ICICI Bank SSY

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Introduction

The ICICI Bank Sukanya Samriddhi Yojana (SSY) is a flagship scheme launched by the Government of India under the Beti Bachao Beti Padhao Yojana. It aims to secure the financial future of the girl child by encouraging parents or guardians to save systematically for her education and marriage. Among various financial institutions offering this scheme, ICICI Bank is one of the top private sector banks where you can open an SSY account seamlessly.

Key Features of ICICI Bank Sukanya Samriddhi Yojana

Eligibility: A girl child aged 10 years or below is eligible. Only one account per girl child can be opened.
Interest Rate: An Attractive interest rate is notified quarterly by the Ministry of Finance. As of Q1 2025, the rate is 8.2% p.a.
Tenure: The account matures after 21 years from the date of opening or on the girl child’s marriage after 18 years of age.
Deposits: Minimum deposit of Rs. 250 and maximum Rs. 1.5 lakh in a financial year.
Lock-in Period: You make deposits for 15 years, and the account continues earning interest for the following 6 years.
Partial Withdrawal: Allowed up to 50% of the balance for education purposes after the girl turns 18.
Tax Benefits: Enjoy Triple Exemption – investment, interest earned, and maturity amount are tax-free under Section 80C of the Income Tax Act.

How to Open an SSY Account with ICICI Bank?

You can easily open a Sukanya Samriddhi Account in ICICI Bank through the following methods:

Offline Mode: Visit the nearest ICICI Bank branch with the required documents.
Online Mode: Initiate the process through ICICI Bank’s website or iMobile app and complete in-branch verification.

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Stepwise Process to Open an SSY Account in ICICI Bank

Offline Method

Visit your nearest ICICI Bank branch.
Collect and fill out the SSY account opening form.
Submit the form along with required documents.
Deposit the minimum amount (Rs. 250).
The bank will provide a passbook as a record of the account.

Online Method

Log in to the ICICI iMobile App or Internet Banking.
Navigate to the Sukanya Samriddhi Yojana option under accounts.
Fill out the digital form and upload scanned documents.
Choose the amount to deposit.
Visit the branch for in-person verification (mandatory as per government norms).

Documents Required for SSY Account with ICICI Bank – Online Method

Birth certificate of the girl child
ID proof (Aadhaar card, Passport, Voter ID) of parent/guardian
Address proof (Aadhaar, Utility Bill, Passport)
Photographs of the girl child and the guardian
PAN card of the guardian (for tax benefits)

Benefits of Sukanya Samriddhi Yojana in ICICI Bank

Minimum Deposit of Just Rs. 250: Ensures affordability for all families.
Helps Meet Financial Needs: Designed to support the girl child’s education and marriage.
Triple Tax Benefits: Exempt-Exempt-Exempt (EEE) tax status under Section 80C.
Competitive Interest Rates: Higher than most fixed deposit schemes.
A deposit is needed for only 15 Years: Contributions stop after 15 years while interest accrues until maturity.

Using Sukanya Samriddhi Calculator

You can use the Sukanya Samriddhi Calculator available on ICICI Bank’s website to estimate:

Future corpus at maturity
Monthly/yearly contribution needed
Total interest earned

This helps in better financial planning and setting realistic savings goals for your daughter.

ICICI Bank SSY Account vs. Other Investment Options

Feature	ICICI SSY	Fixed Deposit	PPF
Interest Rate	8.2% (Q1 2025)	6.5% – 7.5%	7.1%
Tax Benefits	EEE	Taxable	EEE
Lock-in	21 years	Flexible	15 years
Purpose	Girl Child	General	General

The ICICI SSY Account stands out for its dedicated purpose and higher interest.

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Who Can Open an SSY Account in ICICI Bank?

Biological or legal guardian of a girl child aged 10 years or below.
Indian residents only.
Only one account per girl child is allowed.

Additional Notes About SSY Account in ICICI Bank

The account can be transferred to any authorized bank/post office across India.
Missed payments can be regularized by paying a penalty of Rs. 50 per year.
The maturity proceeds are directly credited to the account holder (girl child).

Conclusion

The ICICI Bank Sukanya Samriddhi Yojana account offers an excellent opportunity for parents to build a secured financial future for their daughters. With affordable minimum contributions, high-interest rates, and tax-free returns, this scheme is a perfect blend of financial security and long-term growth. The process to open an SSY account is straightforward, and ICICI Bank’s robust banking services make it even more convenient.

This initiative not only aligns with the government’s Beti Bachao, Beti Padhao Yojana but also empowers parents to plan systematically for their daughter’s milestones. For families looking for a safe, long-term investment plan exclusively for the girl child, the ICICI SSY account proves to be an ideal choice.