What is India ICICI Bank Money Multiplier facility?

2 ANSWERS

1. Guest7437
   

   A Money Multiplier Account allows you to set a minimum balance (subject to a minimum of Rs 10,000) to be maintained in your Savings Account. You can put in a request for the transfer of the excess of the minimum Savings Bank Account balance to Fixed Deposits in units of Rs 5,000 and for a period of one year or more, as specified by you. So you enjoy a higher effective rate of interest on your deposit.
   
   When you need the money, you can withdraw it by issuing a cheque or through an ATM. The deposit gets broken in multiples of Rs. 5,000 automatically. Thus, you don't lose out on liquidity either.

   Report (0) (0)  |   12 years, 9 month(s) ago  

2. Guest4889
   

   A Money Multiplier Account allows you to set a minimum balance (subject to a minimum of Rs 10,000) to be maintained in your Silver Savings Account. You can put in a request for the transfer of the excess of the minimum Silver Savings Account balance to Fixed Deposits in units of Rs 5,000 and for a period of one year or more, as specified by you. So you enjoy a higher effective rate of interest on your deposit.  When you need the money, you can withdraw it by issuing a cheque or through an ATM. The deposit gets broken in multiples of Rs. 5,000 automatically. Thus, you don't lose out on liquidity either! Please click here for further details.

   Report (0) (0)  |   12 years, 9 month(s) ago