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Business Banking Fixed Deposit
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Business Banking Fixed deposit upto 1.80% AER-GBP & 2.50% AER-USD
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Our Business Banking Fixed Deposit is a savings option which pays you a fixed rate of interest for a
fixed term.
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- Save with a fixed interest rate for a term of 6 months, 1 year, 2 years, 3 years or 5 years
- Deposit GBP, US Dollars
- Access to your account through the branch
- NO requirement of Minimum Deposit
- Maximum Deposit £1,000,000 and $1,000,000
- For Higher Deposits Please contact Branch.
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Product Details
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A fixed rate account
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- Earn a fixed interest rate on your savings for the full term
- NO requirement of minimum deposit.
- Access to your account – Branch
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Flexible saving options
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- Choose to save in GBP or US Dollars
- Select a savings term of 6 months, 1 year, 2 years, 3 years or 5 years.
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Please see our terms and conditions.
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Product Details
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| Account Name |
Business Banking Fixed 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? |
USD Rates
| Term1 |
Gross2 |
AER3 |
| 6 months |
1.50% |
1.50% |
| 1 year |
2.00% |
2.00% |
| 2 years |
2.15% |
2.15% |
| 3 years |
2.30% |
2.30% |
| 5 years |
2.50% |
2.50% |
Term1 - Terms other than one year are not available for new deposits.
GBP Rates
| Term1 |
Gross2 |
AER3 |
| 6 months |
0.75% |
0.75% |
| 1 year |
1.50% |
1.50% |
| 2 years |
1.60% |
1.60% |
| 3 years |
1.70% |
1.70% |
| 5 years |
1.80% |
1.80% |
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 once
each year
Interest Rates are fixed for the term of the deposit
Interest Rates on Business Banking Fixed Deposit can change
periodically. The rate applicable on your deposit will be as prevalent
on the date of deposit opening.
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| 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&Cs for complete information.
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| What would the estimated
balance be after 1 year
based on a £1000 deposit? |
For £1000 invested for 1 year at interest rate of 1.50% (AER), you will earn approximately £15.00 interest (gross). This is applicable when amount is invested for complete year. |
| How do I open and
manage my account? |
Eligibility:
• Business Banking Current Account with ICICI BANK UK PLC
Steps to open Business Banking Fixed Deposit/Business Banking
Current Account
Visit any ICICI Bank UK PLC branch and meet a member of branch
staff/relationship manager to open your Business Banking Current
Account and Business Banking Fixed Deposit will be linked to
Business Banking Current Account.
Alternatively you can complete the application form which you can
find on our website and provide us with the proof of your identity and
address.
• Regular transfer set up:
Not available
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| Can I withdraw money? |
Withdrawals are not permitted for the term of deposit
Premature closure of a Fixed Deposit is allowed before the end of the
agreed term however this may result in loss of interest.
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| Additional information |
There are no standard charges on Business Banking Fixed 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, Relationship Manager |
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Key Product Features
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- Fixed Rate for the term of the deposit
- Interest paid on maturity
- Available in GBP or USD
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Key Facts
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1. Who regulates us?
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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.
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2. What you should do if you have a complaint?
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If you want to make a complaint please contact us at:
ICICI Bank UK PLC,
Customer Relations,
2nd Floor,
One Thomas More Square,
London E1W 1YN
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Or
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Email at uk.business@icicibank.com
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We will then arrange for a member of the complaints team to investigate and respond to you
accordingly
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3. Are we covered by the Financial Services Compensation Scheme (FSCS)?
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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.
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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.
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Interest Rate
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Business Banking Fixed Deposit USD Rates (AER/Gross) effective June 26, 2017
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| Term1 |
Gross2 |
AER3 |
| 6 months |
1.50% |
1.50% |
| 1 year |
2.00% |
2.00% |
| 2 years |
2.15% |
2.15% |
| 3 years |
2.30% |
2.30% |
| 5 years |
2.50% |
2.50% |
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Business Banking Fixed Deposit GBP Rates (AER/Gross) effective January 25, 2018
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| Term1 |
Term2 |
AER3 |
| 6 months |
0.75% |
0.75% |
| 1 year |
1.50% |
1.50% |
| 2 years |
1.60% |
1.60% |
| 3 years |
1.70% |
1.70% |
| 5 years |
1.80% |
1.80% |
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*Interest paid on AER basis
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How to Apply
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1. Who is eligible?
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To open a Business Banking Fixed Deposit you need to have Business Banking Current Account
with ICICI BANK UK PLC.
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2. What documents do I need?
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The documents required are as per the constitution of the Business. Click here to view the detailed
requirement of documents with the Business Banking Account Opening Form.
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3. Download and complete the forms
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New Customers: Please download our application form for Business Banking Current Account.
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Existing Customers: Please download our application form
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If you’d like any help while completing your form, or if you have any questions about the application
process, you can speak to Branch Manager/ Relationship Manager. They will be happy to assist you.
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4. Submit your forms
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Please bring your completed application form, proof of identity and proof of address to one of our
branches/ Relationship Manager you are in touch with.
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ICICI Bank reserves the right to:
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- Decline an application for a new account
- Change or withdraw any or all of the benefits, services or special promotions offered at any time
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To ensure that we carry out your instructions accurately, to help us continually improve our service
and in the interests of security, we may monitor and/or record your telephone calls made to us.
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You can access our full terms and conditions here.
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