ICICI Bank Child Education Plan Or Child Education Plan in ICICI Bank
Child Education Plan can be opened singly in the name of minor u/g natural/ legal guardian.
ICICI Bank offers Child Education Plan to its customers which is a unique offer in which they can make small contributions to a Recurring Deposit for a short period and receive regular payouts for the rest of the tenure in your child’s Youngstar Savings Account.
Purpose of ICICI Bank Child Education Plan
It is specially meant to take care of the education of your child.
Features and Benefits of ICICI Bank Child Education Plan
- Attractive Interest Rates
- Non-applicability of Tax Deduction at Source (TDS) during the Investment Phase
- Loan on deposits
- Partial withdrawal allowed
- Pre-mature closure allowed
- You can earn interest rates of Fixed Deposits (FD)
- Nomination Facility is available
Eligibility Criteria of ICICI Bank Child Education Plan
The account can be opened singly in the name of the minor under the guidance of a natural or court-appointed guardian.
Documents Required for ICICI Bank Child Education Plan
Documents required for ICICI Bank Child Education Plan: For opening an account under ICICI Bank Child Education Plan, the applicant is required to submit following documents:
- Latest Photograph of applicant
- Relationship Document
- Identity Proof
- Proof of Communication Address
- Self cheque (if the applicant is not visiting the branch for account opening)
- Proof of Date of Birth of the minor
Deposit Amount under ICICI Bank Child Education Plan
Rs. 500, and thereafter in multiples of 100.
Tenure of ICICI Bank Child Education Plan
3 years, and thereafter in multiples of 3 months. It will comprise of two phases investment phase and benefit phase, with the total tenure varying from 4 years to 10 years.
Interest Rate on ICICI Bank Child Education Plan
Child Education Plan will earn the prevailing fixed deposit interest rates for the entire deposit period with a quarterly or annual payout.
Charges on Premature Withdrawal of ICICI Bank Child Education Plan
On pre-mature withdrawal of the Deposit, interest on Deposit shall be paid to the Depositor/s only for such period for which the Deposit is maintained with ICICI Bank, instead of the entire Tenure, at a rate which is applicable for such period and shall also be subject to deduction of applicable penal interest.