|ICICI Money Multiplier Plan||Details|
|Type||Resident Savings Account with Auto Sweep Facility to Fixed Deposit|
|Transfer to FD||In multiples of Rs. 5,000 at each instance|
|Interest Rate||As per that applicable on the FD|
ICICI Money Multiplier Plan gives you maximum liquidity with the benefit of Fixed Deposits (FDs). You can earn higher interest on the linked FD/s. If you have an Indian Savings Bank (SB) Account at the ICICI Bank, then you can request this facility. You can link more than one FD to the account. You can send a request for the same through branch visit, infinity, internet banking, phone banking, etc. Transfers to the FD happens in the multiples of Rs. 5,000 each.
Both ‘Auto Sweep In’ and ‘Auto Sweep Out’ options are available. You can transfer the surplus balance to the stipulated amount in your SB account to the FD, and earn a higher interest on the investment. Similarly, if the savings account falls short of the minimum quarterly balance mandated, then the FD is broken to replenish the shortfall amount.
In this post, we will discuss ICICI Bank Money Multiplier Plan features, auto-renewal, premature withdrawal, eligibility criteria, interest rates, and FAQs.
Get the chance to multiply your money at the maximum possible rate of interest for 390 days. Here are the features you must know:
Under the ICICI Bank Money Multiplier Plan, if the deposit falls due, then the bank will renew the accrued interest and principal automatically for the tenure same as that of the original deposit. Here are the penalties on premature withdrawal of the FD:
|Tenure of Original Fixed Deposit||Penalty on Premature Withdrawal|
|Less Than a Year||0.50%|
|1 Year and More, But Less Than 5 Years||1.00%|
|5 years and more||
Here are the norms for eligibility:
Here is more information on ICICI Bank savings accounts interest rates:
Here are the FAQs:
If your residential status or address changes, then you have to inform the bank in writing about the same.
You can request to de-link the deposit made from the SB account through the feature of Money Multiplier. To do this, you have to use the Infinity platform and send a request to the bank. You may visit the bank’s branch for the same, or use phone banking.
All the transactions for the savings account available for the resident can be carried out from the linked FD. The rules to the same are according to those that govern such SB accounts for residents.
The Fixed Deposit under the said scheme is under unconditional lien to the ICICI Bank. The institution has the right to settle dues against the FD to pay any dues. It can prematurely close the deposit by applying the default interest rate. The bank will do so if it has to pay a cheque drawn on the savings account linked to the FD.
There is no option to take a loan or overdraft on the security of FD under the feature of ICICI Bank Money Multiplier.
The bank has the authority to link all FDs, except the tax-saver Fixed Deposit. But the tenure of the deposit should be at least a year or above. It must be made to an operative resident Savings Account under the Money Multiplier Plan. If you want to link any other deposit, along with the FD opened by other means, then you have to provide separate instructions for the same to the institution.
Here are a few pointers to consider:
Those with auto sweep and quantum optima facility for their resident savings account as of June 30, 2005, can avail of the auto sweep for the Money Multiplier scheme as per those mentioned in the ‘Features’ section of this post.