Business Banking Fixed Deposit
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, USD
- Access to your account through the branch
- No requirement of Minimum Deposit
- Maximum deposit £1,000,000 and $1,000,000
Read our terms and conditions for more information.
Customer needs to have Business Current Account to avail these services with us
Interest rates of ICICI Bank UK’s Business Banking Fixed Deposit:
Business Banking Fixed Deposit USD Rates (AER/Gross) effective from 2nd September, 2023
Business Banking Fixed Deposit GBP Rates (AER/Gross) effective from September 2nd, 2023
*Interest paid on AER basis
Gross1 - is the contractual rate of interest payable before the deduction of income tax at the rate specified by law
AER2 stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded 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 fixed for Fixed 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
For £1000 invested for 1 year at interest rate of 4.90% (AER), you will earn approximately £49.0 interest (gross). This is applicable when amount is invested for complete year.
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.
You cannot withdraw money for the term of deposit mentioned above.
Branch, Relationship Manager
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:
ICICI Bank UK PLC,
2nd Floor, One Thomas More Square,
London – E1W 1YN
Email us at email@example.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.
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