How to Transfer SSA Account from Post Office to Bank?

 How to Transfer SSA Account from Post Office to Bank?

 

• SSA (Sukanya Samriddhi Yojana) Scheme for girl child 
• Generally this scheme introduced by NDA government for the welfare of Girl Child and also to save girl child.
• SSA account can be opened in any post offices and also in banks as per the orders issued by the Ministry of Finance.
• The deposits made in SSA account comes under tax exemption under section 80C
• Maximum of 2 SSA accounts can be opened in a family i..e, either account can be operated by mother or father.
• The minimum subscription is 1000 and maximum 1.5 lakhs in a financial year i.e., from 1st April to 31st March.
• There will be late fee of Rs 50 if the customer forgot to deposit in a financial year.
• SSA account just like PPF accounts can be transferred from post offices to banks and viceversa the detailed operating procedure in DOP Finacle is mentioned below in a step by step manner for ease.

Procedure to transfer SSA account from DOP to Banks:-

Zeroing of interest for the financial year in case of Transfer-out to Bank	HINTTM	Ø  Function – M – Modify (Postmaster)
		Ø  A/c ID – SSA A/c ID
		Ø  Click on Go
		Ø  Interest Table Code – Delete present value and select ZERO from the searcher
		Ø  From Date – 01-04-YYYY
		Ø  Click on Submit to verify
		Ø  Supervisor to Verify – Menu Shortcut – HINTTM; Function – V – Verify
Closure of SSA account	HCAAC / CLOSE	Ø   Function – Z – Close
		Ø  A/c ID – SSA A/c ID
		Ø  Balance – Check Transfer Box if Balance is there / Uncheck Transfer Box if Balance is zero
		Ø  Transaction Type – Select Cash or Transfer if Balance Transfer Box is checked
		Ø  Transfer A/c ID – SB A/c or Post Master Cheque A/c if Transfer selected in Transaction Type
		Ø  Click on Go
		Ø  Click on Closure Tab
		Ø  Note the Tran ID
		Ø  Select Reason Code from the searcher
		Ø  Click on Submit to Verify
		Ø  Supervisor to Verify – Menu Shortcut – HCAAC/CLOSE; Function – V – Verify

 Step 1 :- Make the CYI (Current Year Interest) as 0 (zero) 

• From the above table it is clear first we have to make CYI(Current Year Interest ) as 0(zero) by using the menu HINTTM which is available for supervisor/postmaster users in DOP Finacle.
• Invoke HINTTM in one supervisor make CYI as 0 then verify in another supervisor.
• Most of them may get doubt what is the necessary to make CYI as 0?
• The answer to this question as we are transferring to bank at the end of financial year system will calculate total interest for that financial year. Hence we will make it as 0 during the transfer of SSA accounts to banks.

Step 2:- Closure of SSA account by using closure reason code as Bank Transfer

• In the supervisor login use HCAAC function and close the account by using the closure reason code as bank transfer submit the transaction.
• Verify the closure in another supervisor to complete the complete.
• In the next step report will be generated in HPR take the printout of the report ans send to respective bank along with the passbook