Freedom Saving Account FAQs
What are the features of an ICICI Bank Freedom Savings Account?
What are the eligibility criteria for opening an ICICI Bank Freedom Savings Account?
What documents do I need to submit for opening an ICICI Bank Freedom Freedom Savings Account?
What is the rate of interest that I will earn on the balance in my ICICI Bank Freedom Savings Account?
At what frequency will the interest be paid to me?
Interest earned on your Freedom Savings Account balance shall be credited to your account on a half yearly basis in the months of June and December.
In case of the linked Money Multiplier Account, the accrued interest on the FD's created will be paid on maturity or on withdrawal in case of premature withdrawal.
Do I need an introduction from an existing ICICI Bank account holder?
The Bank needs no introduction from an existing ICICI Bank account holder if you are submitting proof of identity and address documents, as prescribed. However if you do not posses any of the address proof document then an introduction from an ICICI Bank account holder, having satisfactory relationship of more than six months, is required.
Do I have any facility for Standing Instructions?
Yes, you can set up standing instructions through your ICICI Bank Freedom Savings Account. A few examples of the same are as below:
- Transfer to a Fixed Deposit
- Transfer to a Recurring Deposit
- Make recurring payments like LIC premium, Instalments etc.
For more details please contact your nearest ICICI Bank branch.
What is Money Multiplier Facility?
A Money Multiplier Account allows you to set a minimum balance (subject to a minimum of Rs 10,000) to be maintained in your Freedom Savings Account. You can put in a request for the transfer of the excess of the minimum Freedom 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!
Please click here for further details.