Business Savings Account - Product Summary

Product Summary

Eligibility

  • Business/Corporate Current Account with ICICI Bank UK PLC
  • Satisfactory identity and address verification

Interest rate

AER 1.50%
Gross 1.49%
Net 1.19%

  • AER (Annual Equivalent Rate); This is a notional rate. It shows the gross interest rate if interest was paid and compounded on an annual basis.
  • Gross; Interest earned before the deduction of the basic tax rate (currently 20%).
  • Net; Interest earned after the deduction of the basic tax rate (currently 20%).
  • Whether interest is paid Gross or Net depends on the business circumstances.

Withdrawals

  • Withdrawals can only be made in the form of transfers to your ICICI Bank UK PLC Business/Corporate Banking Current Account.
  • No notice period required for withdrawals
  • No penalty for withdrawals

Minimum balance

No minimum balance required

Access

This facility can only be operated through a Branch

Charges

As per the Business Banking Rates and Charges Schedule

 

Key questions

 

1 Who regulates us?

 

ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

 

2 What should you do if you have a complaint?

 

If you want to make a complaint, please contact us at:

 

Customer Relations,

 

ICICI Bank UK PLC,

2nd Floor, One Thomas More Square,

London – E1W 1YN

Or

Email us at ukcustomerrelations@icicibank.com

 

We will then arrange for a member of the complaints team to investigate and respond to you immediately.

 

3 Are we covered by the Financial Services Compensation Scheme (FSCS)?

 

ICICI Bank UK PLC is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a Bank is unable to meet its financial obligations. Most depositors – including most individuals and businesses – are covered by the scheme.

 

In respect of deposits, from 1 January 2016, an eligible depositor is entitled to claim up to £75,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £75,000 each (making a total of £150,000). The £75,000 limit relates to the combined amount in all the eligible depositor’s accounts with us including their share of any joint account, and not to each separate account.

 

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call the FSCS on 0800 678 1100 or 020 7741 4100. Please note only compensation related queries should be directed to the FSCS.