Is it safe and efficient to invest in Money Multiplier FD at ICICI Bank?

[udbhav100]

It says that it offers same interest rate as normal FD but we can withdraw any amount without breaking full FD.

 

[anuragmukherjee28]

It says that it offers same interest rate as normal FD but we can withdraw any amount without breaking full FD.

it has 2 things that you should keep in mind, that are
1) The customer/s has/have to maintain a minimum average balance of Rs. 15,000 or Rs 30,000 ( if you miss it, then you will have to pay due penalties )
2) All Fixed Deposit creation requests must be in multiples of Rs. 5000/- only ( this is important for availing the money multiplier FD at ICICI bank )

rest the interest amount you receive may be less than normal FD ,if you take out your money from the fixed deposit

 

[Manoj Kohli]

It says that it offers same interest rate as normal FD but we can withdraw any amount without breaking full FD.

Hi, this product is an exact copy of their Sweep-in facility. What will happen is your money from Savings Account will be moved out in chunks of 5-10K and different FDs of that same amount will be created. Please note that though Sweep-in facilities provide Interest Rates better than Savings Account but have a lot of restrictions along with it (min. lockin period, taxation, etc.)

There are some videos on YT explaining both pros and cons of 'Auto-Sweep', would recommend you to check those out before committing to this Account

 

[AKASH SINGH]

It says that it offers same interest rate as normal FD but we can withdraw any amount without breaking full FD.

It says that it offers same interest rate as normal FD but we can withdraw any amount without breaking full FD.

yes it is safe, don't need to worry you can open.
but you should remember this below condition...
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.
and you can also More than one (1) Fixed Deposit can be created and linked to the same Resident Savings Account.

 

[eropg]

Better to go with SBI