ICICI Money Multiplier Plan

ICICI Money Multiplier plan is such a scheme which simplifies banking for its customers those who already hold a Savings Bank account. This feature enables the customers to avail maximum benefit from their savings account thereby enabling them to bond strongly with the bank.

Under mentioned are the criteria which make the customers eligible for ICICI Money Multiplier Plan

  • Existing Customer: The individuals should hold a resident savings account with the bank being an existing customer.
  • Minimum Balance:  The individuals need to have a minimum of fifteen thousand if they have Resident Savings Account or they need to have thirty thousand rupees if they have Special Resident Savings Account.

ICICI Money Multiplier Plan’s Features:

Type of Account

Joint or Single

Amount

Minimum – fifteen thousand for Regular Resident Savings Account and thirty thousand for Special Resident Savings Account

Maximum – N/A

Interest Rate

With the facility of Premature withdrawal – 6%p.a. to 7.6%p.a.

Without the facility of premature withdrawal – 6 %p.a. to 7.75%p.a.

Time Period

seven days- ten years

TDS

Income Tax department’s specified TDS rule is applicable

Loan against the bank’s Money Multiplier Plan

No loan facility is available under the plan

Nomination

Nomination facility available

Auto Renewal

Permitted, if not stated otherwise

Rates of Interest by ICICI Money Multiplier Plan:

The rates of interest for FDs under this scheme differ depending upon the deposit period and on the enforceability of the facility of premature withdrawal for a certain A/C. The deposit invested amount and the depositor’s age also affects the total rates of interest. The underneath table shows the rates of interest:

Period

Rates for senior citizens (p.a.)

Rates for others (p.a.)

From Seven to fourteen days

4.50%

4%

From Fifteen Days to One Month

4.75%

4.25%

From One Month to One Year

6 to 8%

5.5 to 7.5%

From One year to 389 days

8.25%

7.75%

For 390 days

8.40%

7.90%

From 391 days to two years

8.40%

7.90%

Above two up to three years

8.25%

7.75%

Above three up to five years

8.25%

7.75%

Above five up to ten years

7.50%

8%

FD’s interest rates which have the facility of premature withdrawal:

For the accounts having the premature withdrawal facility, the rates vary in between 6%p.a. to 7.75%p.a., as shown here:

Period

Rate of Interest (% p.a.)

Seven To Fourteen Days

6

Fifteen Days to One Month

6

One Month to One Year

6 to 7.7

One year to 389 days

7.75

390 days to two years

7.75

Above two up to three years

7.35

Above three up to five years

7.35

Above five up to ten years

7.35


Note: Rates of interest are offered by ICICI and are subject to change.

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