New Delhi, Oct. 24 -- 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.

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 daug...