Creating password of at least 12 characters did the the trick. Thank you!
My mistake was to read the first point of 8 characters as bare minimum. Rather they had broken the minimum requirement of 12 like this "8+1+1+1+1"
Hence minimum password length is 12
- 8 characters
- 1 uppercase letter
- 1 lowercase letter
- 1 number
- 1 special character (!,”,$,%,^,@)
Glad it worked for you!