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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
    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 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.

    2. Can an individual link more than one Fixed Deposit to a resident savings account?

      3. Yes, individuals can link more than one Fixed Deposit to a resident savings account.

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

      4. 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.

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

      5. 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.

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

      6. 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

    Other Fixed Deposit Schemes Offered by ICICI

    Special FD Schemes

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    ICICI Money Multiplier Reviews

    Write a Review
    • ICICI Bank Fixed Deposit
      "Smart Investment"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , yamuna nagar
      Reviewed on Jan 10, 2019
    • ICICI Bank Fixed Deposit
      "Good Deposit"
      0.5 5.0/5 "Blown Away!"
      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
      Was this review helpful? 1
      , thane
      Reviewed on Jan 04, 2019
    • ICICI Bank Fixed Deposit
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 07, 2018
    • ICICI Bank Fixed Deposit
      "Nice bank for fixed deposit"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 30, 2018
    • ICICI Bank Fixed Deposit
      "Good Savings"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 26, 2018
    • ICICI Bank Fixed Deposit
      "Good Investment"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 4
      , chennai
      Reviewed on Nov 12, 2018
    • ICICI Bank Fixed Deposit
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 2
      , bhubaneshwar
      Reviewed on Nov 02, 2018
    • ICICI Bank Fixed Deposit
      "Good Investment Plan"
      0.5 4.5/5 "Excellent!"
      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 .
      Was this review helpful? 4
      , hyderabad
      Reviewed on Oct 26, 2018
    • ICICI Bank Fixed Deposit
      "Good Investment Plan"
      0.5 4.0/5 "Great!"
      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 .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 06, 2018
    • ICICI Bank Fixed Deposit
      "Excellent"
      0.5 4.0/5 "Great!"
      I have the fixed deposit account with the ICICI bank and the response is good. I would like to say that the customer service is good one and the minimum tenure starts from seven days to fifteen days of time. I am happy with the ICICI bank.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jun 07, 2018
    • ICICI Bank Fixed Deposit
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have a Fixed Deposit with ICICI bank from last 15 years, my experience was good so far and i did not face any issues with this bank. I have taken this FD mainly for auto debit of the home loan. Customer service is good and they explained all the terms and conditions
      Was this review helpful? 3
      , coimbatore
      Reviewed on May 24, 2018
    • ICICI Bank Fixed Deposit
      "Excellent service"
      0.5 4.0/5 "Great!"
      Got the Fixed deposit account around 4 years ago from the ICICI bank and I have this account for the safety purpose . The customer support service and the response is good with the ICICI bank and they give good response to the customers. The rate of interest is good from the ICICI bank FD.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on Apr 17, 2018
    • ICICI Bank Fixed Deposit
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the fixed deposit from the ICICI bank. The customer support service is good with the ICICI bank. The rate of interest and the charges is average with the ICICI bank fixed deposit and I am satisfied with it, I got the salaried account from the ICICI so I have got the fixed deposit from the ICICI bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 12, 2018
    • ICICI Bank Fixed Deposit
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I also hold a fixed deposit with ICICI Bank and there are no issues to open this account. The customer services are good and they are responsive when ever I reach out to them. The online banking is also good and it is very convenient to complete any transaction.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • ICICI Bank Fixed Deposit
      "Average"
      0.5 4.0/5 "Great!"
      I am having the fixed deposit account with the ICICI bank and the interest rate is around 6.5% and the customer service is good one for me with them. I would like to say that the response is above average one for me with the ICICI bank.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 10, 2018
    • ICICI Bank Fixed Deposit
      "Its Better"
      0.5 4.0/5 "Great!"
      ICICI is also good based on the my concern, one month back only I have deposit some amount in FD account. But interest rate is less around 7.25% for senior citizen for the tenure of one year. I have opened FD through offline, I went the bank and submitted KYC . But I could track my FD transaction through online banking.
      Was this review helpful? 6
      , chennai
      Reviewed on Dec 22, 2017
    • ICICI Bank Fixed Deposit
      "Great banking service"
      0.5 5.0/5 "Blown Away!"
      Totally I have 3 Fixed Deposit accounts with ICICI Bank. I am surprised where I can close my account by using online service. The interest rate was almost same like other public sector banks. No tax benefits, which are regular once here. I got a bonus points and very much happy with ICICI Service.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Nov 18, 2017
    • ICICI Bank Fixed Deposit
      "Good"
      0.5 4.0/5 "Great!"
      I am holding the fixed deposit account with the ICICI bank from the last five years of time. I would like to say that the response is also good one and everything is up to the mark. I am really happy with the ICICI bank fixed deposit.
      Was this review helpful? 3
      , gurgaon
      Reviewed on Nov 14, 2017
    • ICICI Bank Fixed Deposit
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have opened my fixed deposit with ICICI bank. There transaction is very fast with very helpful and user friendly application. I got a FD receipt. I never tried to foreclose the fixed deposit. I am happy with the service, No issue till now from ICICI.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 16, 2017
    • ICICI Bank Fixed Deposit
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I have opened my fixed deposit through online ,I never contacted any of their representatives. There transaction is very fast with very helpful and user friendly application ,overall service is excellent from ICICI. No issue till now from ICICI.
      Was this review helpful? 1
      , delhi
      Reviewed on Oct 07, 2017
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    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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