Simply, the auto-sweep facility is a combination of savings account and FD account and uses the funds lying in your savings account to generate higher returns in the form of interest. The Special Resident Savings Account must hold a minimum average balance of Rs 30,000.An auto sweep-in option of a bank refers to a facility where whenever funds in your savings or current account are running low for a purchase, transaction, or as per the need of a customer, the bank will transfer the deficit amount from your Fixed Deposit to your regular account without affecting your interest rate in your FD.In the case of a regular savings bank account, the customer must maintain a minimum average balance of Rs.Eligible customers are Resident Indian Citizens, HUFs, Trusts, Private and Public Limited Company, and Partnership Firm.The customer must hold a savings account with the ICICI Bank.The following is the eligibility criteria for opening and operating the ICICI Money Multiplier FD You need to send a request to the bank through either Infinity Phone Banking or the Bank’s branch.Įligibility for the ICICI Money Multiplier FD You can request a de-linking of your Fixed Deposits made from the savings account.No overdraft or loan will be provided against the security of fixed deposits made under the Money Multiplier Feature.However, the interest is dependent on the duration of the deposit and the type of customer. The interest rate for the ICICI Money Multiplier FD is the same as the interest rate for other FDs.
When the amount in a customer’s Savings Account falls below INR 10,000, the account is set up for an automated reverse sweep.The auto-renewal interest rate is determined by the current rate on the date of renewal. The renewal is for the same amount of time as the original scheme. The auto-renewal option is enabled when the deposit account is opened.Such channels include the ICICI Bank Branch, ICICI Bank Phone Banking, or ICICI Bank’s Internet Banking. You can issue the instructions through any channel to create Fixed Deposit(s) from the surplus funds in your Savings Account.Moreover, the duration is as per the instructions set up by the account holder. The deposit will be for a duration of one year or more.The minimum amount for FD investment is Rs 15000.The Fixed Deposit is created in multiples of Rs 5,000.The remaining cash will continue to earn a greater rate of interest at the original Fixed Deposit rate.įeatures of the ICICI Money Multiplier FD.For the period that the deposit was held with the Bank, less the appropriate premature withdrawal penalty, the amount reverse swept will accrue interest at the applicable rate.When the amount in the Savings Account falls below Rs 10,000, all connected Fixed Deposits are enabled for an automated Reverse Sweep in multiples of Rs 5,000 on a Last-In-First-Out (LIFO) basis.When your deposits mature, the Bank will automatically renew the principal and accrued interest for the same duration as the initial deposit.Such linked Fixed Deposits are automatically broken, and the money in them is transferred back to the Resident Savings Account/s (“Reverse Sweep”) to cover any shortfalls in the Resident Savings Account/s as a result of withdrawals via issuance of cheques, ATM withdrawals, and so on, or as a result of insufficient minimum quarterly balance mandated for such Resident Savings Account/s by ICICI Bank Ltd (hereinafter referred to as “the Bank”) from time. Under the Money Multiplier feature, the number of Fixed Deposits requested by customers is created and connected to the Resident Savings Account.How Does an ICICI Money Multiplier FD Work? This way you earn a higher interest rate on your fund balance. Since your savings account is linked with the fixed deposit, an FD is created as per the instructions. The fund balance in the savings account is never idle. This is achieved by linking your Fixed Deposit (FD) Account with your Savings Account. The ICICI Money Multiplier FD feature gives you the liquidity of a Savings Account, coupled with the high earnings of a Fixed Deposit. Eligibility for the ICICI Money Multiplier FD.Features of the ICICI Money Multiplier FD.How Does an ICICI Money Multiplier FD Work?.
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