ICICI money multiplier account

POSTED BY Dibyojyoti Sanyal ON January 6, 2012 8:51 pm COMMENTS (2)

HI,
I have been reading this site for few days. I have problem and though of asking here.
I have my savings accout in ICICI,recently I was trying to apply for ICICI money multiplier which is a kind of \’auto swap\’ that helps you get FD interest rate for the idel money that is lying in your savings account, without loosing the liquidity. but when I have asked my relation ship manager, they told I cant enable this option because my account is linked with my ICICI-DIrect (online share trading account). Please let me know if this is true what they said. and if yes then is there any other option to apply for money multiplier.
I want to have both ICICI direct linked and money multiplier opted for my account, I cant understand the point what is the problem of not having both activated. Having ICICI Direct likned too has its own benifit, you can monitor your transaction from saving account itself and once you sell shares money will be directly deposited in your savings account.

2 replies on this article “ICICI money multiplier account”

  1. Nayan Bhattacharya says:

    Hi,

    I’ve a savings account in ICICI. I would like to know –

    1. I’ve the balance of 15k. Can I create one FD of 5k ?

    2. Is it possible to activate or request for money multiplier activation through netbanking ? or by any
    means without visiting the bank branch (as I stay outside) ?

    Thanks.

  2. Dear Dibyojyoti Sanyal, Please try to understand, the logic of not allowing money multiplier on your I-Direct linked SB account. Due to the linkage to I-direct, there is every possibility that the fund movement ‘ll be higher than an average SB account. Due to this fund movement, the system ‘ll be over crowded for calculations of interest to be paid for these frequently created auto swept FDs.

    This is the reason, Icici Bank is not allowing auto sweep on your linked SB account.

    Option, you may open another SB account with icici for this auto sweep facility or check with any other bank.

    Thanks

    Ashal

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