The Government of India has started various types of schemes to address all categories of sociaty. Not only of adults, there is a government scheme, which is exclusive for girls. To secure a girl’s future, parents can invest in Sukanya Samriddhi Yojana (SSY). With this special scheme, You can invest in this scheme in your daughter’s name.
When your daughter is 10 years old, then you can open an account in it and the total control of this account will be in your hands till your daughter turns 18. Your daughter will get its money at the age of 21. But there is a question. What will happen if someone has more than one girl childs, can they able to invest in the scheme? Let’s find out.
How many accounts you can open under the scheme?
People often wonder how many accounts can be opened under SSY. While many people know that you can open a Sukanya Samriddhi account in the name of two daughters, how can you open an account for each of them if you have twin daughters in your first birth? If you have twins or triplets in your second birth, SSY accounts can be opened for all daughters, even if an account already exists in the name of one daughter.
According to the rules, an SSY account can be opened for two daughters in a family. The Sukanya Samriddhi Yojana currently offers an interest rate of 8.2% per annum. You can deposit a minimum of ₹250 annually and a maximum of ₹1.5 lakh per financial year.
Here’s the rule you need to know
Only one account can be opened for a daughter. However, if an account is opened in the same daughter’s name by a grandparent, that account will be closed and control will remain with the legal guardian. You can open an SSY account at post offices and government-approved public or private banks, such as SBI, HDFC Bank, and ICICI Bank. If you need money early, you can withdraw money from the account before maturity for higher education.
Furthermore, the special feature of this account is that investments made in it also allow you to save income tax under Section 80C. To open an SSY account, parents must provide Form 1 along with their daughter’s date of birth, the guardian’s Aadhaar card, and PAN card. If these documents are incomplete, the account will remain pending, and you will not be able to avail of its benefits.