All three were in sublime touch last year and brought the country laurels in their respective sports.
Sania enjoyed the most sensational run, clinching nine titles -- including two Grand Slams last year with Swiss great Martina Hingis. The exceptional performance propelled her to the top of the WTA doubles rankings.
The 29-year-old is currently competing in the Australian Open in Melbourne, where she has reached the women's doubles quarterfinals with Hingis.
Deepika, on the other hand, won a silver at the Archery World Cup Final besides bronze medals at the World Cup Stage II and the Asian Team Championships.
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Saina, who is in the country to compete in this week's Syed Modi Grand Prix Gold Tournament, said the honour has left her surprised. Interestingly, the 25-year-old had expressed her displeasure at being ignored for the award last year.
"It came as a complete surprise to me. I had no clue. I did not expect at all. There was no news of it at all. When I think that I am just 25 and I have received this award, it makes me feel great. But it is still a long way to go."
The ministry had picked two-time Olympic-medallist wrestler Sushil Kumar for the honour last year.
Saina was bestowed the Khel Ratna and Padma Shri in 2010 and also received the Arjuna Award in 2009.
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For Sania, the honour adds to the illustrious awards she has already picked up.
The Hyderabadi has previously won the Padma Shri, besides being a Khel Ratna and Arjuna awardee.
"It's a truly humbling experience to be honoured with the Padma Bhushan award and will serve to inspire me to earn more laurels for my country," Sania said from Melbourne.