Recurring Deposit

What's a Recurring Deposit?


Our Recurring Deposit is a savings account that pays you interest and is linked to your ICICI Bank UK HomeVantage Current Account. You can only open a Recurring Deposit if you have a HomeVantage Current Account with us. The interest rate you earn might change from time to time, as notified by us.

How can I contact ICICI Bank UK?


You can call us on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls), email enquiries, or write to us at ICICI Bank UK plc, PO Box 68921, London, E1W 9HB

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.

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 read the terms and conditions for complete information

Is it mandatory to have a current account in order to open a Recurring deposit?


Yes, you need to have a current account with us in order to open a recurring deposit. Please visit any of our branches in case you would like to open a current account.

What is the penalty for premature withdrawal?


Premature closure is allowed subject to a penalty of 1% reduction in the interest rate offered for the period of the deposit. This means there will be a penalty of 1% on the interest rate of the Recurring Deposit for the corresponding period (i.e. the period from the date of deposit opening until the date of premature closure) and your Recurring Deposit will be closed. If the penal charge of 1% is greater than the interest rate for the invested period, the interest earned will be deducted and only the original Principal amount will be returned, this means your principal is protected. Please read the terms and conditions for complete information.

What is the minimum and maximum amount I can invest?


Minimum amount for the recurring deposit:

  • £1,000 for GBP account per month
  • $1,000 for USD account per month
  • €1,000 for Euro account per month
  • The amount can be increased in multiples of £100 or $100 or €100 respectively
  • The Instalment and the number of instalments cannot be altered subsequently
  • Additional amount will be in the multiple of £100 or $100 or €100 respectively
  • Maximum amount can be deposited:
    • £20,000 for GBP account per month
    • $20,000 for USD account per month
    • €20,000 for Euro account per month

Can I deposit any additional amount more than the monthly commitment into the Recurring deposit?


Yes

What will be the effective date of recurring deposit?


The effective date from which the credit shall be given for any Instalment shall be the date on which ICICI Bank gets clear funds into the Account of the Depositor/s.

Are there any charges in case I miss my monthly instalment?


Yes, £1 / $ 1 / € 1 (based on respective currency of recurring deposit) for each missed or delayed instalment and it will be recovered from the interest