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Terms and Conditions (SSY)

ICICI Bank Limited ("ICICI Bank"), has been authorized/permitted by Ministry of Finance to accept subscription under the Sukanya Samriddhi Account Rules, 2014 ("Rules"). These Terms and Conditions for Sukanya Samriddhi Account (the "Terms") apply to and regulate the provision of services pertaining to Sukanya Samriddhi Account through ICICI Bank.

These Terms are in addition to and not in derogation with terms and conditions /rules/regulations/notifications/directives etc. governing Sukanya Samriddhi Account and issued by appropriate / competent authorities under Rules/ other applicable laws and in case any other services of ICICI Bank like internet banking is availed, terms and conditions applicable to such services shall be applicable (collectively referred to as "Primary Terms").

All capitalized terms used herein but not defined shall have the same meaning as specified under the Primary Terms.

1. Definitions

  • "Account Opening Form" shall mean the account opening form for Account as available at the Website or any branch of ICICI Bank.
  • "Account" shall mean the Sukanya Samriddhi Account opened with ICICI Bank as per these Terms and the Rules.
  • "Beneficiary" shall mean the minor girl child of whom Guardian in is either legal or natural guardian and in whose name the subscription to Sukanya Samriddhi Account is being made. The Beneficiary shall be the ultimate Account holder.
  • "Guardian" shall mean the legal/natural guardian of Beneficiary who accept these Terms.
  • "Services" shall mean services provided by ICICI Bank in relation to Account.
  • "Website" refers to the website owned, established and maintained by ICICI Bank at the URL and used for providing various products and services including Internet Banking Services.

2. Opening of the Account

  • Account opening and the operations thereof shall be strictly governed by Primary Terms, these Terms, applicable laws and internal policies of ICICI Bank and may be revised from time to time.
  • In order to apply for Account, the Guardian shall be required to fill in the Account Opening Form as per instructions provided therein. Once the Account Opening Form has been filled, the Guardian is required to sign it and submit the same to any branch of ICICI Bank along with (i) photograph of Guardian himself /herself and Beneficiary(optional); (ii) birth certificate of Beneficiary; (iii) identity proof of the Guardian; (iv) residence proof of the Guardian; (v) copy of Permanent Account Number card of the Guardian; and (vi) any other document ICICI Bank may specify. The Guardian shall bring the original of the above documents to the branch of ICICI Bank for verification purposes.
  • ICICI Bank shall have sole discretion in respect of opening or closure of the Account.
  • The Guardian hereby represents and warrants that (i) all documents, details, photographs etc., provided by the Guardian is hereby true and correct; the Guardian has not opened any other sukanya samriddhi account under the rules for the Beneficiary; (iii) the guardian has not opened third sukanya samriddhi account under the Rules except as per Rules.
  • The Account shall be activated only if the Account Opening Form and documents submitted are to satisfaction of ICICI Bank.
  • New Account can be opened by Guardian for a Beneficiary only if (i) the Beneficiary is less than 10 (ten) years old; or (ii) the Beneficiary had attained the age of 10 (ten) years one year prior to December 03, 2015.
  • The Guardian can open only 1 (one) Account for a Beneficiary. In the event a sukanya samriddhi account under the Rules has already been opened in favour of the Beneficiary with any other bank or Post Office, the Guardian cannot open a new Account with ICICI Bank. However, the Customer may transfer such sukankya samriddhi account to ICICI Bank as per the Terms.
  • In the event more than one sukanya samriddhi account under the Rules has been opened for a Beneficiary, Guardian shall close all other account except one. In the event such accounts which have been closed are sukanya samridhhi account with ICICI Bank, no interest shall accrue on such account and ICICI Bank shall refund the balance amount to the Guardian.
  • The Guardian can open only two sukanya samriddhi account under the Rules with any bank or post office. However, Guardian can open third sukanya samriddhi account under the Rules if the second birth is of twin girls or first birth is of triplets. However, a certificate to this effect from competent medical authorities where birth of the above twin or triplet girl child has taken place need to be provided.

3. Deposit

  • The Account shall be opened with a minimum deposit of Rs. 250/- (Rupees Two Hundred Fifty) or such other amount as maybe specified from time to time by Ministry of Finance By way of cheque (cheque should be favoring "ICICI Bank Sukanya Samriddhi Yojana a/c <a/c number>")
  • Subsequent deposit may be made by the Guardian in multiples of Rs. 50/- (Rupees Fifty only)  and a minimum amount of Rs.250 or such other amount as maybe specified from time to time by Ministry of Finance By way of cash, cheque (cheque should be favoring "ICICI Bank Sukanya Samriddhi Yojana a/c <a/c number>") or through electronic modes as prescribed by RBI.
  • Maximum amount deposited in an Account cannot exceed Rs.1,50,000/- (Rupees one lakh fifty thousand only) in a financial year or such other amount as maybe specified from time to time.
  • Deposits in an account may be made till completion of 15 (Fifteen) years, from the date of opening of the Account.
  • An irregular account (where minimum amount of Rs.250/- or any other amount as may be specified from time to time, has not been deposited in any financial year) may attract penalty of Rs. 50/- (Rupees fifty only) per year or such other amount as maybe specified from time to time.
  • Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the Account.

4. Interest

Interest as notified by Ministry of Finance from time to time shall be accrued to the account as per the Rules.

5. Operation of account

The Guardian shall promptly inform the ICICI Bank regarding any change in citizenship/residential status of the account holder from time to time. 

6. Closure of the Account

  • In the event of death of the Beneficiary, the Account shall be closed immediately on production of death certificate issued by the competent authority, and the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the Account, to the Guardian.
  • The Account shall mature on completion of 21 (twenty one) years from the date of opening of the Account. However, if the Beneficiary is married before completion of such 21 (twenty one) years, the operation of the Account shall not be permitted beyond the date of her marriage. It shall be responsibility of Beneficiary or guardian to inform ICICI Bank regarding the marriage of the Beneficiary within 30 days of such marriage in writing and shall not operate the Account after such marriage. Upon marriage of the Beneficiary, the Account shall mature and the amount therein shall be given to the Beneficiary upon production of affidavit as per the Rules.
    6.3. On maturity, the balance including interest outstanding in the account shall be payable to the Beneficiary on production of withdrawal slip along with the pass book and proof of identity.

7. The Guardian shall be entitled to receive a passbook carrying details of the Account. The Guardian/ Beneficiary shall be required to present the passbook to the Bank at the time of depositing or withdrawing any amount from the Account or the closure of the Account.

8. Once the Beneficiary attains the age of 18 (eighteen) years, withdrawal up to fifty per cent of the balance at the credit in the Account, at the end of preceding financial year shall be allowed for the purposes of higher education or marriage of the Beneficiary.

9. The Guardian hereby irrevocably authorises ICICI Bank to disclose, as and when ICICI Bank is required to do so by applicable law or when ICICI Bank regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Guardian from ICICI Bank whether singly or jointly with others or otherwise), any information relating to the Guardian, his/her Account(s) or other assets or credit facilities whatsoever held on the Customer's behalf to ICICI Bank’s affiliates, subsidiaries, agents, advisors, employees, contractor, third party service provider in respect of the Account.

10. All notices in connection with the Account shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by ICICI Bank only upon acknowledgment of receipt of the same in writing by ICICI Bank.
[·Central Processing Center,Sukanaya Samriddhi Yojana ICICI Bank Limited Chandivali Tower, 6th Floor, A wing, Autumn, Near Chandivali Studio,Opposite Mhada Colony, Chandivali, Andheri (East)]

11. No failure or delay by ICICI Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies of ICICI Bank as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.

12. The Guardian hereby agrees that the Guardian shall, at his/her own expense, indemnify, defend and hold harmless ICICI Bank from and against any and all liability any other loss/ claims that may occur, arising from or relating to the operation or use of the Account or the services of ICICI Bank or breach, non-performance or inadequate performance by the Guardian of any of these Terms or the acts, not-errors, representations, misrepresentations, misconduct or negligence of the Guardian in performance of its obligations.

13. ICICI Bank reserves the right to make changes to the Terms after giving prior due intimation.

14. The Guardian hereby undertakes to comply with all the specified conditions under the Primary Terms and these Terms.

15. All other terms not specifically mentioned herein shall be governed solely by the Primary Terms and Rules. By applying for the Account and availing Services thereof, the Guardian hereby acknowledges that he / she has read, understood and accepted these Terms, Primary Terms, Rules and undertake to continue to be governed by and abide by such Terms/ Primary Terms.

16. ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services.

17. The laws of India shall govern these Terms. ICICI Bank and the Guardian hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Mumbai, India and irrevocably submit themselves to the jurisdiction of such courts and tribunals. ICICI Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the Guardian hereby consents to that jurisdiction. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.