Your money is never idle. Creating a linked FD ensures a higher rate of interest on your Savings Bank Deposit
- The Fixed Deposit(s) is created in multiples of Rs 5,000, for a tenure of one year or more, as instructed by you
- You can issue the instructions through any channel, such as the ICICI Bank Branch, ICICI Bank Phone Banking, or ICICI Bank's Internet Banking to create Fixed Deposit(s) from the surplus funds in your Savings Account (subject to a minimum of Rs 10,000).
- You can withdraw the funds from your Savings Account through an ICICI Bank ATM, ICICI Bank Internet Banking, by issuing a cheque, etc.
- All linked Fixed Deposits are enabled for an automatic Reverse Sweep in multiples of Rs 5,000 on a Last-In-First-Out (LIFO) basis, when the balance in the Savings Account falls below Rs 10,000. The amount reverse swept will earn an interest at the applicable rate for the period that the deposit was held with the Bank, less the applicable premature withdrawal penalty
- The remaining amount will continue to earn a higher interest at the original rate, applicable on the Fixed Deposit.
Under this facility, when your deposits are due, the Bank will automatically renew the principal and the accrued interest for the same tenure, as the original deposit.
click here to find out about the applicable premature withdrawal penalty.