Grow Savings with Confidence

Your Recurring Deposit begins only after clear funds are credited to your Personal Current Account. This ensures your monthly instalments are processed correctly without delays or missed payments.

You must choose a fixed tenure at the time of opening the deposit. Once selected, the tenure cannot be changed during the entire deposit period, so it is important to pick the term carefully.

You can open your Recurring Deposit in GBP, USD or EUR, giving you the flexibility to save in the currency you prefer or the one that aligns with your future financial needs or obligations.

Partial withdrawals are not allowed at any time during the deposit’s tenure. If funds are needed before maturity, the deposit must be closed entirely under the premature closure rules and related interest deductions.

The Recurring Deposit earns a fixed interest rate for the entire selected tenure, ranging from 1 to 10 years. Interest is calculated daily and compounded annually and the applicable rate is the one offered on the date your first instalment is received.

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).

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 1st December 2025, an eligible depositor is entitled to claim up to £120,000. 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 £120,000 each (making a total of £240,000). The £120,000 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.

A Recurring Deposit is an account that pays you interest and is linked to your ICICI Bank UK Personal Current Account. You can only open a Recurring Deposit if you have a Personal Current Account with us. The interest rate you earn might change from time to time, as notified by us.

You can call us on 0344 412 4444 (Calls to this number use no-cost plan minutes if available, otherwise they cost the same as 01/02 prefix calls), email enquiries or write to us at ICICI Bank UK plc, PO Box 68921, London, E1W 9HB)

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.

Withdrawals are not permitted for the term of the deposit. Premature closure of a Recurring Deposit is allowed before the end of the agreed term. However, this may result in loss of interest. Please read the terms and conditions for complete information.

Yes, you need to have a Current Account with us in order to open a Recurring Deposit. Please visit any of our branches if you would like to open a Current Account.

Premature closure is allowed, subject to a penalty of 1% reduction in the interest rate offered for the period of the deposit. This means there will be a penalty of 1% on the interest rate of the Recurring Deposit for the corresponding period (i.e. the period from the date of deposit opening until the date of premature closure) and your Recurring Deposit will be closed. If the penal charge of 1% is greater than the interest rate for the invested period, the interest earned will be deducted and only the original Principal amount will be returned. This means your principal is protected. Please read the terms and conditions for complete information.

• Minimum amount for the Recurring Deposit:
  • £1,000 for the GBP account per month
  • $1,000 for the USD account per month
  • €1,000 for the Euro account per month

The amount can be increased in multiples of £100, $100 or €100, respectively. The Instalment and the number of instalments cannot be altered subsequently. The additional amount will be in multiples of £100, $100 or €100, respectively.

• The maximum amount can be deposited:
  • £20,000 for the GBP account per month
  • $20,000 for the USD account per month
  • €20,000 for the Euro account per month

Yes

The effective date from which the credit shall be given for any Instalment shall be the date on which ICICI Bank UK plc gets clear funds into the Account of the Depositor/s.