ICICI Bank UK’s product terms and conditions can be downloaded in PDF format here.
Raisin UK’s terms and conditions can be downloaded in PDF format here.
Your deposit will be processed by Meteor Asset Management Limited, whose terms and conditions can be downloaded in PDF format here.
|Savings product name||ICICI Bank UK: 1 Year Fixed Term Deposit|
|What is the interest rate?||
AER is the Annual Equivalent Rate and represents what the interest rate would be if interest was realised and paid once each year.
Interest is calculated daily and is payable on maturity. Interest will be paid gross without prior deduction of tax.
|Can ICICI Bank UK change the interest rate?||No, the interest rate applicable to your deposit is fixed at the time of application and will stay the same throughout the duration of the fixed term.|
|How much interest might a £10,000 deposit have earned by the date of maturity?||
The estimated interest earned upon the date of maturity on a deposit of £10,000 is £195.00. This projection is for illustrative purposes only and does not take into account individual circumstances.
|How do I purchase and manage a savings product?||
To purchase a deposit product, you must apply online through Raisin UK in advance of the product application deadline. Applications received after the product application deadline will not be accepted. deposit products are only available through this online application process, and to be eligible to apply, you must be a UK resident who is aged 18 or over and hold a UK bank or building society account.
The minimum amount you can deposit is £1,000, and the maximum amount you can deposit is £85,000.
You can manage your deposit product by communicating through Raisin UK using the secure messaging feature in your customer portal, by telephone, by email or in writing by using the contact details provided in the Terms & Conditions. Raisin UK will only provide instructions relating to your deposit product through email and the Raisin UK customer portal secure messaging feature.
|Can I withdraw money?||
Because this deposit product is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies, becomes mentally incapacitated or bankrupt, or in any other exceptional circumstances agreed to by ICICI Bank UK in its absolute discretion. This deposit product does NOT operate on the basis that you can end the fixed term of your deposit prematurely and pay a fee to withdraw your funds sooner.
Raisin UK will contact you approximately one month before the maturity date of your deposit to advise you of your options. If Raisin UK do not receive a response from you, your deposit will be held in your Meteor Asset Management account at the end of the fixed term until you decide what you would like to do with the proceeds.
Your deposit will not automatically renew at the end of the fixed term for a further fixed term.
Your deposits with ICICI Bank UK 1 Year Fixed Term Deposit – are eligible for protection by the Financial Services Compensation Scheme (FSCS). The FSCS is a UK Government-backed protection scheme that covers deposits in individual deposit accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit.
Your deposit will be administered by Meteor Asset Management Limited (MAM) and Meteor Investment Management Limited (MIM) who will process your application and cash respectively. Cash and deposits will be held by MIM and MAM in trust for you under FCA client money and asset rules.
In the event that MIM or MAM cannot meet their obligations you will remain the beneficial owner of any deposits purchased for you, and also cash held on your behalf in MIM’s client account. In both cases these will remain covered under the FSCS protection for the deposit taker or the banks holding client money to £85,000. For more details please see our Meteor Asset Management Terms and Conditions.
Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.
Transfers of funds must be received within 5 business days of your deposit product application approval date to qualify for the interest rate you have applied for. Funds must be transferred from a UK bank or building society account in your name and by electronic bank transfer only. Any funds received after 5pm on the 5th business day will be returned to your nominated account.
Your Deposit Term will start two business days after MIM has remitted your funds to ICICI Bank UK.
Typically, if you fund this deposit product with one lump sum, your funds will be remitted by MIM no later than the first business day after you have transferred the amount that you pledge to fund this deposit product. If you need to make multiple transfers to reach the amount that you pledged, your funds will be remitted by MIM no later than the first business day after the final transfer.
To purchase a deposit product from ICICI Bank UK, you need to provide the following information: