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Why You Should Open a Business Savings Account with ICICI Bank UK PLC?

ICICI UK’s Business Savings Bank Account gives you:

  • Easy access
  • Daily interest accrued
  • Maximum savings up to GBP 5 Million
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Product Overview

How to Apply


You need to open a current account to apply for a business savings account:

  • Visit any of our UK branches and meet a Relationship Manager
  • Email us on: uk.business@icicibank.com
  • You can download and complete the account opening form:
    • For existing current account customers here
    • For new customers here

Application requirements


To qualify for ICICI Bank UK PlC’s Business Savings Account, applicants should:

  • Hold a Business Current Account with ICICI Bank UK
  • Produce satisfactory identity and address verification

    Interest Rates


    Business Savings Account rates for amounts equal to or less than £5 million, effective from 20th July, 2021 onwards

    *AER (Variable)**GrossTax Free

    0.20%

    0.20%

    0.20%

     

    Business Savings Account rates for amounts equal to or less than £5 million, effective from 15th March, 2021 onwards to 19th July, 2021

    *AER (Variable)**GrossTax Free

    0.30%

    0.30%

    0.30%

    For amounts greater than £5 million the AER, Gross and Net interest rates are 0%

     

    Business Savings Account rates for amounts equal to or less than £5 million, effective from 20th September, 2020 onwards to 14th March, 2021

    *AER (Variable)**GrossTax Free

    0.50%

    0.50%

    0.50%

     

    Business Savings Account rates for amounts equal to or less than £5 million, effective from July 17, 2017 to 19th September, 2020

    *AER (Variable)**GrossTax Free

    0.75%

    0.75%

    0.75%

    For amounts greater than £5 million the AER, Gross and Net interest rates are 0%

    Business Savings Account rates for amounts equal to or less than £5 million, effective from June 06, 2016 to July 16, 2017

    *AER (Variable)**GrossTax Free

    1.00%

    1.00%

    1.00%

    For amounts greater than £5 million the AER, Gross and Net interest rates are 0%

     *AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year

    **Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law

    Click here for interest rates or Speak to a member of our bank staff.

    What would the estimated balance be after 1 year 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.

    Other Product Information


    What is the withdrawal procedure for Business Savings Account users?

    • Customers can make penalty-free withdrawals in the form of transfers to their ICICI Bank UK Business Current Account
    • No notice period is required for withdrawals

    How can customers access their Business Savings Account?

    This facility can be operated through a branch and through our corporate internet banking platform( CIB)

    Minimum Balance

    Start with as little as £1.00

    Maximum Savings

    Up to GBP 5 Million

    Key Information


    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).

    2. What should you do if you have a complaint?

    If you want to make a complaint, please contact us at:

    Customer Relations,
    ICICI Bank UK PLC,
    2nd Floor, One Thomas More Square,
    London – E1W 1YN
    Or
    Email us at ukcustomerrelations@icicibank.com

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

    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.

    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.