ICICI Bank UK’s Recurring Deposit Account
ICICI Bank UK customers can now grow their investments for a fixed term period. You need to have a HomeVantage Current Account with ICICI Bank UK to apply for a Recurring Deposit account. Product features are as below:
- Minimum monthly deposit of GBP 1,000 or USD 1,000 or Euro 1,000
- Fixed rate of interest for a term of 1 year up to 10 years
- Customers are allowed additional deposits during the tenure
- Customers can choose to deposit in GBP, USD or Euro
- Ease of access to account through branch, phone and internet banking
- Fixed rate of interest on savings
- Option for joint account services
Please see our ‘Terms and Conditions’ for more details.
Rates effective from 23rd November 2020
Click here for interest rate history
Please note: Interest is calculated on a daily basis but compounded yearly. Interest accrued on the deposit amount will be paid on maturity after the deduction of charges (if any).
Interest rates are subject to change and may vary periodically. The rate applicable on your deposit will be as on the date of your first instalment. To check the latest interest rates, get in touch with the bank staff or call our customer care center on 0344 412 4444 or click here.
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.
You are eligible to open a Recurring Deposit if you:
- Are 18 years or above
- Submit satisfactory identity and address proof n and cleared the checks in accordance with ICICI Bank UK’s policies
- Have an existing HomeVantage Current account with ICICI Bank UK
How do I open a recurring deposit account?
- Visit any ICICI Bank UK PLC branch and meet a member of branch staff to open your Recurring Deposit.
- For existing current account holders, you can complete the application form.
- Joint Account: You can choose to open a joint holder Recurring Deposit account with ICICI Bank UK.
- It is mandatory to open a current account, if you do not have one please click here to know more about current account.
- Existing HomeVantage Current account holders can apply through phone or net banking.
- We will carry out an electronic identity check before your Recurring Deposit can be opened. If we cannot identify you electronically, then we will request you to visit one of our UK branches with original identity and address documents.
What would the estimated balance be after 1 year based on a £1000 deposit?
For £1000 invested monthly for 1 year at interest rate of 0.25% (AER), you'll earn approximately £16.32 interest (gross). This is applicable when the monthly instalment amount is invested for a complete year, without any additional amount deposited. The interest amount will be different if any additional amount is deposited along with monthly instalments.
Can ICICI Bank UK PLC change the interest rate?
ICICI Bank UK PLC has the right to change the rate of interest.
- The interest rate on your RD Account is fixed for the term of your Account, 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 refer full terms and conditions for the product
There are no standard charges on Recurring Deposit Account 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.