Every individual purchases a product with a hope to get certain additional benefits from it. The ICICI Money Multiplier Plan is an exclusive feature designed to simplify banking for existing customers of ICICI Bank holding a Savings Bank Account. This add on feature is ideally suited for those who wish to get the most out of their Savings account, helping them build a stronger bond with the bank.
Eligibility criteria for ICICI Money Multiplier Plan
Individuals who wish to enjoy the additional benefits of ICICI Money Multiplier Plan need to satisfy the following basic criteria.
Existing customer - The individual should be an existing customer of ICICI bank maintaining a Resident Savings Account.
Minimum balance - An individual should maintain a minimum balance of Rs 15,000 if he/she has a regular Resident Savings Account or Rs 30,000 if he/she holds a Special Resident Savings Account.
Features of ICICI Money Multiplier Plan
Account Type
Single/Joint
Amount
Min - Rs 15,000 for Regular Resident Savings Account and Rs 30,000 for Special Resident Savings Account
Max - N/A
Rate of Interest
With Premature withdrawal facility - 6% per annum to 7.6% per account
Without premature withdrawal facility - 6 % per annum to 7.75% per annum
Period/Tenure
7 days to 10 years
TDS
TDS rules specified by the Income Tax department are applicable
Loan against ICICI Money Multiplier Plan
No loan facility under this plan
Nomination
Nomination facility available
Auto Renewal
Yes, unless otherwise mentioned
ICICI Money Multiplier Interest Rates
The interest rate for fixed deposits linked to the Money Multiplier Plan vary according to the term of a deposit and whether premature withdrawal facility is enforceable for a particular account. The amount invested into a deposit and the age of a depositor also impacts the overall interest rate. The table below highlights the Interest Rates.
Tenure
Regular FD interest rate
(per annum)
Senior citizen FD interest rate
(per annum)
7 days - 14 days
4.5 %
4 %
15 days - 1 month
4.75 %
4.25 %
1 month - 1 year
6 % - 8 %
5.5 % - 7.5%
1 year - 389 days
8.25 %
7.75 %
390 days
8.4 %
7.9 %
391 days - 2 years
8.4 %
7.9 %
More than 2 years but less than 3 years
8.25 %
7.75 %
More than 3 years but less than 5 years
8.25 %
7.75 %
More than 5 years but less than 10 years
7.5 %
8 %
Table 1: Interest rates for FD with premature withdrawal facility
In the event of accounts which have a premature withdrawal facility, the interest rates vary from 6% to 7.75% per annum, as shown below.
Tenure
interest rate
(per annum)
7 days - 14 days
6 %
15 days - 1 month
6 %
1 month - 1 year
6 % - 7.7 %
1 year - 389 days
7.75 %
390 days - 2 years
7.75 %
More than 2 years but less than 3 years
7.35 %
More than 3 years but less than 5 years
7.35 %
More than 5 years but less than 10 years
7.35 %
Note: Interest rates offered by ICICI are at their sole discretion and liable for change. The rates mentioned above are for December 2015.
ICICI Money Multiplier Plan FAQs
How can one link their ICICI Fixed Deposit to the Money Multiplier Plan?
Individuals who wish to link their accounts with this feature should contact ICICI and request them to link the account. This can be done over phone or by visiting the branch. One will have to provide details of the account, post which the bank will link them.
Can an individual link more than one Fixed Deposit to a resident savings account?
Yes, individuals can link more than one Fixed Deposit to a resident savings account.
What is the "reverse sweep" feature of this plan?
Under the reverse sweep feature, a linked fixed deposit is automatically broken and the money is moved to the Resident Savings Account. This amount can be used to meet any financial shortfall in the account.
What is the period for which a fixed deposit will be linked to the Money Multiplier Plan?
An account will be linked to this plan for a period of 1 year, unless otherwise stated by a customer. An individual can choose a higher term period, as per his/her needs.
How can one de-link their fixed deposit from the money multiplier plan?
Individuals who wish to de-link their account should send a request for the same, by contacting ICICI through phone banking, the infinity feature or by visiting the branch.
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I am doing Fixed Deposit with ICICI BANK and its been around 5years. They haven't been paying good interest and its more or less same like other banks as I used to hold my salary account with ICICI, I have decided to be with one bank. There is no locking period and its flexible. They do give good support and the app is user friendly. Even deposit account can be opened through i-mobile or net banking itself.
I just opened a Fixed Deposit with ICICI BANK and have not done any survey on this. I am account holder with them so it was easy to do FD account even they are providing 7% interest rate. The process is very user friendly and never faced any hassle. I could access this account via online.
I have invested my FD with ICICI BANK and also have a 3in1 account with them. The interest rate is pretty good. Recently started before 6months, I can do premature withdrawal and also have selected a locking period of 3 years. The customer service is good and overall am satisfied with this bank.
I opened fixed deposit with ICICI it gives tax benefits upto 80 c section, I invest Rs. 50,000 as a one time investment it has the term of five years. The online banking is good to deposit the money to take the liquidity, I have option to track the FD details also netbanking.
I have been taken my fixed deposit ICICI bank from long time, Their service is good, i have deposit certain amount which will get mature after five years once it will get mature again i will deposit , their interest rate is less comparing to other bank.
I did a Fixed deposit in ICICI BANK for my kids because I got my salary account and also have opened separate account for my kids and wife on the same bank so its easy to do the payment and linked together. The interest rate is 6.75% moreover the options are very flexible, the locking period is like 1month , 3 months, one year,etc and even the online services are enabled. Whenever I have good amount on the account so go for FD on the selected month, the interest amount will be credited into account.
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5
DURGA PRASAD VADLAMUDI
, hyderabad
Reviewed on Jun 11, 2019
I have Fixed Deposit with ICICI also which was matured earlier even it was a tax free accounts they are charging some amount. Before the financial year completion, i need to submit the document to income department to get my fund but the procedure is too long and I did not get the money. I had done investment of 1L and 0.50L which am unhappy. I would suggest them to provide the bills on time after this experience have stopped investing with them.
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6
HARITHA NARRA
, hyderabad
Reviewed on May 12, 2019
My fixed deposit with ICICI, I have opened the account through online just from the I mobile. I invested around Rs. 1 lakh its for long duration. The interest is good, I can withdraw the money through online banking without any charges. I am very fine with them.
My fixed deposit is with ICICI Bank. I can open and close this account online. The interest I earn is satisfactory. The customer services and response is good and in all it is a smooth process and there are no unwanted charges taken for the same.
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7
RAMANATHAN RAMALINGAM
, chennai
Reviewed on Mar 10, 2019
As per the current financial year they are providing 7.2% of interest on the fixed deposit, I can deposit minimum of Rs. 5000 to upto 5 crores. I have activated ICICI Fixed deposit through online, the account got activated on the same day. There is no charges for prematurity .
I do have a fixed deposit account with ICICI and it was taken recently. I have chosen ICICI because my salary and saving account was maintained with them. I am getting good response from the customer service. They are giving average interest rate. I do monthly deposit of less than 50K.
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6
PARESH THAKOR RANA
, mumbai
Reviewed on Feb 09, 2019
In ICICI fixed deposit interest rate is around 6.75% per annum, I opened the FD through online. I have invested Rs. 1 lakh they wont take any charges for the pre matured fixed interest. I believe the interest rate is good compared to the government bank.
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5
AMIT KUMAR
, yamuna nagar
Reviewed on Jan 10, 2019
I have invested a fixed deposit with ICICI. There is no reason for selected this bank. They have offered me a interest rate of 6.5% and there is no processing fee. I have invested the money 8 months before. This is a one year plan. I'm happy about the services provided by the ICICI for this account
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3
ARUMBAKKAM NANDAKUMAR PRASANNA
, thane
Reviewed on Jan 04, 2019
My fixed deposit is with ICICI Bank. I had to go to the bank and meet the executive and open the account. I can close the account online. There is a lock in period for 12 to 13 months. The interest I earn is satisfactory. I have a deposit of 70K. Overall good.
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4
VIVEK KUMAR CHAUHAN
, new delhi
Reviewed on Dec 07, 2018
In 2010, i have done a fixed deposit with ICICI. Every year its been renewing automatically. Since my working in ICICI bank, he has recommended me about the fixed deposit plan. The amount was Rs. 2 lakhs. They have given me a interest rate 7.8% and they have increased the interest rate last year. The ICICI services are upto the mark.
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5
PADMINI GANGADHARAN JITHESH
, chennai
Reviewed on Nov 30, 2018
I don't get any attractive offers but they are providing standard interest for the Fixed deposit being an existing customer of ICICI bank. Right now the government is providing around 6% of interest for FD account for per annum. I can access FD bank through online banking.
ICICI bank fixed deposit interest rate is good as per the RBI guidelines, I have selected the period of five years on FD account. So far I have deposited some good amount, as per my experience its good. I could make the payment through online as well.
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7
BHASKAR BHASKAR ARIYAPADI NAGASUNDARAM
, chennai
Reviewed on Nov 12, 2018
I have all my products with ICICI, even I do have fixed deposit with them. I used to deposit the money on yearly basis around Rs. 50,000. I opened this account before one year, the bank will provide the interest rate upto 7.25% of yearly basis.
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4
BISWANATH SAMANTARAY
, bhubaneshwar
Reviewed on Nov 02, 2018
I have taken Fixed deposit account from Icici bank where am getting income tax benefits from them . There is no charges for the account . Where they are giving good rate of interest i have chosen 5 years of tenure plan for the deposit . Overall am satisfied with the service and response .
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7
DAVIES JOSEPH
, hyderabad
Reviewed on Oct 26, 2018
I have taken fixed deposit account in ICICI Bank . They are not charging any charges for the account . I used to get income tax benefits . Am satisfied with the customer service and response.They are giving good rate of interest . Overall am happy with my account .
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5
SANTOSH KUMAR NAMALA
, hyderabad
Reviewed on Oct 06, 2018
