Since in India the degree course is of 3 years and minimum of 4 years of education is required for abroad application it is suggested to do one year of diploma courses for the 12+4 requirement .
So is there any requirement for accreditation for the diploma course like UGC approved or AICTE approved or any diploma course is considered?

I think at least some of the top internationally facing schools understand this, since there are generally many (relatively) applicants from India each year.

However, do yourself a favor and ask the schools you're applying to (assuming they don't mention the situation on their websites.) Because you don't want to be surprised if one tells you no after you've applied.

If you're looking at Canadian schools, there's a long running discussion here, and some pole have done research on which schools accept this and have reported back:

https://find-mba.com/board/americas/is-15-years-of-education-a-problem-in-canada-now-51363

Looks like maury commented there too. :)