ICICI Flexi Fixed Deposit Scheme
This scheme is offered by the ICICI Bank to enable current and saving account holder to open fixed deposit account. Usually, the interest rates on flexi fixed deposit schemes are higher than that of savings account.
One has to pay a lump sum amount at once to open a flexi fixed deposit amount.
Eligibility Criteria for applying for ICICI Flexi Fixed Deposit Scheme
To open a flexi fixed deposit scheme with ICICI bank you must be:
- Resident individual, single or joint
- Minor can apply through his guardian
- The customer must have current account or a savings account that can be linked with Flexi Deposit.
Features of ICICI Flexi Fixed Deposit Scheme
Account Type | Joint or single |
Amount | The minimum balance in Flexi Deposit accountFor saving bank account holder – Initial deposit is Rs.10,000For current account holder – Initial deposit is Rs.20,000Future deposits – Multiples of Rs.5,000The minimum balance in saving bank account must be Rs.10,000.Minimum balance in current account must be Rs.25,000.Penalty for not maintaining minimum balance: Rs.100 is charged if the minimum balance is not maintained in the savings or current account. |
Period | Flexi deposit account can be opened for:Minimum – 15 daysMaximum – 91 days |
Rate of Interest | Since Flexi Fixed deposit is a term deposit, the rate applicable to term deposit is applicable. |
Auto Renewals | Facility of automatic renewal is available.The customer can instruct the bank to renew the deposit automatically on its due date. |
Reverse sweep facility | When a cheque or withdrawal is presented for payment in the savings or current account that is linked to the flexi fixed deposit account, number of units in the multiples of Rs.1,000 will be paid before maturity.The premature payment is made on last in first out method. |
Nomination | Nomination facility is available. |
FAQs on ICICI Flexi Fixed Deposit Scheme
- What is the minimum initial deposit amount?
The minimum initial deposit if you have a savings account is Rs.10,000 and if you have a current account, then it is Rs.20,000.
- What is the period for which I can open the ICICI Flexi Fixed Deposit account?
ICICI Flexi Fixed Deposit account can be opened for a period of 15 to 90 days.
- What facilities are available with this scheme?
You get facility of reverse sweep and automatic renewal.
- Who can open ICICI Flexi Fixed Deposit scheme?
The deposit account can be opened by a resident individual single or jointly. Minor can open the account through his guardian. The customer must have either a savings or a current account that can be linked to the flexi deposit account.
- Should I maintain a minimum balance in my savings or current account?
Yes, you must maintain a minimum balance of Rs.10,000 in your savings account and Rs.25,000 in your current account.
- Will there be any penalty if I don't maintain the minimum balance in my savings or current account?
Yes, you will get a penalty of Rs.100 if the minimum balance is not maintained in your current or savings account.
- What is reverse sweep facility?
When a cheque or withdrawal is presented for payment in the savings or current account that is linked to the flexi fixed deposit account, number of units in the multiples of Rs.1,000 will be paid before maturity.
- What is automatic renewal?
The customer can instruct the bank to renew the scheme automatically on its due date.
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