ICICI Bank UK – What's New

Libor Reform - Important information

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Interest Certificate for the financial year FY 2020- 2021 is now available online:

Your Interest Certificate for the year 2020- 2021 is now available online to view and download. To download your Interest Certificate, log in to your account online and select 'Download Interest Certificate for 2020- 2021'.

Same Business day payment facility to transfer funds to UK account (Cut off timings)

We would like to inform you that, we have changed cut off timings for Same business day payment using internet banking from 1300hrs to 1700hrs. You can only transfer to your registered payee using this facility.

Please note: We are in the process of updating our Terms and Conditions to reflect the cut off time changes accordingly.

Cheque Image Clearing

In the present cheque clearing system, cheques deposited are physically transported from banks or building society branches to central clearing centres, where they are processed before being exchanged with the relevant banks and building societies for payment. It is a slow and labour-intensive process. ICICI Bank UK PLC meets the requirements of the 2-4-6 cheque clearance process implemented by all UK banks and building societies. The 2, 4 and 6 refer to the number of working days after a cheque has been paid into an account. Working days are Monday to Friday, except bank holidays. So, for example, if you pay in a cheque on a Monday, you will see it in your statement the same day, it counts towards interest on Wednesday(2), you can use the money on Friday(4) and ICICI Bank cannot take the payment out of your account after the following Tuesday(6).

Changes from 30 October 2017

The Cheque and Credit Clearing Company (which manages the cheque-clearing system) has announced that from October 30, 2017, there’ll be a new, image-based clearing system. UK banks and building societies will clear cheques by exchanging cheque images instead of exchanging physical cheques and from the second half of 2018 cheques will be cleared much faster which means you will have faster access to your money. We will also change the way we process cheques at our branches. More details will be provided as we get closer to the implementation date.

Announcement:

Our Rates and charges are changing with effect from January 15, 2017.

• For changes in Money Transfer to India and international usage of your ICICI Bank UK Debit Card click here to see the changes.
• For changes in Business Current Account charges click here for details

Personal Savings Allowance (PSA)

We would like to inform that Income tax will no longer be deducted from the interest you earn on your savings account and these changes will take effect on 6th April, 2016.

We will also be updating our terms and conditions accordingly.

The Government is introducing a tax-free Personal Savings Allowance on the interest you earn on your savings and interest paying bank accounts.

• The first £1,000 of savings interest that basic rate taxpayers earn (£500 for higher rate taxpayers) will be free from income tax
• From 6 April, 2016 you will need to make arrangements to pay any tax you may owe directly to HM Revenue & Customs
• We will be providing you with an interest certificate at the end of the year
• There will be no tax deduction at the banks end

Please note: We are in the process of updating our Terms and Conditions to reflect the changes of the Personal Savings Allowance.

Personal Savings Allowance – FAQs

How much is the Personal Savings Allowance?

• Basic rate taxpayers: Up to £1,000 in savings income is tax-free
• Higher rate taxpayers: Up to £500 in savings income is tax-free
• Additional rate taxpayers: No Personal Savings Allowance

Do I need to do anything to claim my personal allowance?

No, from 6 April 2016, we will pay gross interest on all of your savings and interest paying current accounts. This means that no tax will be automatically deducted from interest on your behalf.

Important Information

Tax Certificate (FY 2015-16):

Your tax certificate for the financial year 2015-2016 is now available online. To view it, simply log in to your account and select 'Download Tax Certificate for 2015-2016'

Foreign Account Tax Compliance Act (FATCA)

Changes that may impact you. Click here to know more.

ICICI Bank UK PLC HomeVantage Current Account debit cards will soon become 3-D Secure enabled. Developed by Visa, 3-D Secure adds an additional level of authentication, therefore enhancing the security of your online debit card transactions.

Complaints Data:

We have published our latest complaints data. Click here to know more..