Recurring Deposit

Recurring Deposit up to 2.12% AER

Our Recurring Deposit is a savings option which pays you a fixed rate of interest for a fixed term.

Product Details

  • Minimum monthly instalment of GBP 1,000 or USD 1,000 or Euro 1,000
  • Save with a fixed interest rate for a term of 1 year up to 10 years
  • Additional amount during the tenure of deposit can also be added by the customer
  • Deposit GBP, US Dollars & Euro
  • Access to your account through the branch or over the phone or internet banking
  • Earn a fixed interest rate on your savings

Please see our terms and conditions.

Eligibility

  • Age: 18 years or above.
  • You should submit a valid proof of identify and address and undergo successful checks as per ICICI Bank UK PLC’s policies.
  • Individual who is a resident of India or the United Kingdom (“UK”)

Product Summary

Recurring Deposit

Account NameRecurring Deposit

About us

ICICI Bank UK PLC has its registered office at One Thomas More Square, London E1W 1YN. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268). It is subject to the laws of England and Wales. It is registered in England and Wales as a public limited company (Registration Number 04663024).

Account provider

ICICI BANK UK PLC – We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

 

We are 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 30 January 2017, an eligible depositor is entitled to claim up to £85,000. 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 £85,000 each (making a total of £170,000). The £85,000 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.

What is the interest rate?

Rates effective from 1st January 2019

 GBPUSDEURO
Years

Gross2

AER3

Gross2

AER3

Gross2

AER3

1

1.40%

1.41%

3.25%

3.29%

0.01%

0.01%

2

1.55%

1.56%

3.30%

3.34%

0.05%

0.05%

3

1.75%

1.76%

3.35%

3.39%

0.25%

0.25%

4

1.90%

1.91%

3.40%

3.44%

0.45%

0.45%

5

1.95%

1.96%

3.40%

3.44%

0.60%

0.60%

6

2.05%

2.07%

3.50%

3.55%

0.80%

0.80%

7

2.10%

2.12%

3.50%

3.55%

0.90%

0.90%

8

2.10%

2.12%

3.50%

3.55%

1.00%

1.00%

9

2.10%

2.12%

3.50%

3.55%

1.10%

1.10%

10

2.10%

2.12%

3.50%

3.55%

1.15%

1.15%

 

Gross2 - Gross is the rate of interest before the deduction of the tax applicable to interest on savings account.

AER3 - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded quarterly.

Note: Interest is paid gross. If you are a UK tax payer you may have to pay tax on interest earned in excess of your Personal Savings Allowance. For information and guidance, please refer to the HMRC website.

 

Interest Rates are fixed for the term of the deposit. Interest is calculated on daily basis but compounded quarterly. The interest so accrued on deposit will be paid on maturity after deducting charges (if any).

 

Interest Rates on Recurring Deposit can change periodically. The rate applicable on your deposit will be as prevalent on the date on which we receive your first instalment.

 

To check the latest interest rates

  • Visit Click here for interest rates
  • Speak to a member of our bank staff
  • Call our Customer Service Centre on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls)

Can ICICI Bank UK PLC change the interest rate?

ICICI Bank UK PLC has the right to change the rate of interest.

  • ICICI Bank UK PLC will keep you informed about changes in the interest rates on your Account/s by sending you a personal notice within 30 days of the change.
  • If ICICI Bank UK PLC reduces the interest rate to your disadvantage, you will be given two months prior notice and if you wish, we will close your Account or help you switch your Account to a Bank of your choice.

Read the T&C for complete information.

 

What would the estimated balance be after 1 year based on a £1000 deposit?

 

For £1000 invested monthly for 1 year at interest rate of 1.41% (AER), you'll earn approximately £92.35 interest (gross). This is applicable when the monthly instalment amount is invested for a complete year, without any additional amount deposited. The interest amount will be different if any additional amount is deposited along with monthly instalments.

How do I open and manage my account?

Eligibility:

You are eligible to open the Recurring Deposit if you meet the below criteria;

  • You should be more than 18 years of age.
  • You should submit a valid proof of identify and address and undergo successful checks as per ICICI Bank UK PLC’s policies concerning Anti-Money Laundering.

 

Steps to open Recurring Deposit:

  • Visit any ICICI Bank UK PLC branch and meet a member of branch staff to open your Recurring Deposit.
  • For existing current account holders, you can complete the application form which you can find on our website.

 

Joint account:

You can open the Recurring Deposit in individual or a joint name or both.

Documents required to open the account:

  • If applying through phone or online - existing HomeVantage Current Account holder (account held > two years):

    We will carry out an electronic identity check before your Recurring Deposit can be opened. If we cannot identify you electronically, then we will request you to visit one of our UK branches with original identity and address documents.

  • It is mandatory to open current account, if you do not have one please click here to know more about current account.

Can I withdraw money?

Withdrawals are not permitted for the term of deposit

 

Premature closure of a Recurring Deposit is allowed before the end of the agreed term however this may result in loss of interest. Please refer full terms and conditions for the product

Additional information

There are no standard charges on Recurring Deposit Account offered by ICICI Bank UK PLC. However there are charges levied for certain services/facilities provided for day to day running of your account. We recommend that you go through the Rates and Charges Schedule in our website http://www.icicibank.co.uk before making a choice.

Access

Branch, phone banking & Internet banking