Terms and Conditions for Money Multiplier Feature (Applicable for “Resident Indian Savings Accounts”)
1 . The Money Multiplier feature shall be effective from July 1, 2005. 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 “Bank”). 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,
2 . 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. 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.
3 . The eligibility criteria for availing the Money Multiplier feature is as follows:
The customer/s should hold a Resident Savings Account, (as defined herein-above) of the Bank.
The customer/s has/have to maintain a minimum average balance of Rs. 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.
4 . 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:
Customer/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. On receipt of the request and complete information, the Bank will create such number of Fixed Deposit/s from the funds available in the Resident Savings Account/s, as are requested for, by the customer/s and link the Fixed Deposit/s to such Resident Savings Account, subject to availability of sufficient funds in the customer/s Resident Savings Account/s.
5 . Customers who had subscribed to the Quantum Optima facility and had the auto sweep facility enabled for the Resident Savings Account (a facility where under, Fixed Deposit/s would be created automatically from the funds available in the Resident Savings Account/s of such customer/s in case the moneys therein exceeded specific threshold amounts, as specified by the customer/s at the time of subscribing the Quantum Optima Facility) as of June 30, 2005, can continue to avail of the auto sweep facility through the following procedure:
Customer/s should inform ICICI Bank that they would like to continue availing the auto sweep facility, in accordance with the communication sent to them by ICICI Bank along with their June 2005 quarterly account statement/s. The fixed deposits under the Money Multiplier feature will be created in units of Rs. 5000/- each.
6 . All Fixed Deposit creation requests must be in multiples of Rs. 5000/- only. The Bank will not process any request/s if the amount specified is not in multiples of Rs. 5000/- only.
7 . More than one (1) Fixed Deposit can be created and linked to the same Resident Savings Account.
8 . Reverse Sweep will be enabled in multiple/s of Rs. 5,000 only, whenever the balance in the linked Resident Savings Account falls below Rs. 10,000 or Rs 30,000 in case the customer/s is / are hold Special Resident Savings Account, as may be designated from time to time by the Bank.
9 . All savings account transactions are available currently for Resident Savings Account/s can be carried out from the Fixed Deposit/s linked Resident Savings Account/s and the terms and conditions applicable for such Resident Savings Account/s shall continue to govern such Resident Savings Account,
10 . Charges would be levied for non-maintenance of minimum balance in the linked Resident Savings Account/s as per Bank's rules from time to time.
11 . Default period of linked Fixed Deposit/s opened under the Money Multiplier Feature will be one (1) year or any other period if so stipulated by the customer(s) [whichever is higher]
12 . The Fixed Deposit/s created under the Money Multiplier feature will carry rates of interest as revised by the Bank from time to time and as per the RBI guidelines.
13 . The Fixed Deposit/s falling due, along with interest accumulated against such Fixed Deposits, will be renewed on the date of its maturity from time to time, by default, (“Auto Renewal Scheme”) for a further period of one (1) year or any other period stipulated by the customer/s [whichever is higher] under the Auto Renewal Scheme. The interest payable on such Fixed Deposit/s will be at the rate applicable on such Fixed/ Deposits of the Bank, for the respective period, prevailing as on the date of such renewal.
14 . The Bank will renew the Fixed Deposit/s along with interest accumulated against such Fixed Deposits, as mentioned herein above subject to Tax Deduction at Source (TDS). Where applicable (for Fixed Deposits under Traditional and Reinvestment Plans), unless instructions to the contrary are received from the customers in accordance with the then applicable laws.
15 . The Bank is authorised to link all fixed deposits (except tax saver fixed deposit) which are of tenure 1 year and above made by the Bank to the operative Resident Savings Account/s under the Money Multiplier feature. If the customer/s desire/s to link any deposit/s, including Fixed Deposit/s opened by any other means, separate instructions to that effect need to be given to the Bank by the customer/s
16 . The Bank will keep in safe custody, free of charge, the Fixed Deposits opened/renewed under the Money Multiplier Feature from time to time.
17 . No overdraft/loan will be provided against the security of fixed deposits made under the Money Multiplier Feature.
18 . In case the customer/s issues(s) cheques on the linked Resident Savings Account/s, or draw(s) from the ATM or the Bank passes debits in the normal course for recovering dues from the account holder(s), under the ‘Reverse Sweep' facility or withdraw/s moneys from the Resident Savings Account/s in any manner whatsoever, the Bank is authorised to:
i . honour these cheques/debit/ATM withdrawals/withdrawals through any other means, even if there is a shortfall in the Resident Savings Account/s, provided the shortfall is not more than the aggregate deposits that the customer/s may have with the Bank under the Money multiplier Feature.
ii . prematurely, or otherwise encash the Fixed Deposit/s in units of Rs. 5000/- and multiples thereof to meet the shortfall. If the customer/s has/have more than one deposit under the Money Multiplier Feature, the last Fixed Deposit made under the Money Multiplier Feature will be used first (LIFO) to meet the shortfall and if this is not adequate, the Money Multiplier Feature made prior to the last Money Multiplier Feature will be used and so on and so forth, until the shortfall is fully met.
19 . Customer/s can request for de-linking of Fixed Deposits made from the savings account through the Money Multiplier feature by sending a request to the bank through Infinity. Phone Banking or the Bank's branch.
20 . The Fixed Deposits linked under Money Multiplier Feature will be under unconditional lien to the Bank and the Bank will have a right of set off against the dues payable to the Bank. For this purpose, the bank is within its rights to close the Fixed Deposit(s) prematurely by applying default rate of interest/s. The Bank's lien will have priority over any obligation to pay a cheque drawn on the linked Resident Savings Account/s.
21 . The customer/s should advise the Bank in writing of any change in their residential status and communication address.
22 . The above mentioned terms and conditioned are subject to change/modification without prior notice.
"ICICI Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services."