ICICI Bank Sukanya Samriddhi Yojana

The Sukanya Samriddhi Scheme was introduced to provide a reliable and secured future to the girl and likewise empowering the ratio of the female population. The Sukanya Samriddhi Yojana ICICI account will fulfil the dream of every parent to provide the daughter with a financial safety net.

Features of ICICI Bank Sukanya Samriddhi Account

The following are the features of the ICICI Sukanya Samriddhi Yojana Account:

1. Opening of the Account

   The ICICI Sukanya Samriddhi Yojana Account can be easily opened by the parent or the guardian of the girl child with an initial deposit of Rs 250.  Besides, only one account every girl is permitted and in a family, a maximum of only three accounts is permitted, the condition being that a family has twin girls. The account can easily be opened and is transferable across PAN India.

2. Account Tenure

   The ICICI Sukanya Samriddhi Yojana Account has a term of twenty-one years and towards the end of the deposit when maturity is achieved it is released from the period of lock-in.  The sum in the account can either be paid out or can even be kept and permitting it for further accrual of the interest until the date when the Sukanya Samriddhi Yojana account is closed.

3. Account Operator/ Depositor

   Till the time the girl child does not attain 10 years of age, the ICICI Sukanya Samriddhi Yojana Account can be operated by the parent/ guardian on her behalf. It is to be noted that the operator is going to be the depositor until this time. When the girl child attains 10 years, then she could decide to operate the account. However, the parent/ guardian can remain the depositor until the deposit term comes to an end.

4. Deposits

   The ICICI Sukanya Samriddhi Yojana Account requires a minimum deposit sum of Rs 250 every year and the maximum could go up to Rs 1.5 lakh in a year. These deposits can be made either through cheque or cash, however, in the multiples of Rs 100. The deposits are made for a term of 15-years.

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5. Partial Withdrawal

   When the girl child attains 18 years of age the 50% of funds in the ICICI Sukanya Samriddhi Yojana Account can be then withdrawn to fulfil objective such as education, marriage, etc.

6. Revival of Account

   To ensure that the Sukanya Samriddhi Yojana ICICI account remains active a minimum deposit sum of Rs 250 should be made each year. In case, if this is not followed duly, then the account will likewise be discontinued, which can be revived by paying a fine of Rs 50 and the minimum deposit sum.

Benefits of Sukanya Samriddhi Yojana with ICICI Bank

Listed below are the key benefits of Sukanya Samriddhi Yojana with ICICI bank:

1. Low Deposit Sum

   The ICICI Sukanya Samriddhi Yojana scheme is for each family as the deposit is cost-effective and permits the depositor to keep adding to the account with no hassle.

2. Interest Rate

   The interest rate is compounded each year and likewise credited to the Sukanya Samriddhi Yojana ICICI account. In case even after the maturity period, the sum in the account is still not withdrawn, then one will likewise earn the compound interest rates.

3. Transferability

   When the depositor or the account holder changes the geographical location then the account can be easily transferred to any other authorized bank accordingly.

4. Tax Benefit

   The funds deposited in the ICICI Sukanya Samriddhi Yojana account remain tax-exempted within Section 80C of the Income Tax Act. The maturity proceeds also remain tax-free for the account holder.

   Note: The tax benefits are subject to change as per the prevailing laws. 

Documents Required for Opening a Sukanya Samriddhi Yojana Account with ICICI Bank

When applying for the ICICI Sukanya Samriddhi Yojana Account, the following documents will be required:

• The opening form of ICICI Sukanya Samriddhi Yojana Account,

• The birth certificate of the girl child.

• Passport size photographs of the girl child's parent/ guardian and the girl child.

• Address proof of the girl child's parent/ guardian.

• Identity proof of the girl child's parent/ guardian.

How to Open the Sukanya Samriddhi Yojana with ICICI Bank?

Opening the ICICI Sukanya Samriddhi Yojana Account is easy and involves the following steps:

1. Offline Channel

   The parent or the guardian of the girl child needs to submit the duly completed form, attest the documents and deposit the minimum amount to any nearest ICICI bank branch. Make sure that all the documents required are also submitted without fail. Once the process of verification is completed, the ICICI Sukanya Samriddhi Yojana account will be activated.

2. Online Channel

   The parents or the guardian can open the ICICI Sukanya Samriddhi Yojana Account. With the online channel, the parents/ guardian of the girl child needs to visit the official website of the ICICI Bank and likewise submit the above-mentioned documents.

Who Can Open an SSY Account with ICICI Bank?

The ICICI SSY Account can be simply opened by the parents/ guardian of the girl child. The ICICI Sukanya Samriddhi Yojana Account is to be opened in the name of the girl child. It is to be noted that the account can be opened only till the time the girl child is of 10 years of age.

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Step by Step Withdrawal Process with ICICI Bank

The fund withdrawal from the ICICI Sukanya Samriddhi Yojana Account is possible to fulfil objectives such as marriage, education, etc.

Within such a scenario, the withdrawal is capped to 50 per cent of the total balance towards the end of the financial year preceding. However, the withdrawal is permitted only when the girl attains 18 years of age. Before this, no such withdrawal is permitted from the Sukanya Samriddhi Yojana ICICI Bank account. The relevant documents need to be submitted to avail of such facility.