Child Education Plan FAQs
What is Child Education Plan?
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 features of a Child Education Plan?
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?
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.
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 take 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 installment payment in 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.