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What Does ICICI Bank UK’s Fixed Rate SuperSaver Bond Offer?
ICICI Bank UK customers can now grow their short-term investments with interest rates upto as 5.00% Annual Equivalent Rate (AER). Your deposit is tied in for the term of the bond, earning a fixed interest rate for the duration. You can choose to collect your interest payments on a monthly basis, quarterly or annual basis. The minimum amount you need to deposit is £1000 only, and you can choose your term period from anywhere between 6 months to 5 years. See below for more information.
No withdrawals, early closures or additional deposits can be made during the fixed term.
Product Overview
Effective from 5th January 2024
Annual interest payout
| Term | Gross | AER |
|---|---|---|
| 6 month | 5.15% | 5.21% |
| 1 year | 5.00% | 5.00% |
| 2 years | 4.25% | 4.25% |
| 3 years | 4.00% | 4.00% |
| 5 years | 3.75% | 3.75% |
Quarterly interest payout
| Term | Gross | AER |
|---|---|---|
| 6 month | 5.12% | 5.21% |
| 1 year | 4.91% | 5.00% |
| 2 years | 4.18% | 4.25% |
| 3 years | 3.94% | 4.00% |
| 5 years | 3.70% | 3.75% |
Monthly interest payout
| Term | Gross | AER |
|---|---|---|
| 6 month | 5.10% | 5.21% |
| 1 year | 4.89% | 5.00% |
| 2 years | 4.17% | 4.25% |
| 3 years | 3.93% | 4.00% |
| 5 years | 3.69% | 3.75% |
Please note: Interest is calculated on a daily basis on the total balance in your account at the relevant gross rate. Interest rates are subject to change and may vary from time to time. To check the latest interest rates, get in touch with the bank staff or call our customer care center.
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.
- To Apply Online: Visit www.icicibank.co.uk and log on to internet banking. Go to Instant Services > Open Fixed Rate Bond and place a request to open a SuperSaver Bond. Alternatively download our iMobile app, and tap on “New Product and Services” > tap on “Open SuperSaver Bond” ·
- Visit any one of ICICI Bank UK branches
- 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).
- We will inform you when we receive your application and if your application has been approved.
For £1000 invested for 1 year at interest rate of 5.00% (AER), you will earn approximately £50.00 interest (gross). This is applicable when amount is invested for complete year.
ICICI Bank UK PLC has the right to change the rate of interest.
- ICICI Bank UK PLC has the right to change the rate of interest.
- Interest rate on SuperSaver Bond is fixed for term and will not be changed during the tenor. For other savings account please read our terms and conditions.
- Read the T&C for complete information.
No early withdrawals from a SuperSaver Bond are allowed before the end of the agreed term. In exceptional circumstances withdrawal may be permitted before the term of the SuperSaver Bond concludes however this may result in loss of interest. Please refer to our personal banking terms and conditions.
There are no standard charges on SuperSaver Bond 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.
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.
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