New Delhi: If a daughter is born into your family, there is no need to worry. The central government runs several welfare schemes to help cover expenses related to daughters, schemes that can offer significant financial benefits. You have likely heard of the ‘Sukanya Samriddhi Yojana’ (SSY); this scheme can prove highly effective in building a substantial corpus for your daughter.
This small savings scheme, managed by the central government, is specifically designed to help accumulate funds for a daughter’s higher education and other essential expenses. If a family has two daughters, parents can open separate accounts for each of them. To avoid any confusion, it is important to understand the eligibility criteria and the rules governing investments under this scheme.
How much can be invested for two daughters?
Under the central government’s Sukanya Samriddhi Yojana, parents or legal guardians can deposit anywhere from a minimum of ₹250 up to a maximum of ₹1.5 lakh per financial year into an account. After the initial deposit, subsequent investments must be made in multiples of ₹50. Consequently, if a family has two daughters and accounts are opened for both, the parents can invest a total of up to ₹3 lakh in a single financial year.
The maximum investment limit for each account is set at ₹1.5 lakh. There is no fixed schedule or mandatory instalment structure for making deposits; parents can choose to deposit the entire annual amount at once or invest in smaller instalments at their own convenience. There is also no limit on the number of times deposits can be made into an account. To keep the account active, a minimum deposit of ₹250 per financial year is required.
What are the requirements for opening accounts for two daughters?
To open an account under the government’s Sukanya Samriddhi Yojana, the daughter must be under 10 years of age. If the age exceeds this limit, an account cannot be opened. Under the general rules, the benefits of this scheme can be availed for a maximum of two daughters per family. Certain exemptions are provided for cases such as the birth of twins or triplets. It is mandatory to meet the prescribed eligibility criteria and submit the required documentation.
Parents or legal guardians can open a ‘Sukanya Samriddhi’ account at an authorised bank or a post office. This process requires the submission of the daughter’s birth certificate, along with identification documents of the parents or legal guardian. Investments must be made into the scheme until the daughter reaches the age of 15. The account has a tenure of 21 years, which also marks its maturity period.
