ICICI Bank Young Stars Account
ICICI Bank offers Money Multiplier Fixed Deposit to its customers which provides them the liquidity of a Savings Account coupled with high earnings of a Fixed Deposit.
This is achieved by creating a Fixed Deposit linked to your Savings Account providing you the following unique facilities. Whenever the balance in the Savings Account exceeds the minimum requirement of Rs.10,000, the excess amount is transferred to the Fixed Deposit account in minimum multiples of Rs.5000 and earns a higher interest in FD as compared to that in the Savings Account.
Purpose of ICICI Bank Money Multiplier Fixed Deposit
It is a combination of a Savings Account and a fixed deposit account offering liquidity with flexibility in operations.
Features and Benefits of ICICI Bank Money Multiplier Fixed Deposit
- Attractive Interest Rates
- It provides safety
- Facility of quick liquidity
- Fixed deposit account is linked to Savings account of the customer
- Facility of automatic renewal
- Loan facility is not available under the plan
- Nomination Facility is available
Eligibility Criteria of ICICI Bank Money Multiplier Fixed Deposit
Any individual who is an existing customer of ICICI bank Savings Account.
Minimum of Rs. 15,000 is required, if the investor holds Resident Savings Account or Rs. 30,000 is required, if he holds Special Resident Savings Account.
Documents Required for ICICI Bank Money Multiplier Fixed Deposit
Documents required for ICICI Bank Money Multiplier Fixed Deposit: For opening an account under ICICI Bank Money Multiplier Fixed Deposit, the applicant is required to submit following documents:
- Two Passport Size Coloured Recent Photographs
- Copy of PAN Card/ Form 60 (with reasons of not having PAN Card)
- KYC (Know Your Customer) Documents : Proof of Identity & Proof of Address
- Proof of Date of Birth (DOB) in case of Minor & Senior Citizen
Deposit Amount under ICICI Bank Money Multiplier Fixed Deposit
Minimum of Rs. 15,000, if the investor holds Resident Savings Account or Rs. 30,000, if he holds Special Resident Savings Account.
Interest Rate on ICICI Bank Money Multiplier Fixed Deposit
Interest rate of ICICI Bank Money Multiplier Fixed Deposit will be 4% p.a. to 8% p.a. based on tenure of deposit.
Tenure of ICICI Bank Money Multiplier Fixed Deposit
.7 days to 10 years.