| Deposits-Child Education Plan-FAQs |
ICICI Bank presents “Child Education Plan”, a unique way to save for your child's future. To fulfil 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. (“click here” to take to the opening page of Child Education Plan). This savings account brings to you all our core banking services with many exciting benefits and features attached, especially for our women customers.
How do I approach ICICI Bank to open a Child Education Plan? You can approach us in any of the following ways:
What is the minimum installment amount for Child Education Plan? 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.
At what frequency will the payouts be credited to my child's Youngstar Savings Account? 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.
Can I prematurely close the Child Education Plan deposit?
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.
Can I partially withdraw from the Child Education Plan? No. Can I avail of a loan on the Child Education Plan? 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.
Can I set up a Standing Instruction for the installment amount payment to the 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.
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