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.
Individuals who wish to enjoy the additional benefits of ICICI Money Multiplier Plan need to satisfy the following basic criteria.
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|
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.
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.
Yes, individuals can link more than one Fixed Deposit to a resident savings account.
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.
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.
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