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ICICI Bank Sukanya Samriddhi Yojana Account

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.

Features of ICICI Bank Sukanya Samriddhi 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.

  • Account opening: The SSY account can be opened only in the name of the girl child. The account can be opened by her parents or legal guardians, no other person is entitled to open account. The account can be opened with a nominal deposit amount of Rs. 1000. Other features of the account state that only one account per girl child can be opened, the account can be opened with post office or with government notified banks like ICICI, and the account is freely transferable across India.
  • Deposit: The SSY account can be opened with a minimal deposit amount of Rs. 1000. Once the account is opened, the subsequent contributions can be made in multiples of Rs. 100. The maximum contribution under the SSY account is capped to Rs 1.50 Lakhs per annum for which the depositor can claim tax benefit u/s 80C. Kindly note, the initial deposit amount is to be made in cash.
  • Account operator and depositor: The account shall be opened in the name of the girl child. The natural or legal guardian are the depositor of the account and they can operate the account only till the account holder turns 18 years, once the girl is above 18 years of age, she can independently operate the account.
  • Account Tenure: The tenure of the account is 21 years from the date of opening.
  • Partial Withdrawal: Partial withdrawal up to 50% of the accumulated funds can be exercised in order to meet financial expenses occurring at the time of marriage or higher education. Any such partial withdrawal is allowed only when the account holder i.e. girl child attains the age of 18.
  • Account Revival: In case of default in paying the minimum amount of Rs. 1000 per year. The SSY account shall become inactive in such cases a penalty of Rs. 50 is payable for per year of default plus Rs. 1000 outstanding for every year.

Benefits of 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-

  • High interest rate: The scheme offers high interest rates as compared to other savings-cum-investment tools available in the market. Additionally, the interest is compounded annually, and thus a huge interest is accumulated till the maturity of the account.
  • Additional Interest: The account offers additional interest on the funds in cases where the account holder does not withdraw the funds from the account, even after maturity of the account.
  • Low deposit amount: This scheme is introduced for the benefit of girl from every family, so the deposit amount is kept utmost minimal. The initial deposit amount is of Rs. 1000, while subsequent contributions can be done in multiples of Rs. 100 .
  • Transferability: In case the account holder i.e. the girl child changes her location, address and or city, the SSY account can be transferred easily to the nearest new location of the account holder.
  • Tax Exemption: The depositor of the SSY account can enjoy tax exemptions u/s 80C of the Income Tax Act. Similarly, the maturity amount received at the end of 21 years are also tax-free.

Who can open an SSY 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 can be opened only by parent or legal guardian.
  • This account is to be opened in the name of the girl child.
  • The account can be opened only until the girl child attains 10 years of age.
  • Only one account can be opened in the name of the girl child.
  • Parents or legal guardian can open maximum 2 Sukanya Samriddhi Yojana Accounts for their girl children.
  • Third Sukanya Samriddhi Yojana Account can be opened in case twins are born as second birth or if triplets i.e. three girls are born as first birth.

Important details of the SSY account with ICICI Bank

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.

Key ParametersParticulars
Objective of the schemeThe main motive of the SSY scheme is to safeguard the financial needs of the girl child
Who can open SSY accountOnly 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 accountThe 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 AccountsOnly 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 accountThe Sukanya Samriddhi Yojana account matures in 21 years starting from the date of opening the account
Tax RebateTax benefit can be availed on the contributions made towards the SSY account u/s 80C of the Income Tax Act, 1961
Mode of paymentThe account holder or depositor can make contributions in the SSY account via cash/ cheque/ Demand Draft/ Internet Banking
Premature WithdrawalPremature 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 FacilityLoan cannot be availed on the Sukanya Samriddhi Yojana account

How to open an SSY account with ICICI Bank?

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:

    • Birth certificate of the girl child
    • Photographs of Girl Child and Parents / Legal Guardian
    • Address proof and Identity proof of parents / legal guardian
    • 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.

  • Opening account via Online Channel: Parents / legal Guardian can open the Sukanya Samriddhi Account via online channel. Under the online channel, the depositor i.e. parents or legal guardian of the girl child can open the account online through official banking website of ICICI Bank. To open the account, you are required to submit the following documents:
    • Birth certificate of the girl child
    • Photograph of the girl child
    • Photograph of the parents or legal guardian
    • Address Proof of the parents or Legal Guardian
    • Minimum account opening deposit amount of Rs. 1000 in cash
    • Sukanya Samriddhi Account opening form

Documents Required for opening a Sukanya Samriddhi account with ICICI Bank

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:

  • Copy of Birth Certificate of the girl child
  • Copy of government authorized address proof namely: Aadhaar Card, Passport, Electricity Bill etc.
  • Copy of government authorized identity proof namely: Aadhaar Card, PAN Card, Passport etc.
  • Recent passport size colour photograph of girl child and Parent or legal guardian
  • In case of opening account for adopted girl child, relevant documents showcasing the adoption like the adoption certificate to be submitted along with the rest of the KYC documents
  • The initial deposit amount of Rs. 1000
  • Duly filled and signed Sukanya Samriddhi Yojana Account opening application form .

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.

Step by step withdrawal Facility with ICICI Bank

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.

FAQs on ICICI Bank Sukanya Samriddhi Yojana

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:

  • Submit the Sukanya Samriddhi Yojana Account transfer request application form at the existing post office or bank branch. Kindly note, mention the address of the ICICI bank branch where you wish to transfer your Sukanya Samriddhi Yojana Account.
  • Your existing post office or bank branch shall arrange to send your original documents to ICICI Bank Branch where you wish to open the Sukanya Samriddhi Yojana Account, along with the Cheque or Demand Draft of the existing outstanding balance accumulated in your Sukanya Samriddhi Yojana Account.
  • Upon receipt of documents and cheque from your prior bank branch / post office, ICICI bank shall request you to submit a fresh Sukanya Samriddhi Yojana Account opening form along with KYC documents.
  • Upon receipt of fresh set of documents, ICICI Bank shall process your request of transfer.

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.

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