Child Education Plan - Get the Best Education for your Child

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Child Education Plan

Overview
Features

Investments and Returns

Child is in kindergarten – Invest for the next 5 years and your child’s primary education will be taken care of.

Child in Secondary School – Invest Rs. 3, 700/ month for the first 6 years in a decade-long plan. Get an annual payout of Rs. 1, 02, 434* for the next 4 years and fulfil your dream of seeing your child graduate from a great college. Unlimited cash withdrawal transactions at any bank’s ATM, free of charge

Basic

Open an Account singly in the name of the minor under the guidance of a natural or court-appointed guardian.

Investment Phase

Invest a small monthly amount of Rs. 500 initially and thereafter multiples of Rs. 100 and watch it grow! The minimum tenure of this phase is 3 years and multiples of 3 thereon. Deposit cash, cheque or leave Standing Instructions to make banking easier.

*As per prevailing interest rates on January 08, 2010.

Benefit Phase

Earn interest on the money accumulated in the Investment Phase and receive regular equated payouts directly into the child's Youngstar Savings Account. Minimum tenure of this phase is 12 months and multiples of 1 thereon.

Other Features

Avail of easy loans against your deposits, premature withdrawal and closure and non-applicability of TDS.

Interest

Get the contracted rate of interest in both the phases, with a quarterly or annual payout. earn the prevailing fixed deposit interest rates for the entire deposit period.

Nomination

Nominate a single nominee to your account proceeds, whether held solely or jointly. Applicants are required to fill a form prescribed under the Banking Companies (Nomination Rules), 1985. For more details, visit your nearest ICICI Bank branch.

Investment Phase

This is the first phase. This helps you save a small amount each month and then watch it grow into a big amount.

Minimum tenure of this phase

3 years, and thereafter in multiples of 3 months.

Minimum deposit amount

Rs. 500, and thereafter in multiples of 100.

Funding of the deposit in Investment Phase

Fund the Child Education Plan conveniently through a standing instruction on the parent's ICICI Bank Savings Account. No more hassles of writing a cheque or depositing cash!

Alternatively, it can be done through either depositing cheque or cash.

Benefit Phase

This is the second phase. It ensures that your child gets the money which will help him or her fulfil his / her dreams.

Earn interest on the money accumulated in the Investment Phase and receive regular equated payouts directly into the child's Youngstar Savings Account for convenient use of the funds.

Payouts

Payouts can be received in any of the following intervals:

Quarterly
Annual

Minimum tenure of this phase

12 months, and thereafter in multiples of 1 month.

Interest Rate

Child Education Plan will earn the prevailing fixed deposit interest rates for the entire deposit period, i.e. same rate of interest in Investment Phase and Benefit Phase. The rate of interest applied will be as per the 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.

Other Features

Non-applicability of Tax Deduction at Source (TDS) during the Investment Phase
Loan on deposits
Partial withdrawal allowed
Pre-mature closure allowed

Nomination

Nomination facility available for bank deposits.
There can be only one Nominee for a deposit account whether held singly or jointly
A person legally empowered to operate a minor's account can file a nomination on behalf of the minor
Applicants can make nomination by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985
The nomination details can be changed during the subsistence of the account relationship by filling up the Form prescribed under the Banking Companies (Nomination) Rules 1985
For more details approach your bank

Documents Required

For opening a Child Education Plan when the minor and the guardian / parent does not have a relationship with the bank, the documentation of Parent/Guardian will be required.

Latest Photograph/s of applicant/s
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

Popular FAQs

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

How will the interest rate be assigned to Child Education Plan?

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.

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