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ICICI Bank is one of the premier private sector banks in India. It is one of the notified banks who is eligible to offer its customer the opportunity to open Sukanya Samriddhi Yojana account with the bank. The Sukanya Samriddhi Yojana (SSY) is a scheme introduced by the central government of India to help natural and legal guardians of a girl child to create a financial corpus which can be utilized for fulfilling her financial needs and for strengthening her future. The scheme is designed to offer strong financial support to girl child to meet the expenses arising in future like marriage, education etc. This article will help you understand the features, benefits, provisions, terms and conditions pertaining to the ICICI Banks Sukanya Samriddhi Yojana account.
The Sukanya Samriddhi Yojana scheme is introduced by the central government for the empowerment of the girl child in India. This scheme is a savings-cum-investment tool focused to offer exclusive features and benefits to girl child. Following are some of the key features of the ICICI Bank Sukanya Samriddhi Account.
Apart from the attractive features offered by the SSY account, it also offers a wide range of benefits to its customers. Following are the benefits of Sukanya Samriddhi Yojana account with ICICI Bank-
The eligibility criteria for opening the Sukanya Samriddhi Yojana Account with ICICI Bank is as under:
The Sukanya Samriddhi Yojana account is a very popular scheme designed exclusively for girl child. The features and benefits of this scheme are designed around the financial needs of girl child arising during the building phase of her life like high school education, marriage etc. The following table illustrates the most important details of the Sukanya Samriddhi Yojana account opened with ICICI Bank.
|Objective of the scheme||The main motive of the SSY scheme is to safeguard the financial needs of the girl child|
|Who can open SSY account||Only natural or Legal Guardian of the girl child can open the SSY account in the name of the girl child. This account can be opened until she reaches 10 years of age|
|Minimum and Maximum age to open account||The SSY account can be opened on the birth of the girl child, while as stated earlier the maximum age for opening the SSY account is 10 years old|
|Number of Accounts||Only ONE account can be opened for each girl child. While, the natural or legal guardian can open maximum 2 SSY account i.e. one for each girl child. In case of birth of 1st girl child and 2nd twin girls or triplets i.e. 3 girl children at first birth in such scenario the natural or legal guardian can open 3 SSY account.|
|Minimum and Maximum deposit amount||The minimum deposit amount is Rs. 1000; all subsequent contributions are to be done in multiples of Rs. 100; while the maximum deposit amount is capped to Rs. 1.50 Lakhs|
|Tenure of the account||The Sukanya Samriddhi Yojana account matures in 21 years starting from the date of opening the account|
|Tax Rebate||Tax benefit can be availed on the contributions made towards the SSY account u/s 80C of the Income Tax Act, 1961|
|Mode of payment||The account holder or depositor can make contributions in the SSY account via cash/ cheque/ Demand Draft/ Internet Banking|
|Premature Withdrawal||Premature withdrawal is allowed only in case of medical emergency or in case of death of the account holder or on grounds of extreme compassion funds can be withdrawn from the account.|
|Loan Facility||Loan cannot be availed on the Sukanya Samriddhi Yojana account|
Opening a Sukanya Samriddhi Account with ICICI Bank is simple and easy. Parents or legal guardians can easily open the Sukanya Samriddhi Account for their girl child by following the below given steps:
Opening account via offline channel: Under the offline channel, the parents or legal guardian need to submit the form and documents along with minimum account opening deposit to the nearest ICICI Bank branch. Parents or legal guardian can download the Sukanya Samriddhi Account opening form ICICI official website. Along with the duly filled application form, the parents or legal guardian need to submit certain mandatory documents like:
Minimum account opening amount of Rs. 1000
Upon receipt and verification of such request, the ICICI bank shall activate the Sukanya Samriddhi Account provided all the documents submitted satisfy ICICI Banks terms and conditions.
The Sukanya Samriddhi Yojana Account can be opened with minimal initial deposit amount and documentation. Following is the list of mandatory documents required for opening Sukanya Samriddhi Yojana Account with ICICI Bank:
Thus, above are the mandatory and relevant documents required for opening the Sukanya Samriddhi Yojana Account with ICICI Bank. What is the Sukanya Samriddhi Yojana Scheme?
It is a saving scheme for meeting the future financial requirements of the girl child-like Higher Education, Marriage, etc.
A withdrawal from the ICICI Bank Sukanya Samriddhi Account is possible. The withdrawal of funds from the Sukanya Samriddhi Account can be done for certain purpose like higher education of the girl child, marriage, etc. The withdrawal under such scenario is capped to 50% of the balance at the credit available at the end of the preceding financial year. However, kindly note, that any such withdrawal is allowed when the girl child attains the age of 18 years. Prior to that no such withdrawal is allowed. The parents or legal guardian must submit the relevant documents for availing the withdrawal facility.
What is the interest rate earned under Sukanya Samriddhi Yojana Account?
Currently, the ICICI Bank’s Sukanya Samriddhi Yojana Account is offering an interest rate of 8.40%. This rate of interest is compounded annually. Kindly note, the interest rates offered by this scheme are reviewed and announced quarterly by the Indian government.
Can Sukanya Samriddhi Yojana Account be closed before maturity?
No, premature closure of the Sukanya Samriddhi Yojana Account is not allowed. However, on compassionate grounds under certain circumstances, premature closure is allowed like: death of the account holder i.e. the girl child or on grounds of medical emergencies etc.
What happens if the depositor fails to deposit amount in Sukanya Samriddhi Yojana Account?
If the depositor fails to deposit the mandatory minimum contribution in the Sukanya Samriddhi Yojana Account then revival of the account is possible. For revival of the Sukanya Samriddhi Yojana Account, the depositor has to pay penalty of Rs. 50 for every year of default along with the deposit amount of Rs. 1000 for every financial year of default.
Can Sukanya Samriddhi Yojana Account be transferred to ICICI Bank?
Yes, customers holding the Sukanya Samriddhi Yojana Account with other bank or post office can transfer the account to ICICI bank, then follow the below given steps:
Can Loan Facility be availed on the Sukanya Samriddhi Yojana Account?
No, the Sukanya Samriddhi Yojana Account does not offer loan facility.
Can I avail partial withdrawal facility under the Sukanya Samriddhi Yojana Account?
Yes, Partial withdrawal of funds from the Sukanya Samriddhi Yojana Account is allowed only after the account holder i.e. the girl child completes 18 years of age.
How many accounts can be opened in the name of the same girl child?
Only one Sukanya Samriddhi Yojana Account can be opened in the name of the girl child.