Features
Multi-City Cheque Book
With this facility, all cheques issued by you will be payable at par at various ICICI Bank branches across the country. This is a unique facility, which gives you the power to issue cheques that are treated as local cheques at all ICICI Bank locations across India.
(Option of local and/or multi-city cheque book is available.)
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Money Multiplier Facility
The Money Multiplier feature gives you the liquidity of a savings account coupled with high earnings of a Fixed Deposit. This is done on a specific request for creating a Fixed Deposit linked to your Special Savings Account, providing you the following unique facilities.
- Maximum returns - Creation of a linked FD ensures higher rate of interest on your Savings Bank Deposits. You can issue instructions through any channel such as the ICICI Bank Branch, and ICICI Bank's Internet Banking for creation of Fixed Deposit(s) from the surplus funds in your Special Savings Bank Account (subject to a minimum of Rs. 25,000). The Fixed Deposits will be created in multiples of Rs. 5,000 for a tenure of one year or more as instructed by you.
- Maximum Liquidity - You can withdraw the funds from your savings account through any channel such as the ICICI Bank Branch, ICICI Bank Internet Banking or by issuing a cheque. All linked Fixed Deposits will be enabled for automatic Reverse Sweep in multiples of Rs. 5000 on a Last-In-First-Out (LIFO) basis when the balance in the Savings Account falls below Rs.10, 000.
Penalty is levied on premature withdrawal of fixed deposits w.e.f 24/7/06 based on the following tables,
| Original Tenure of Deposit |
Penal rates |
| Less than Rs.50.0 mn |
Rs.50.0 mn & above |
| Less than 1 year |
0.50% |
0.50% |
| 1 year & above but less than 5 years |
1.00% |
1.00% |
| 5 years |
1.00% |
1.50% |
| More than 5 years upto 5 years 3 months * |
1.00% |
1.50% |
| More than 5 years 3 months upto 10 years |
1.00% |
1.50% |
* applicable from 30 th May 2006.
Auto Renewal - Under this facility, when your deposits fall due, the bank will automatically renew the principal and accrued interest for the same tenure as the original deposit.
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