ICICI Bank Sukanya Samriddhi Yojana

ICICI Bank is one of the top private sector banks in India and also one of the notified banks eligible to offer Sukanya Samriddhi Yojana account. The Sukanya Samriddhi Yojana (SSY) is a scheme introduced by the central government of India as a part of “Beti Bachao – Beti Padhao Yojana”.

This scheme helps biological parents and legal guardians of a girl child to create a financial corpus which can be utilized for fulfilling her future financial needs for education and marriage. Here, we have explained all the important things pertaining to Sukanya Samriddhi Yojana in ICICI Bank.

Key Features of ICICI Bank Sukanya Samriddhi yojana

Opening an ICICI SSY account – An SSY account in ICICI bank can be opened by either biological parents or the legal guardians of a girl child with a minimum deposit of Rs.1,000. A maximum of two accounts are allowed in a family; three accounts can be allowed in the case of the birth of twins/triplets.

Tenure – The tenure for a Sukanya Samriddhi Yojana ICICI Bank account is 21 years or until the girl child gets married after the age of 18. The account can be kept active for a maximum period of 21 years from the account opening date. Once this period is over, it doesn’t earn any interest on it.

Age criteria – Right from the girl child’s birth until she is of 10 years age.

Deposit Criteria – A Sukanya Samriddhi Yojana account in ICICI bank can be opened with a minimum deposit starting from as low as Rs. 250 per year and a maximum deposit of Rs.1.5 lakh in a year for which the depositor can claim tax benefit under section 80C of the IT Act. Deposits can be made through cash and/or cheque, however, the initial deposit amount has to be paid in cash.

Detailed about Sukanya Samridhi Scheme

Eligibility Criteria – Only valid for a girl child who is a resident of India. Female children with non-resident Indian status are not allowed to have an SSY account under their name in India. If a girl child acquires the status of non-resident Indian post getting an ICICI Sukanya Samriddhi Yojana account opened, her parents/legal guardian should inform the respective ICICI branch about this change within 1 month and based on which, the account will be closed.

Partial Withdrawal – Under SSY scheme, 50% of the funds can be withdrawn from ICICI Sukanya Samriddhi account once the girl child has attained the age of 18 years. These funds can be used for the purpose of higher education/marriage

Account Reactivation – Until at least 14 years a minimum deposit of Rs. 250 will be required per year to keep the account in an active state. If in any case, the depositor is unable to make the payment for any particular year, the account will be deactivated and can be revived by paying a fee of Rs.50 along with the minimum deposit amount

How to Open an SSY Account with ICICI Bank?

Opening an ICICI Sukanya Samriddhi Yojana Account is simple and easy. The biological parents or legal guardians of a girl child can easily open the Sukanya Samriddhi Account for their girl child by following the below-given steps:

Offline Method

If you go with the offline channel, parents or legal guardians will have to submit the form and documents along with a minimum account opening deposit to the nearest ICICI Bank branch. Parents may download the SSY account opening form ICICI official website. Along with the duly filled application form, certain mandatory documents are needed to be submitted like:

  • Birth certificate of the girl child
  • Photographs of Girl Child and Parents or legal Guardian
  • Address proof and id proof of parents or legal guardian
  • Minimum account opening amount of Rs. 250

Upon receipt and successful verification of such request, the ICICI bank will activate the Sukanya Samriddhi Account provided all the documents submitted satisfy ICICI Banks terms and conditions.

Online Method

Parents/legal guardians can open an SSY account via online channel also. Under this method, the depositor i.e. parents or legal guardian of the girl child will have to visit the official banking website of ICICI Bank. To open an SSY account in ICICI Bank, you need to submit certain documents which are mentioned in the next section.

Calculate your Investment Returns and Maturity amount on SSY by using Sukanya Samriddhi Calculator

Documents Required for SSY Account with ICICI Bank – Online Method

The following items should be produced at the time of applying for a Sukanya Samriddhi Account –

  • Birth Certificate of the girl child
  • Photograph of the girl child
  • Photograph of the parents or legal guardian
  • Duly filled SSY account opening form
  • Government-approved address proof for parent/guardian of girl child
  • Government-approved identity proof for parent/guardian of girl child
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