Child Education Plan FAQs

What are the features of a Child Education Plan?

Yes, you can set up standing instructions through your ICICI Bank Account for paying the installments of the Child Education Plan in the Investment Phase. For more details, please visit any ICICI Bank branch.

ICICI Bank presents “Child Education Plan”, a unique way to save for your child's future. To fulfill your child's dream & aspirations, begin by making small investments in a Recurring Deposit for a short tenure and receive regular payouts for the rest of the tenure in your child's “Youngstar Savings Account”. For details, please click here. This savings account brings to you all our core banking services with many exciting benefits and features attached, especially for our women customers.

What are the eligibility criteria for opening a Child Education Plan?

What documents do I need to submit for opening an ICICI Bank Child Education Plan?

You can approach us in any of the following ways:

• Apply online
• Write to us at info@icicibank.com
• Call us at our 24 hour Customer Care Centre
• You can just walk into any of our branches

The minimum installment amount for Child Education Plan is Rs. 500 and thereafter in multiples of Rs. 100.

Child Education Plan will earn prevailing fixed deposit interest rates for the entire deposit period, i.e. same rate of interest in Investment and Benefit Phases. The rate of interest applied will be as per the total tenure of Child Education Plan, including both Investment and Benefit Phases. Even if the rate of interest changes, the Child Education Plan will continue to earn the contracted rate of interest in both the phases.

The frequency of the equated payouts will be chosen by you while filling up the form for investing in this Plan. The periodicity of payout can be chosen as either Quarterly or Annual.

Yes, the Child Education Plan can be prematurely closed. However, 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 at such rate as may be specified by ICICI Bank.

No.

Yes. A loan of 90% will be sanctioned against the principal account balance of the Recurring Deposit in Investment Phase. In the Benefit Phase, the loan will be available at 75% against the remaining account balance of the FD and not the original principal amount.