What Happens if You Open Two Sukanya Samriddhi Accounts for Your Daughter? New Government Guidelines Explained

The Sukanya Samriddhi Yojana (SSY) is a popular savings scheme aimed at securing the future of the girl child. However, opening multiple accounts for the same child or under irregular circumstances can lead to complications. Recently, the Department of Economic Affairs (DEA) under the Ministry of Finance released fresh guidelines to address such irregularities in National Small Savings Schemes , including the Sukanya Samriddhi Account (SSA). Here’s a breakdown of the new rules and what to expect if you have opened more than one account for your daughter.

# Key Government Guidelines for Irregular Accounts
The DEA has outlined specific cases of irregularities under various National Small Savings Schemes (NSS) like the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY). The focus of the new guidelines , issued on August 21, 2024, includes:

• Multiple SSY accounts opened for the same girl child
• Accounts opened by individuals not legally authorized to do so (e.g., grandparents)
• PPF accounts opened under the name of minors
• Accounts extended by NRIs
• Other irregular NSS accounts

# Consequences of Multiple Sukanya Samriddhi Accounts
If more than one Sukanya Samriddhi account has been opened for a single girl child, the government will act according to the new rules:

• Transfer of Guardianship: If the account is opened by a grandparent or another unauthorized guardian, the account must be transferred to the natural or legal guardian of the child (usually the parents).

• Closure of Extra Accounts: If more than two SSY accounts are opened for one child in violation of the scheme guidelines, the additional accounts will be closed. The closure will follow the process for accounts opened in contravention of the scheme's rules.

# Role of Post Offices
Post offices across India have been instructed to take immediate action to identify irregular accounts. The post offices will:

• Collect PAN and Aadhaar details of account holders and their guardians
• Update the system with the required details before forwarding regularization requests
• Inform account holders of the necessary steps to regularize their accounts and prevent future issues

Additionally, post offices and their regional divisions have been urged to proactively monitor and regularize such cases to avoid inconveniencing account holders.

# Who Can Open a Sukanya Samriddhi Account?
The Sukanya Samriddhi Account can be opened by parents or legal guardians in the name of a girl child until she reaches the age of 10. Accounts can be opened at post offices or notified branches of commercial banks.

• Interest Rate: The current interest rate for the SSY is 8% per annum, compounded yearly.

• Deposit Limits: A minimum deposit of Rs. 250 is required to open the account, while the maximum limit for deposits is Rs. 1.5 lakh per financial year. Deposits can be made in multiples of Rs. 50, with no limit on the number of deposits in a month or financial year.

These guidelines are crucial for ensuring compliance with the scheme and avoiding potential penalties or issues. Make sure to follow the rules and regularize your account if needed.