Opening a HiSAVE Remittance account FAQs

Is my money safe with HiSAVE ?


Yes, HiSAVE is a product of ICICI Bank UK PLC, which is 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.

Who can open a HiSAVE Remittance account?


Individuals aged 18 and over who are residents in the UK can open a HISAVE Remittance account. However in some situations – mainly if you’ve been a UK resident for less than one year – we might ask for documentation before opening your HiSAVE Remittance account. Businesses and existing HomeVantage Current account customers are not eligible to open a HiSAVE Remittance account.

What do I need to open a HiSAVE Remittance account?


You will need:

  • To provide the account number and sort code of a UK Bank or Building Society current account in your name(s). The account must have a chequebook in your name(s), should offer direct debit payment facilities and should have an electronic funds transfer facility. This account will be your nominated linked account i.e. the account from which your initial deposit and subsequent funding will be made.
  • An initial deposit of £1 will be required.
  • A valid email address, which you will need to register with us.

How do I apply for a HiSAVE Remittance account?


Applying for a HiSAVE Remittance account is easy. New customers can complete our simple online application in about 10 minutes. Please see our How to Apply page. Existing HiSAVE customers must also complete the online application form using the existing details of their HiSAVE Account, including the linked account details.

How do you verify my personal details?


For the majority of customers we will be able to verify your identity and address online using a variety of sources, including searches using public information bodies. In some cases, we may request further documentation from you. By law we are required to have adequate proof of your identity and address before opening your account.

Why do I need to supply information about my linked current account and agree to a direct debit mandate?


This information will be used to transfer money between your nominated linked account and your HiSAVE Remittance Account. These are also standard anti-money laundering measures used to confirm the identity of bank customers.

What happens after I apply?


Once you have applied online, you will receive a confirmation email. This will inform you of the next steps. In some cases, we may request for additional information to help us verify your identity or address. Once your HiSAVE Remittance account is open, you will receive your login details and you will be able to view and manage your account online.

How long before I can start using my account?


Following are the steps to open your account:

 

Step 1: You may apply for either a single or joint HiSAVE Remittance account. In case you choose to apply for a single account, you can choose to fund your HiSAVE Remittance account either by transferring funds from nominated linked account or by sending a cheque. In case you choose to apply for a joint account, you will have to fund your HiSAVE Remittance account by sending a cheque.

 

If you have chosen to fund your HiSAVE account by transferring funds from your nominated linked account:

Step 2: We will send you two emails. The first email will confirm your application (this will arrive within a couple of hours of your application).The second email will provide details of what you need to do next (this email comes within 24 hours of the first). In the majority of cases, the email will inform you that your HiSAVE Remittance Account application has been successful and we will transfer funds by direct debit from your nominated linked account. However, in some cases, we may need to see some documents to help us verify your identity and address - once your documents are received and successfully verified by us, you will receive an email asking you to send your account opening cheque, even though you have selected to transfer funds when applying.

 

Step 3: It takes five business days for the direct debit to be confirmed. If the direct debit setup is successful, we will send you an email and a letter confirming this. We will then proceed to transfer the funds from your nominated linked account which will take at least three business days. However, if the direct debit setup fails, we will stop the application for your Account. The direct debit confirmation letter will be delivered at your communication address. If we are unable to deliver the direct debit confirmation letter to you for any reason, we will put a temporary freeze on your HiSAVE Remittance Account until you contact us through our Customer Service Center and ask us to remove the freeze. During the freeze, your HiSAVE Remittance Account will continue to earn interest.

 

Step 4: Once we successfully transfer funds from your nominated linked account, we will send you an email with the account number of your new HiSAVE Remittance Account and your user ID. This user ID will be your unique identification number which you will need to log in to your account online (if you chose your password during your application you can use it along with your ID to log in now). If you’re an existing account holder you may use the same user ID to log in to your account online. If you’re a new customer, the user ID will be sent to you along with your new account number.

 

Step 5: If you did not choose your password during your application you will receive it by post around seven business days after your account has been opened.

 

If you have chosen to fund your HiSAVE account by sending a cheque from nominated linked account:


Step 2: We will send you two emails. The first email will confirm your application (this will arrive within a couple of hours of your application) and the second email will confirm what you need to do next (this email comes within 24 hours of the first). In the majority of cases the email will simply ask you to send your account opening cheque, however, in some cases, we may need to see some documents to help us verify your identity first.

 

 

Step 3: Once we receive your cheque, we will take at least one business day to verify your cheque details with your application form. Once the cheque is verified, we will open your HiSAVE Remittance Account, lodge your cheque for clearing and initiate a direct debit set up. Your cheque will take six business days to clear however you will start earning interest from second day of cheque deposit.

 

Step 4: It takes five business days for the direct debit to be confirmed. If the direct debit is successfully setup, we will send you an email and a letter confirming it. In case the direct debit is rejected, we will re initiate the direct debit set up once again. We will send you an email confirming that your initial direct debit setup request was rejected and that we are re-initiating the direct debit setup, unless your cheque is also rejected. In case the cheque is returned unpaid for any reason, we will close the application. The direct debit confirmation letter will be delivered at your communication address. If we are unable to deliver the direct debit confirmation letter to you for any reason, we will put a temporary freeze on your HiSAVE Remittance account until you contact us through our Customer Service Center and ask us to remove the freeze. During the freeze, your HiSAVE Remittance Account will continue to earn interest.

 

Step 5: Once your cheque is cleared and we receive the funds, we will send you an email with the account number of your new HiSAVE Remittance Account. If you’re an existing account holder you may use the same user ID to log in to your account online. If you’re a new customer, the user ID will be sent to you along with your new account number.

 

Step 6: If you did not choose your password during your application you will receive it by post around seven business days after your account has been opened.

 

Typically you can expect to log in and see your account within four business days from the date we receive your cheque. You will be able to use it within nine business days from the date of your application. If we need to ask you for more information or if there are problems with the post, it may take longer.

How can I remove the temporary debit freeze on my account?


You can contact our Customer Service Centre. You will be asked to answer some identity verification questions. Post successful verification, your request to remove the temporary debit freeze from your account will be processed.

What if I'm unable to identify myself correctly while speaking to the Customer Service Advisor for removing debit freeze from my account?


If you are unable to correctly verify yourself at the Customer Service Center, you will be guided through the process for updating your contact details.

What documents will you need to see before accepting my application?


For a majority of customers, we’ll be able to verify your identity and address online using a variety of sources, including searches using public information bodies. If we’re not able to do so, we’ll ask you to send us one of the documents from the list below to help us verify your identity:

 

Document Certified Photocopy Notes

UK Passport

Certified Photocopy

Validity: Six months or more

Non UK passport

Certified Photocopy

Certified photocopy of Visa should be included. Validity: Six months or more

Valid UK photocard driving license

Certified Photocopy (both sides)

This cannot be a provisional license

National Identity Card (for non UK nationals)

Certified Photocopy (both sides)

For Northern Ireland, this can be the identity card issued by the electoral office

Blue badge (for disabled customers)

Certified Photocopy

This has to be certified by a member of staff from the bank with which you hold your linked account

Shotgun license/ Firearms Certificate

Certified Photocopy

-

 

Together with:

 

Document Certified Photocopy Notes

Gas/ Electricity/ Phone/Water Bill

Either

We are unable to accept mobile phone bills. Validity: No older than three months

Latest UK Bank/ Building Society statement

Either

We are unable to accept statements downloaded from the Internet or credit card statements. Validity: No older than three months

Valid UK driving licence

Certified Photocopy

This cannot be a provisional licence. This cannot be submitted as both proof of identity and proof of address

Latest UK Bank/ Building Society mortgage statement

Either

Validity: Not older than one year

State Pensions or benefits book/ notification letter

Either

This should confirm the rights to State pension or benefits

Tax assessment / Notice of coding letter from the HMRC

Either

We are unable to accept P45 or P60 forms

 

Please note:

  • We do not accept colour photocopies of these documents.
  • We are unable to accept reminder bills, final settlement bills and overdue bills as proof of your address.
  • All original documents will be sent back to you.

Who can certify my documents?


Errors in the certification are the most common reason for delays in account-opening. To help speed up the process, please follow these guidelines:

 

You can choose any one of the following individuals to certify your documents (please note the individual must not be retired):

  • An employee of a UK regulated bank or building society
  • A practicing chartered accountant
  • A Commissioner for Oaths
  • A notary public
  • An MP or MEP
  • A qualified and practicing solicitor or lawyer

The individual you choose to certify your documents must include the following items on the photocopy of your documents:

  • Write: “I confirm that this is a true copy of the original document which I have seen”. Where the document has a photographic image, the photocopy must be certified “Original seen, copy provides a good likeness to the applicant”
  • Write their full name
  • Write their position / occupation (their registration number should be included if applicable)
  • Write their full business address and phone number
  • Include their signature and the date
  • Affix their business stamp (if they have one)
  • FSA regulated number or equivalent (if applicable)

Can I have more than one HiSAVE Remittance Account?


No, you can only have only one HiSAVE Remittance Account.

I have an ICICI Bank UK HomeVantage Current Account, can I open a HiSAVE Remittance account?


No, you may hold either a HomeVantage Current Account or a HiSAVE Remittance Account with us, not both.

I have an existing HiSAVE account and I want to apply for a HiSAVE Remittance Account, will I receive another online banking password for my new HiSAVE account?


No. You will be able to use the same user ID and password for all accounts.