ICICI Bank Sukanya Samriddhi Account Last Updated : 17 Oct 2019

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.

ICICI Bank Sukanya Samriddhi Account


The Industrial Credit and Investment Corporation of India was established in 1994 and is one of the younger nationalised banks of India. In terms of size, reach of services and the revenue it is the second largest bank as of 2014. Headquartered in Mumbai, Maharashtra, ICICI is one of the Big Four banks of India with over 4000 branches, 13000 ATMs and presence in 17 countries including India. It has a registered office in Vadodara, apart from the head office in Mumbai.

In addition to nominal banking solutions such as savings accounts, corporate accounts, personal and specialised loans, ICICI Bank also offers credit cards, hire purchase and leasing, merchant banking and electronic remittance services, to match the requirements of the banking market. It is also one of the 28 banks that have been given the authorisation from the Reserve Bank of India to operate the Sukanya Samriddhi Account launched by the Government of India in 2014.

ICICI Bank Sukanya Samriddhi Account

This 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 INR 1000. 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 INR 1000 per year and a maximum deposit of INR 150,000 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 14 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 14 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 INR 1000 is required per year for 14 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 – Starting off with an interest rate as high as 9.1% per annum during 2014-15, this account has increased the rate by 0.1% per annum for 2015-16. As of 2015-16, interest at 9.2% 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 INR 1000 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. Government-approved proof of address for parent/guardian of girl child
  3. Government-approved proof of identity for parent/guardian of girl child

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