You can open only 2 Sukanya Samriddhi accounts — but what if you have triplet daughters?
The Sukanya Samriddhi Yojana (SSY) allows parents or legal guardians to open accounts for up to two girl children in a family. This government-backed small savings scheme helps parents build a fund for their daughters’ education, marriage and other financial needs, while offering tax benefits as well.
A parent or guardian can open a SSY account for a girl child anytime from her birth until she turns 10. The child must be a resident Indian at the time of opening the account and remain so until maturity to be eligible for the scheme.
What if you have three daughters?
Only one SSY account can be opened per girl child and a family can open accounts for a maximum of two girls, like we discussed above. This raises questions for families with triplet daughters born in their first delivery or those who have another daughter after having twins the first time.
According to a Ministry of Finance release issued last year, an exception to the two-account limit is allowed in cases involving twin or triplet girl children. In such cases, a third SSY account may be permitted, subject to the scheme’s conditions.
According to Ministry of Finance’s release issued in January 2025, an exception to the two-account limit is allowed in cases involving twin or triplet girl children. In such cases, a third SSY account can be permitted.
However, the eligibility depends on the order in which the children are born:
- If twin or triplet girls are born in the first delivery or a girl is born before the twins or triplets, a third SSY account can be opened.
- If a female child is born after the birth of twins or triplets, a third SSY account is not permitted.
In order to open a third SSY account, the parent or legal guardian must submit a medical certificate issued by an authorised medical institution. The document establish the birth of a twin or triplet girl children, as applicable.
Three SSY accounts could grow to ₹2.15 crore
Parents or guardians can deposit up to ₹1.5 lakh a year in each SSY account. According to an illustration from the SBI Securities SSY calculator, investing maximum permitted amount annually from the time a girl child turns 10 until she turns 21 would result in a maturity value of ₹71.82 lakh, comprising ₹22.5 lakh in contributions and ₹49.32 lakh in interest accrued.
If the same calculation is applied to all three accounts, the combined maturity value would be nearly ₹2.15 crore. This assumes the same investment timeline and an annual interest rate of 8.2% for all three accounts.
Though the account matures upon the completion of 21 years of the account holder from its opening date, an early closure is permitted under specific circumstances, particularly if the account holder intends to marry earlier.
Minimum deposit, tax benefits and other rules
This scheme allows parents to open an account for girls at any post office or designated commercial bank branch, starting with a minimum initial deposit of ₹250, and subsequent deposits can be made in multiples of ₹50, provided that at least ₹250 is deposited in a financial year.
The account is managed by the guardian until the girl child reaches the age of eighteen. This allows the guardian to oversee the savings and ensure that the funds are utilized effectively for the child’s education and future needs. Upon turning eighteen, the account holder can take control of the account herself by submitting the necessary documents.
SSY offers a triple-e (Exempt-Exempt-Exempt) tax status under the Income-tax Act, meaning you can claim a tax deduction on your annual deposits of up to ₹1.5 lakh. The annual interest and maturity proceeds are also exempt from tax.
