This government-guaranteed scheme not only offers guaranteed interest but also offers significant tax benefits. But the biggest question on parents’ minds is how many daughters can be opened for this account in a family, and what are the special rules for twins or triplets? Let’s understand every important aspect of this extraordinary scheme in simple terms.
Why should you open a Sukanya account
Sukanya Samriddhi Yojana is not just a savings scheme, but a long-term plan to secure your daughter’s future. This scheme ensures financial assistance for your daughters’ education, marriage, and emergency needs.
Key Benefits of the Scheme
SSY currently offers an excellent annual interest rate of 8.2%. You can invest from a minimum of ₹250 to a maximum of ₹1.5 lakh annually. The scheme matures in 21 years, but you only have to invest for 15 years. The most important thing is that investments up to ₹1.5 lakh are tax-deductible under Section 80C, and the entire interest and maturity proceeds are completely tax-free (i.e., EEE category). This money is completely safe because it is a government-backed scheme.
How many SSY accounts can be opened in a family
According to the rules, a Sukanya account can be opened in the name of a maximum of two daughters in a family. However, in the case of twins or triplets, the government has made special exemptions so that every daughter can benefit from this scheme.
Special Rules for Twins or Triplets
Twins or Triplets in the First Delivery
If you have twins or triplets in your first birth, you can open SSY accounts for all daughters. That is, you can open two or three accounts simultaneously. This nullifies the usual “two daughters” limit.
Twins or Triplets in the Second Delivery:
If the first birth was a daughter, and the second birth is twins or triplets, you can still open an account for all daughters. In this case, you can open three or four accounts.
Subsequent Daughters Rule
If twins were born in the first birth, a new account cannot be opened for any subsequent daughters. This means that this rule applies only to two daughters, but in the case of twins and triplets, all are covered.
Sukanya Account Opening Process and Required Documents
You can open this account at post offices and authorized banks like SBI, HDFC, and ICICI.
Required Documents for Account Opening
You must provide your daughter’s birth certificate (Date of Birth Proof) when opening the account. The guardian’s or parents’ Aadhaar card and PAN card are mandatory. Additionally, you must complete and submit SSY Form 1, obtained from the bank or post office.