an early investment and create a healthy corpus with a minimal annual principal. The SSY includes documentation through several forms and thus understanding the purpose of each form, the documents required and the common mistakes to avoid can streamline the process and help avoid delays. You can also use an Sukanya Samriddhi Calculator to estimate the future value of your investment.