What's a Recurring Deposit?
Our Recurring Deposit is a savings account that pays you interest and is linked to your ICICI Bank UK HomeVantage Current Account. You can only open a Recurring Deposit if you have a HomeVantage Current Account with us. The interest rate you earn might change from time to time, as notified by us.
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&C for complete information.
Can I withdraw money?
Withdrawals are not permitted for the term of 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
What is the penalty for premature withdrawal?
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.
What is the minimum and maximum amount I can invest?
Minimum amount for the recurring deposit:
- £1,000 for GBP account per month
- $1,000 for USD account per month
- €1,000 for Euro account per month
- The amount can be increased in multiples of £100 or $100 or €100 respectively
- The Instalment and the number of instalments cannot be altered subsequently
- Additional amount will be in the multiple of £100 or $100 or €100 respectively
- Maximum amount can be deposited:
- £20,000 for GBP account per month
- $20,000 for USD account per month
- €20,000 for Euro account per month