POSTED BY February 23, 2011 12:03 am COMMENTS (28)ON
Did anyone use the facility of ICICI bank money multiplier account? Till now my account was linked to icici trading account so couldn’t use this facility.
For those who dont know about this facility here is the link. I remember that earlier there was same kind of facility where in if you activate this, they used to auto sweep your money in/out from linked FD based on the minimum balance of 10k.
Now my question is they have removed auto sweep facility to move money from your savings account to FD when the balance is above 15k, but the reverse is still there. Now we need to create FD in multiples of 5K to avail this facility. Are there any problems in using this facility, other than service, such as penalty on breaking FD or any other kind of issues.
If anyone used it and faced any issues please let us know. That will help me and others to be aware of those issues and avoid, if using this facility.