ICICI Bank
Business Banking Fixed Deposit
Business Banking Fixed Deposit up to 2.50% AER
Our Business Banking Fixed Deposit is a savings option which pays you a fixed rate of interest for a fixed term.
  • 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.
Product Details
A fixed rate account
  • Earn a fixed interest rate on your savings for the full term
  • NO requirement of minimum deposit.
  • Access to your account – Branch
Flexible saving options
  • Choose to save in GBP or US Dollars
  • Select a savings term of 6 months, 1 year, 2 years, 3 years or 5 years.
Please see our terms and conditions.
Product Details
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 1.04% 1.04%
2 years 1.25% 1.25%
3 years 1.40% 1.40%
5 years 1.70% 1.70%

 

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.

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.

What would the estimated balance be after 1 year based on a £1000 deposit? For £1000 invested for 1year at interest rate of 1.30% (AER), you’ll earn approximately £13.00 interest (gross). This is applicable when the amount is invested for a complete year and the interest is not withdrawn from the account.
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

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.

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
Key Product Features
  • Fixed Rate for the term of the deposit
  • Interest paid on maturity
  • Available in GBP or USD
Key Facts
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 you should do if you have a complaint?
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
Or
Email at uk.business@icicibank.com
We will then arrange for a member of the complaints team to investigate and respond to you accordingly
3. Are we covered by the Financial Services Compensation Scheme (FSCS)?
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.
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.
Interest Rate
Business Banking Fixed Deposit USD Rates (AER/Gross) effective June 26, 2017
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%
Business Banking Fixed Deposit USD Rates (AER/Gross) effective June 26, 2017
Term1 Term2 AER3
6 months 0.75% 0.75%
1 year 1.04% 1.04%
2 years 1.25% 1.25%
3 years 1.40% 1.40%
5 years 1.70% 1.70%
*Interest paid on AER basis
How to Apply
1. Who is eligible?
To open a Business Banking Fixed Deposit you need to have Business Banking Current Account with ICICI BANK UK PLC.
2. What documents do I need?
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.
3. Download and complete the forms
New Customers: Please download our application form for Business Banking Current Account.
Existing Customers: Please download our application form
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.
4. Submit your forms
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.
ICICI Bank reserves the right to:
  • Decline an application for a new account
  • Change or withdraw any or all of the benefits, services or special promotions offered at any time
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.
You can access our full terms and conditions here.