- FSCS protects deposits up to £85,000 per person
About ICICI Bank (UK)
ICICI Bank UK plc was established in the UK in 2003 and offers a range of personal, business, corporate and investment banking services in the UK and Europe. The bank is a subsidiary of ICICI Bank Limited, which has over 60 years of experience in finance and a presence in 17 countries.
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, compounded annually and is payable on maturity. Interest will be paid gross without prior deduction of tax.
The interest rate applicable to your savings account is fixed once your application is approved and you fund your account. The rate will stay the same throughout the duration of the fixed term. Please review the associated Terms and Conditions for more information on how interest rate changes work.
Should the bank amend the rate advertised before you have fully transferred funds and the rate is lower than the rate you originally ordered, you will have 5 business days from that date to complete your transfer to receive the original rate. Otherwise after which time we will cancel your order. You will be contacted if this occurs.
Please ensure you log in and check your Raisin Account during the funding process.
The estimated balance after 9 months on a deposit of £1000 is £1,006.75. This projection is for illustrative purposes only and does not take into account individual circumstances.
To open this savings account, you must apply online through Raisin. Savings accounts at Raisin 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
● Hold a UK bank or building society account from which you will fund your application
● Have a valid mobile phone number and email address
● Have a UK National Insurance Number
Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) checks.
The minimum amount you can deposit is £1000, and the maximum amount you can deposit is £85,000 (per product and banking institution).
You can manage your savings account through Raisin by logging into your Raisin Account. You can contact Raisin by telephone, by email or in writing by using the contact details provided in the Raisin Terms & Conditions.
Please ensure you have read and understood all sets of Terms and Conditions before applying for this product.
Because this savings account 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 in its absolute discretion. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.
Your savings account will not automatically renew at the end of the fixed term for a further fixed term.
Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.
Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to ICICI Bank by MIM on the second business day after arriving in the MIM account. It can therefore take up to 3 business days for an ordered product to be set up and start earning interest.
All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules.
Your deposits with ICICI Bank UK 9 Month Fixed Term Deposit – are eligible for protection by the Financial Services Compensation Scheme (FSCS). The FSCS is the United Kingdom’s statutory deposit guarantee scheme that covers deposits in individual savings 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 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 MAM 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.