ICICI Bank Sukanya Samriddhi Account

ICICI Bank offers government-launched special small savings account called the Sukanya Samriddhi Yojana Account. The scheme is meant for exclusively for girls and it offers financial support which is aimed towards higher education or marriage. The interest you will earn is 8.5% which is compounded on an annual basis.

Sukanya Samriddhi Account is a special small savings account that has been recently launched by the Government of India. The objective of this account is to provide a better future for girl children and thus empower the female ratio of the population. As per its name, this account is meant exclusively for girls and allows a financial support aimed towards achieving higher education or fulfilling marriage needs.

Features of ICICI Bank Sukanya Samriddhi Account

The following can be mentioned as the salient features of this specialised small savings scheme

  1. Account Opening - Account can be opened by biological parents or legal guardians on behalf of the girl child through an initial deposit of Rs.1,000. One account per girl child is allowed and a maximum of three accounts can be allowed in a family, subject to the condition that the family has had twin girls. Accounts can be opened at post offices and authorised bank branches and are transferable across India.
  2. Deposits - Account requires a low deposit of Rs.1,000 per year and a maximum deposit of Rs.1.5 lakh in a year in a year is allowed. Deposits can be made through cash and/or cheques in multiples of INR 100 subject to the aforementioned limits. Deposits can be made for a period of 15 years.
  3. Account Operator and Depositor – Until the girl child reaches the age of 10, the account can be operated by a legal guardian or parent on her behalf. The operator of the account will also be the depositor for this period. Once the girl child achieves the age of 10 years, she can choose to operate the account herself. The guardian or parent can still remain the depositor till the end of the deposit period of 15 years.
  4. Account Tenure – The account or deposit has a tenure of 21 years at the end of which the deposit achieves maturity and is released from the lock-in period. The amount in the account can be paid out or can be kept as is, allowing further accrual of interest till the date the account is actually closed
  5. Partial Withdrawal – After the girl child has reached the age of 18 years, 50% of the funds in the account can be withdrawn for the purpose of higher education or marriage
  6. Account Revival – As mentioned earlier, a minimum deposit of Rs.1,000 is required per year for 15 years in order to ensure the continuity of the account. In case this requirement is not met during any particular year, the account will be discontinued. It can be revived by paying a fee of INR 50 and the minimum deposit amount

Benefits of Sukanya Samriddhi Account with ICICI Bank

This specialised account was launched for the secure future of the girl child and it offers many benefits to the parents/guardians as well as the girl child. These benefits are the most compelling reasons for people to consider opening a Sukanya Samriddhi Account with ICICI Bank.

  1. High Interest Rate – As of 2019-20, interest at 8.5% per annum will be compounded and credited into the account every year
  2. Additional Interest – If, post the maturity period of 21 years, the amount in the account is not withdrawn, it will keep earning compound interest at the rates mentioned in the scheme
  3. Low Deposit Amounts – Made for every family, the nominal deposits of Rs.1,000 per year allow a depositor to keep adding to the account without much of a struggle
  4. Transferability – In case the depositor and/or account holder changes his/her location, the account can be transferred to any authorised bank or a post office there and further actions pertaining to the account can be done locally
  5. Tax Exemption – As a depositor, the funds deposited into this account do not incur tax as per Section 80C, while as an account holder, the maturity proceeds are also tax free. It offers a win-win situation for the guardian and the girl child

Documents Required for Opening a Sukanya Samriddhi Account with ICICI Bank

The following items need to be presented at the time of applying for a Sukanya Samriddhi Account –

  1. Birth Certificate of girl child
  2. SSY account opening form
  3. Government-approved proof of address for parent/guardian of girl child
  4. Government-approved proof of identity for parent/guardian of girl child

FAQs on ICICI Bank Sukanya Samriddhi Account

  1. How to apply for ICICI Bank Sukanya Samriddhi Account?
  2. The guardian will have to submit account opening documents on the behalf of the minor girl in any of the branches of ICICI Bank. The account will open in one of the 42 designated branches.

  3. What are the eligibility criteria in order to apply for this account?
  4. The eligibility criteria one will have to fulfill in order to apply for this account is given below:

    • The account can only be opened by a legal guardian or the parent of the girl child from her birth till she attains 10 years old.
    • The account can only be opened in the name of a girl child. Only the depositor can operate the account as per the scheme rules.
    • A legal guardian or the parent can only open this account for two girl children only. However, a third account can be allowed to be opened in case in the event of twin girl children, or if the first birth results in the birth of three girl children.
  5. What is the minimum and maximum amount that can be invested in Sukanya Samriddhi Yojana (SSY)?
  6. The minimum and maximum that can be invested in Sukanya Samriddhi Yojana is Rs.1,000 p.a. and Rs.1.5 lakh p.a. respectively.

  7. When does an SSY account mature?
  8. The account matures after the completion of 21 years since the date on which the account was opened.

  9. I have an SSY account in another bank/post office. How can I transfer my SSY account to ICICI Bank?
  10. The process to transfer your SSY account from another bank/post office to ICICI Bank is very simple. You will have to submit SSY Transfer Request at your existing bank or post office mentioning the address of the ICICI Bank branch. The existing bank will send all the required documents such as account opening application form, specimen signature, certified copy of the account, along with a dd/cheque of the outstanding balance.

  11. Can loan facility be availed under SSY?
  12. No, there is no loan facility provided under Sukanya Samriddhi Yojana.

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