HiSave Remittance Account

Product Summary   

 

Account NameHisave Remittance Account

What is the interest rate?

0.50% AER1.

AER1 - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once 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 subject to change and may vary from time to time. To check the latest interest rates ;

  • visit www.icicibank.co.uk/interest_rates.html
  • Speak to a member of our bank staff
  • Call our Customer Service Centre on 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls)

Interest is calculated on a daily basis on the total balance in your account at the relevant gross rate.

 

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 upon your request.

Read the T&C for complete information.

What would the estimated balance be after 12 months 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 This is applicable when amount is invested for complete year and the interest is not withdrawn from the account.

Can I withdraw money?

Withdrawals may be made either as money transfers to India, or as payments into your linked current account.

Payments into your linked current account will be processed within one business day.

Money transfers to ICICI Bank accounts in India will be processed instantly; Transfers to any other bank account in India will be processed within 24 hours.

 

Account funding

Your Account can only be funded by electronic transfer from your linked current account.

We will credit your HiSAVE Remittance Account within two hours of receipt of funds from your bank.

No minimum balance is required to be maintained.

Additional information

Interest is calculated on a daily basis on the total balance in your Account at the relevant gross rate.

Interest is paid at the end of each month into your Account.

Contact details

0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls) or email HiSAVE enquiries.

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 to do if you have a complaint?

If you wish to register a complaint, please contact us at:

ICICI Bank UK PLC,

Customer Relations,

3rd Floor,

One Thomas More Square,

London E1W 1YN

 

Or

 

Call our Customer Service Centre at 0344 412 4444 (Calls to this number use free plan minutes if available, otherwise they cost the same as 01/02 prefix calls)

 

Or

 

Email us at ukcustomerrelations@icicibank.com

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

Important Information about the Financial Services Compensation Scheme

FSCS Coverage information 2017 click here

 

Financial Service Compensation Scheme Information Sheet and Exclusion list

 

We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registration Number: 223268).

 

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.

 

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.