HiSave Remittance Account

Product Summary   

 

Account Name Hisave Remittance Account

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?

0.50% AER1.

AER1 - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

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 subject to change and may vary from time to time. To check the latest interest rates ;

  • visit www.icicibank.co.uk/interest_rates.html
  • 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)

Interest is calculated on a daily basis on the total balance in your account at the relevant gross rate.

 

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 12 months based on a £1000 deposit?

For £1000 invested for 12 months at interest rate of 0.50% (AER), you'll earn approximately £5.01 interest (gross). This is applicable when amount is invested for complete year and the interest is not withdrawn from the account.

How do I open and manage my account?

Eligibility:

You must be a UK resident (for at least the last year) and aged 18 or over. Please note:

  • The UK does not include the Channel Islands and the Isle of Man.
  • Businesses cannot open HiSAVE Remittance Accounts.

  • You need to provide the account number and sort code of a UK bank or building society current account held in your name(s).

  • The account must have a chequebook in your name(s), should offer direct debit payment facilities & should have electronic funds transfer facility.

  • This account will be your nominated linked account – the account from which your initial deposit will be taken.

You must have a valid email address.

Existing HiSAVE customers may apply for a HiSAVE Remittance Account. However, existing HomeVantage Current Account customers cannot apply.

Steps to open Hisave Remittance Account:

New customers

Please apply online. Our simple online application should take around 10 minutes. If you'd like to speak to someone before applying, 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). We’ll be happy to help you. Please read our HiSAVE Remittance Account Terms and Conditions before applying.

 

Existing HiSAVE customers

Please complete the online application form with the same details as mentioned against your existing HiSAVE Account, including the linked account details.

To open a joint HiSAVE Remittance account

Simply complete the joint account holders’ details as part of the online application.

Joint account holders need to have a shared current account with another UK bank. This is required so we can link your joint HiSAVE account to your joint current account.

Each account holder must be able to use the joint account on their own, without the permission of the other account holder.

If there is a disagreement between joint account holders, one or both of you should contact us in writing. From the date we receive and acknowledge the correspondence, anything to do with your account has to be authorised by both account holders. Read more about HiSAVE joint accounts.

Joint account:

You can open an individual or a joint account or both.

Documents required to open the account:

At the time of applying online you won’t need any supporting documents.

By law, before opening your account we are required to have adequate proof of your identity. For the 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 documents to verify your identity and address.

To know more about which documents are acceptable, please check our website.

Minimum balance:

No minimum balance required to open an account.

Regular transfer set up:

Your Account can only be funded by electronic transfer from your linked current account.

We will credit your HiSAVE Remittance Account within two hours of receipt of funds from your bank.

Can I withdraw money?

Withdrawals may be made either as money transfers to India, or as payments into your linked current account.

Payments into your linked current account will be processed within one business day.

Money transfers to ICICI Bank accounts in India will be processed instantly; Transfers to any other bank account in India will be processed within 24 hours.

 

Account funding

Your Account can only be funded by electronic transfer from your linked current account.

We will credit your HiSAVE Remittance Account within two hours of receipt of funds from your bank.

No minimum balance is required to be maintained.

Additional information

Interest is calculated on a daily basis on the total balance in your Account at the relevant gross rate.

Interest is paid at the end of each month into your Account.

Access

Application - Please apply online, it takes less than 10 minutes.

Management - you manage your accounts online or through the Customer Service Centre.

Account statements can also be viewed and downloaded online.

Please go through the HiSAVE Remittance Account Terms and Conditions before you apply.

Contact details

0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) or email HiSAVE enquiries.

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). ICICI Bank UK PLC (Company number 04663024) has its registered office at One Thomas More Square, London E1W 1YN.

2 What to do if you have a complaint?

If you wish to register a complaint, please contact us at:

ICICI Bank UK PLC,

Customer Relations,

2nd Floor,

One Thomas More Square,

London E1W 1YN

 

Or

 

Call our Customer Service Centre at 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls)

 

Or

 

Email us at ukcustomerrelations@icicibank.com

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

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

FSCS Coverage information 2015 click here

We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

 

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.

 

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.