![]() ![]() For availing the Money Multiplier Feature, customer/s who has / have opened a Resident Savings Account/s on or after July 01, 2005, should follow the following procedure:Ĭustomer/s should send a request for enabling the Money Multiplier feature to the Bank through infinity, phone banking or the Bank's branch and creation of Fixed Deposit/s from the funds available in the Resident Savings Account/s of such customer/s, along with complete details required by the Bank for creation of such Fixed Deposit/s, such as the number of Fixed Deposit/s that have to be created and the term for which such Fixed Deposit/s should be created. 15,000 or Rs 30,000, in case the customers hold Special Resident Savings Account, as may be designated from time to time by the Bank, in the linked Resident Savings Account/s.Ĥ. The customer/s has/have to maintain a minimum average balance of Rs. The customer/s should hold a Resident Savings Account, (as defined herein-above) of the Bank. The eligibility criteria for availing the Money Multiplier feature is as follows: Such linked Fixed Deposits are broken automatically and the money therein is transferred back to the Resident Savings Account/s, ("Reverse Sweep ") to meet any shortfalls arising in the Resident Savings Account/s as a result of withdrawals vide issuance of cheques, ATM withdrawals etc., 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 to time.ģ. Under the Money Multiplier feature, such number of Fixed Deposits is / are created and linked to the Resident Savings Account/s, as are requested for by customer/s, in the manner and subject to the conditions specified herein below. The terms and conditions of the Money Multiplier feature as contained herein, hereby amend and substitute the Auto Invest Account deposit scheme that was popularly known by its brand-name ‘Quantum Optima', (the “Quantum Optima facility') to the extent that the said terms and conditions applied to Resident Saving/s Account/s,Ģ. The Money Multiplier feature is available for ICICI Bank customer/s ("Customer/s") who hold a resident Indian Savings Bank Account/s (“Resident Savings Account/s”) with ICICI Bank Ltd. The Money Multiplier feature shall be effective from July 1, 2005. Terms and Conditions for Money Multiplier Feature (Applicable for “Resident Indian Savings Accounts”)ġ. ![]()
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