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Gold Plus Savings Account

What is Quantum Optima (QO) facility?

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Under the Quantum Optima facility, fixed deposits would be automatically created from the funds available in linked resident savings account of such customers, in case the funds available therein exceed the specific threshold amounts. Also, under the Quantum Optima facility, the linked fixed deposits are broken automatically and the money therein is transferred back to the residents savings account, (Reverse sweep will trigger when the balance falls below Rs. 75,000) to meet any shortfall arising in the resident savings account(s) as a result of withdrawals vide issuance of cheques, ATMs etc. or as a result of insufficient minimum balance mandated for such resident savings account(s) by the bank from time to time.
It is given with below mentioned parameters:

a)

Threshold limit in savings account above which Quantum Optima Fixed Deposit (FD) will be created.

Rs. 75,000

b)

Minimum amount of Quantum Optima FD to be created.

Rs. 25,000

c)

Multiple amount in which Quantum Optima FD will be created

For example,
a) If savings account balance is Rs. 1,20,000, a single Quantum Optima FD will be created for Rs. 25,000 and savings account balance of Rs. 95,000 will remain.
b) If savings account balance is Rs. 1,35,000, a single Quantum Optima FD will be created for Rs. 50,000 and savings account balance of Rs. 85,000 will remain.

Rs. 25,000

d)

Threshold limit in savings account to trigger Quantum Optima FD withdrawal/ breakage.

Rs. 75,000

e)

Multiple amount in which Quantum Optima FD is withdrawn (reverse sweep).

Rs. 5,000

What is the minimum Monthly Average Balance (MAB) required to be maintained for this Gold Plus Savings Account?

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The minimum Monthly Average Balance (MAB) required to be maintained for Gold Plus Savings Account with Quantum Optima facility is Rs. 50,000.

What is the minimum tenure of FD under Quantum Optima facility?

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Under the Quantum Optima Facility, the FD should be opened for a default tenure of 12 months and 1 day or as may be stipulated by the customer (whichever is higher).

What are the benefits of this Gold Plus Savings Account?

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Benefits of Gold Plus Savings Account:

 

  • Quantum Optima facility
  • Exclusive Privilege Banking zones and priority service at all ICICI Bank branches and through our Customer Care
  • Free Gold Privilege Debit Card having higher withdrawal and spend limit with exciting offers and Visa privileges
  • Unlimited cash withdrawal transactions at any bank’s ATM, free of charge
  • Avail 20% discount on annual locker rentals
  • Waiver on trading account opening fee of Rs. 975 and first year demat Annual Maintenance Charges (AMC) of Rs. 500
  • Free anywhere banking.

 

What is the threshold limit in savings account to trigger Quantum Optima FD withdrawal/ breakage?

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The threshold limit in savings account to trigger Quantum Optima FD withdrawal (Reverse sweep) is Rs. 75,000.

Who can apply for this Gold Plus Savings Account?

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Resident individual (sole or joint account), foreign national and Hindu Undivided Family (HUF) customers, above age of 57 years (for Defence Personnel age of 50 years and above and retiring).

How can an existing savings account customer avail the benefits of the Gold Plus Savings Account?

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Eligible existing savings account holders can visit the nearest ICICI Bank branch and submit the Gold Plus Savings Account Upgrade/ status change form.

 

On upgrade or downgrade to Gold Plus Savings Account, the benefits of the existing account will discontinue.

 

The minimum Monthly Average Balance (MAB) required to be maintained for Gold Plus Savings Account with Quantum Optima facility is Rs. 50,000.

How can I apply for this Gold Plus Savings Account?

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To apply for Gold Plus Savings Account with Quantum Optima facility, you need to visit the nearest ICICI Bank branch.

What is the threshold balance required in savings account to trigger Quantum Optima FD creation?

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The minimum balance required in savings account to trigger Quantum Optima FD is Rs. 75,000.

What is the minimum amount required for Quantum Optima FD to be created?

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The minimum amount required for Quantum Optima FD to be created is Rs. 25,000.

On what basis does the breaking of FD get triggered under Quantum Optima facility?

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Breaking of funds (reverse sweep) from your FD to linked savings account will trigger on a Last In First Out (LIFO) basis.

Under Quantum Optima facility, can an FD be linked to two different savings accounts for the reverse sweep?

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No, an FD can only be linked to one savings account for the reverse sweep under Quantum Optima facility.

What will be the reverse sweep amount under Quantum Optima facility?

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Reverse sweep will be enabled in multiples of Rs. 5,000, whenever the balance in the linked resident savings account falls below Rs. 75,000 or such other amounts as may be designated by the bank from time to time.


Please note that if the customer has more than one FD under the Quantum Optima facility, the last fixed deposit made under the Quantum Optima facility will be broken first (LIFO basis) to meet the shortfall.