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Why Opt for ICICI Bank UK’s HiSAVE Fixed Rate Account?

Invest in our HiSAVE Fixed Rate Account and earn up to 0.90% Annual Equivalent Rate (AER).

This account is available to apply online only.

Our account features include:

  • Rate of Interest is fixed for the full term
  • Minimum deposit of £1,000 (no maximum limit) & available in GBP currency only.
  • Available for Individual or joint account holders
NEW Customers    EXISTING HiSAVE Customers    

Please note: No withdrawals, early closure or additional deposits are allowed once the term period is locked. Please read our FAQs and terms and conditions for further details.

Product Overview

Product Details


ICICI Bank’s HiSAVE Fixed Rate Account allows you the flexibility to choose from a term of 6 months, 1 year, 2 years, 3 years or 5 years. You also get to select your interest payment period – either monthly or annual.

Interest Rates


Effective from 17th November, 2021

The interest rate on a HiSAVE Fixed Rate Savings Account varies depending on your selection of payment term.

Annual Interest Payment:

Term% Gross% AER
6 months 0.40% 0.40%
1 Year 0.70% 0.70%
2 Years 0.80% 0.80%
3 Years 0.90% 0.90%
5 Years 0.90% 0.90%

Monthly Interest Payment:

Term% Gross% AER
6 months 0.40% 0.40%
1 Year 0.70% 0.70%
2 Years 0.80% 0.80%
3 Years 0.90% 0.90%
5 Years 0.90% 0.90%

Please note: Interest amount is calculated on the total balance in your account at the relevant gross rate. Interest rates may vary from time to time. ICICI Bank UK PLC has the right to change the rate of interest, and shall inform you well in advance in case of changes, if any. Please read our terms and conditions for complete information. To know more about the scheme, visit the nearest bank branch or call our customer care centre.

Click here for interest rate history

AER– AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Gross - Gross is the rate of interest before the deduction of the tax applicable to interest on savings account.

Kindly Note - Interest is calculated on daily basis. The standard variable interest is accrued daily and credited to the account monthly.

Can ICICI Bank UK PLC change the interest rate?


ICICI Bank UK PLC has the right to change the rate of interest.

Interest rate on your fixed term is not changed during the tenor of your account.

For other variable rate savings accounts,

  • 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 30 days’ 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.

What would the estimated balance be after 1 year based on a £1000 deposit?


For £1000 invested for 1 year at interest rate of 0.90% (AER), you will earn approximately £9.00 interest (gross). This is applicable when amount is invested for complete year.

Eligibility


You are eligible to open a HiSAVE Fixed Rate Account if you:

  • Are 18 years or above and have been UK resident (The UK does not include the Channel Islands and the Isle of Man.)
  • You must have a valid email address.
  • Businesses cannot open HiSAVE Accounts.
  • You need to provide the account number and sort code of a UK bank or building society current account held in your name(s), and should offer direct debit payment facilities & should have electronic funds transfer facility. We occasionally ask for copy of your Bank statement.
  • For Joint Account, The account must have a chequebook in your name(s).
  • You can only hold more than one HiSAVE Fixed Rate Account in your name (single or joint), but you can not have single and joint account together.
  •  Satisfactory UK identity and address documentation, we may ask you to send this.

For more information on documentation and identity checks please see below

Loyalty Bonus for existing customers


Earn a Loyalty Bonus interest rate of 0.10%. This is applicable for all HiSAVE Fixed Rate Accounts renewed between 45 days and 2 days before maturity.

About Us


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 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.