ICICI Bank Sukanya Samriddhi Yojana – Open SSY Account

In January 2015, with a motive to end gender discrimination, the NDA government launched several schemes under the ‘Beti Bachao, Beti Padhao’ initiative. One such scheme was the Sukanya Samriddhi Yojana (SSY), designed to motivate parents to start a savings account for their daughters. ICICI Bank, among various banks, is authorised to offer the Sukanya Samriddhi Yojana account.

In this guide, you will learn in detail about the Sukanya Samriddhi Yojana ICICI and other crucial associated details. 

What is ICICI Bank Sukanya Samriddhi Yojana?

ICICI Bank Sukanya Samriddhi Yojana is a savings plan designed for parents of a girl child. Its purpose is to assist parents in securing a promising future for their daughters by managing education and marriage costs through this savings program. In this scheme, a parent or legal guardian can open a modest savings account in the bank for a girl until she reaches the age of ten.

Features of ICICI Bank Sukanya Samriddhi Account

Here are some essential features of Sukanya Samriddhi Yojana ICICI Bank:

1. Opening an Account 

Legal guardians can open an account for their girl child with an initial deposit of ₹250. Only one account per girl child is permitted, and a family can have a maximum of two accounts if they have twin girls. You can open an SSY account at ICICI Bank and transfer it nationwide.

2. Deposits

The account requires a yearly deposit of ₹250, with a maximum yearly deposit limit of ₹1.5 lakh. Deposits can be made in cash or cheques in multiples of ₹100, staying within the prescribed limits. The deposit period spans 15 years.

3. Account Operator and Depositor

Until the girl child turns 10, a legal guardian or parent can operate the account on her behalf and act as the depositor during this period. Once the girl child reaches 10 years, she can choose to manage the account herself. The guardian or parent can still remain the depositor until the end of the 15-year deposit period.

4. Account Tenure

After 21 years, the account matures and becomes free from the lock-in period. You have the option to withdraw the funds at maturity or keep them in your account for additional interest accrual until closure.

Partial Withdrawal

When the girl child reaches 18 years old, she can withdraw 50% of the deposited funds from the account for either higher education or marriage.

Benefits of Sukanya Samriddhi Account with ICICI Bank

The following highlights the benefits of Sukanya Samriddhi Yojana in ICICI Bank:

1. Competitive Interest Rate

Currently, as of 2023-24, the account earns a high interest of 8% p.a., compounded and credited annually.

2. Additional Interest

If the amount in your account is not withdrawn after the 21-year maturity period, it continues to earn compound interest at the specified rates in this scheme.

3. Affordable Deposits

Tailored for every family, the low yearly deposit of ₹250 allows you to contribute to this Sukanya Samriddhi Yojana account without financial strain.

4. Transferability

If you move to a new location, you can transfer your Sukanya Samriddhi Yojana account easily to any authorised bank branch. It allows you to manage your account locally without any hassle.

Tax Benefits

When you deposit money into the SSY account, you enjoy tax exemption under Section 80C of the Income Tax Act. Additionally, as an account holder, the maturity proceeds are also tax-free. It creates a win-win situation for both you as a guardian and your girl child.

Eligibility Criteria to Open ICICI Bank SSY Account

To be eligible for Sukanya Samriddhi Yojana ICICI, you need to meet the following criteria:

1. If you are a legal guardian of a girl child, you are eligible to open the account from her birth until she turns 10 years old.
2. Each depositor is allowed to open and oversee only one account for a girl child, adhering to the scheme’s guidelines.
3. You have the option to open accounts for a maximum of 2 girl children. However, a third account in the girl child’s name may be initiated in case of the birth of twin girls as a second birth or if the first birth results in three girl children.

Who Can Open an SSY Account?

Parents or guardians can contribute to the Sukanya Samriddhi Account on behalf of their girl child until she becomes 10 years old. Once she turns 10, either parents or a girl child can deposit money into the account and manage it. When the girl reaches 18, she must operate her Sukanya Samriddhi account independently.

Documents Required to Open a Sukanya Samriddhi Yojana ICICI Bank

The following mentions some crucial documents that you need to present to open a Sukanya Samriddhi Yojana ICICI Bank account:

1. Duly filled ICICI Bank SSY account opening form
2. Birth certificate of the girl child
3. Address proof documents
4. Identity proof documents 
5. Passport-size photograph of the girl child
6. Passport-size photograph of the parents

How to Open a Sukanya Samriddhi Yojana Online Account in ICICI Bank?

You must follow the below-mentioned steps to open a Sukanya Samriddhi Yojana ICICI account online:

• Step 1: Visit the official website of ICICI Bank.
• Step 2: Under the Investments section, click on ‘Government Schemes’.
• Step 3: Scroll down, and you will find the Sukanya Samriddhi Yojana (SSY) Account. Click on ‘Know more’.
• Step 4: A new page will appear. Click on the ‘Open Account’ option. The SSY Form of ICICI Bank will appear. 
• Step 5: Fill in all the necessary details required and attach the documents.
• Step 6: Submit this document to open your SSY account. 

Stepwise Process to Open an SSY Account Offline 

Here is a stepwise process to open a Sukanya Samriddhi Yojana ICICI account offline:

• Step 1: Go to the nearest ICICI Bank branch.
• Step 2: Complete the SSY account opening form and attach your KYC documents.
• Step 3: Deposit the investment amount using cash, cheque, or demand draft. The minimum initial investment is ₹250.

After making the payment, the bank will process your application and provide you with a passbook.

ICICI Bank Sukanya Samriddhi Yojana Formula and Calculation

You can determine the interest earned from the Sukanya Samriddhi Yojana ICICI account by using an SSY calculator. Before we dive into this scheme’s calculator, let us learn more information about the formula used by this online calculator. 

A Sukanya Samriddhi Yojana calculator uses the following formula.

A = P ((1 + r/ n) ^ nt)

Here, 

• A – Maturity amount
• P – Principal amount
• i – Expected rate of return
• n – Frequency of interest compounding in a year
• t – Total number of years

Say you deposit ₹10,000 annually in the Sukanya Samriddhi Yojana with an annual interest rate of 8%. Furthermore, you plan to keep the investment for 21 years. The calculator will display your total investment as ₹1,50,000 for 15 years and the total interest earned will be  ₹2,98,969. Your maturity amount will be ₹4,48,969 in 2042 i.e. after 21 years.

How to Use an ICICI Bank SSY Calculator?

You can easily access a Sukanya Samriddhi Yojana ICICI calculator for free. It is useful for estimating potential returns. Here are the steps showcasing how it works:

1. Girl Child’s Age: Your girl child must be 10 years or younger to avail of this scheme. However, a 1-year grace period is allowed.
2. Annual Investment: You can deposit an amount ranging from ₹250 to ₹1,50,000 in a financial year.

After entering these details, select the investment starting year. The Sukanya Samriddhi calculator then displays its maturity year, accrued interest, and maturity amount. SSY serves as an excellent investment tool for parents securing their girl child’s financial future. Remember, the returns from this scheme can be utilised for significant life milestones, including education and marriage. 

Tax Benefits on ICICI Bank SSY

Sukanya Samriddhi Yojana (SSY) helps you achieve your tax-saving goals while building a fund for your daughter’s future. This scheme holds an exempt-exempt-exempt (EEE) status, offering multiple tax benefits:

1. Your investments in Sukanya Samriddhi Yojana ICICI qualify for tax deductions under Section 80C of the Income Tax Act, allowing deductions of up to ₹1.5 lakhs.
2. If you invest ₹1.5 lakhs in the scheme within a financial year, the entire investment becomes eligible for tax deduction.
3. The interest earned on your investment is also tax-exempt.
4. No taxes are levied on the maturity amount or withdrawals from this scheme. 

ICICI Bank Sukanya Samriddhi Yojana Withdrawal Rules

The following highlights some important ICICI Bank Sukanya Samriddhi Yojana withdrawal rules which you must remember:

1. When your girl child turns 18, she has the option to make an early withdrawal of up to 50% of the account balance before the maximum maturity period of 21 years. 
2. The withdrawal option is allowed specifically for funding her higher education or marriage.

How to Withdraw Sukanya Samriddhi Yojana in ICICI Bank?

To withdraw funds from Sukanya Samriddhi Yojana ICICI account, follow these steps:

• Step 1: Fill out a withdrawal application form.
• Step 2: Provide an ID proof, citizenship proof, and residence proof along with the application.

If you choose not to withdraw the balance after 21 years, the corpus will no longer earn any interest.

How Many Accounts Can be Opened in Sukanya Samriddhi Yojana?

You can open only one Sukanya Samriddhi Yojana ICICI account for each girl child, either at the post office or any bank. In a family, a maximum of two girl children can have these accounts. However, if there are twins or triplets born in the family, more than two accounts can be opened.

Difference Between ICICI Bank PPF and SSY

The following table highlights the difference between ICICI Bank’s PPF and SSY.

How to Check Sukanya Samriddhi Yojana Account Balance in ICICI Bank?

To check the balance of your Sukanya Samriddhi Yojana account in ICICI Bank online, follow these steps:

• Step 1: Log in to your ICICI Bank using your credentials.
• Step 2: View your Sukanya Samriddhi account balance on the homepage or dashboard.

How to Download the Sukanya Samriddhi Yojana Statement?

To download your Sukanya Samriddhi Yojana ICICI account statement, follow these steps:

• Step 1: Use the credentials provided by the ICICI bank executive to log into the bank’s Internet banking portal.
• Step 2: Once logged in, your SSY account balance will be visible on the homepage or dashboard.

ICICI Bank Sukanya Samriddhi Yojana Form

While filling out an ICICI Bank Sukanya Samriddhi Yojana form, you need to provide the following information:

1. Parent or guardian’s details
2. Minor’s details
3. KYC details
4. Your home address
5. Deposit amount
6. Nomination details

What is the Minimum Amount Required to Open an Account Under Sukanya Samriddhi Yojana?

To open a Sukanya Samriddhi Yojana account, you need to deposit a minimum of ₹250. After opening the account, you must make a yearly deposit of at least ₹250, and you have the flexibility to deposit any amount in multiples of ₹50. 

Deposits are allowed for 15 years from the account opening date. Failure to meet the minimum annual deposit of ₹250 will result in the Sukanya Samriddhi Account being deemed a default account, except in cases where the parent or guardian who initiated the account has passed away.

What is the Duration of the ICICI Bank Sukanya Samriddhi Yojana Account?

Deposits into an ICICI Bank Sukanya Samriddhi Yojana account must continue for 15 years from the opening date. The account reaches maturity 21 years from its opening. After this period, the accumulated corpus and interest amount will be disbursed to the girl for whom the account was opened.

Final Word

Now that you know about the Sukanya Samriddhi Yojana ICICI account, you can make this smart choice to safeguard your daughter’s future. Furthermore, consistent deposits into an SSY account can build a substantial fund for her higher education or marriage expenses when the time comes. 

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.