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    ICICI Money Multiplier

    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

    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 Interest rate for senior citizens (per annum) Interest rate for others (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

    1. How can one link their ICICI Fixed Deposit to the Money Multiplier Plan?
    2. 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.

    3. Can an individual link more than one Fixed Deposit to a resident savings account?
    4. Yes, individuals can link more than one Fixed Deposit to a resident savings account.

    5. What is the “reverse sweep” feature of this plan?
    6. 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.

    7. What is the period for which a fixed deposit will be linked to the Money Multiplier Plan?
    8. 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.

    9. How can one de-link their fixed deposit from the money multiplier plan?
    10. 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.

    Useful Information on ICICI Fixed Deposit

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