- 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.
Accrued interest is calculated daily, compounded monthly and paid gross without prior deduction of tax. The monthly compounded interest is on the gross rate of 1.39%.
Interest is credited monthly on the last day of each month and paid on termination of the savings product. Should the last day fall on a weekend or public holiday, interest will be credited on the last business day.
The interest rate applicable to your deposit is variable.
Should the bank set a date to change the interest rate, you will be given a minimum of 45 days notice.
Should the bank set a date to change the interest rate before you have fully funded your Raisin UK Account, you will be given a minimum of 45 days notice.
The estimated gross interest based on a deposit of £10,000 over 12 months is £139.89. This projection is for illustrative purposes only and does not take into account interest rate changes or individual circumstances.
If a Notice Account runs through a leap year, interest will be paid for the additional day.
To purchase this savings product, you must apply online through Raisin UK. Savings 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. Your application acceptance will be subject to the successful completion of an AML/KYC check conducted by Meteor Asset Management (MAM), who administers the deposit on your behalf.
The minimum amount you can deposit is £1,000, and the maximum amount you can deposit is £85,000.
You can manage your savings 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 savings product through email and the Raisin UK customer portal secure messaging feature.
You may withdraw the full deposit amount only, this will be subject to a 45 day notice period. You are unable to add to the initial deposit or make partial withdrawals.
If termination is received on a non business day (either weekend or public Holiday), the notice period will start from the next business day.
Once notice has been given it can’t be revoked.
You will receive two payments following the termination of your 45 Day Notice Account.
Payment 1 will be returned to your Raisin UK account within 2 business days of your termination date and will consist of capital including interest earned from account opening until the last day of the previous month.
Payment 2 will be returned to your Raisin UK account within 2 business days of the end of the month in which your 45 Day Notice Account terminated and will consist of interest accrued from the first day of the termination month until the termination date.
If a termination falls on a non business day then payment will be made on the next business day and interest will be paid for the additional days. e.g. If notice account terminates on a Saturday and funds returned on the Monday, interest will be paid for the Sunday.
Transfers of funds must be received within 60 days (the order window) of your savings product application date. Any funds received after this period will be held in your Raisin UK Account, awaiting your instruction.
Funds must be transferred to your Raisin UK Account from a UK bank or building society account in your name and by electronic bank transfer only, and to the exact amount pledged when you ordered the product.
Should you under-fund the amount you pledged and the order window closes, your order will be cancelled. Should you over-fund, the amount remitted over the original pledge will be held pending your instruction in your Raisin UK Account.
Typically, your funds will be remitted to ICICI UK by MIM so that the deposit will be in place on the second business day after the full amount of the application is received by MIM. Depending on how your funds are transferred it can take up to 2 business days for them to appear in MIM’s account. Depending on the bank’s processes it can typically take around 4 business days for an ordered product to be set up and start earning interest.
You have the right to cancel your account without charge and without giving any reason, within 14 calendar days from the day of opening the account. Please refer to the ICICI Bank UK T&Cs for more information.
To purchase a deposit product from ICICI Bank UK, you need to provide the following information:
- A valid email address which Raisin UK can use to send you confirmation of your application;
- Your personal details including your name, date of birth and National Insurance number;
- Your address and postcode;
- A UK mobile telephone number; and
- The details of a UK bank or building society account from which you will fund your application.
Your deposits with ICICI UK 45 Day Notice Account– 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 £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.