Dual benefit online savings account designed specifically for money transfers to India
London: ICICI Bank UK PLC, the UK-based subsidiary of India’s largest private sector bank, has announced the launch of a HiSAVE Remittance Account – an online savings account designed specifically for money transfers to India. This new service can be accessed at www.icicibank.co.uk/HRA.
HiSAVE is ICICI Bank UK PLC’s award winning range of online savings accounts and the new HiSAVE Remittance Account now joins this portfolio. This easy-access account offers the dual-benefit of far more convenient money transfers to India along with the opportunity to earn interest on the balance maintained.
HiSAVE Remittance Account holders will earn 1.50% interest on any balance maintained in the account. They will also have the option to set a “Rate Block” on transfers to India, which means that customers can set a minimum exchange rate at which to transfer and ICICI Bank will ensure that money is sent only at that exchange rate or higher.
Other features of the new HiSAVE Remittance Account include:
- Online-only account opening and management
- Monthly interest on account balance
- Instant money transfers to any ICICI bank account in India, as well as transfers to any other bank within just 24 hours
- No minimum balance requirement
- Access to money transfer service 24/ 7, including weekends and bank holidays
- Confirmed exchange rate 24/7
- Service assurance on all money transfers to India. We assure you that we will transfer your money:
- Instantly online – to ICICI Bank India
- In 24 hours – to 55,000 other bank branches in India
If ICICI Bank does not meet this assurance, it will pay 5 pence for every £10 transferred by way of credit to the account, from a minimum of £1 to a maximum of £50
- Beneficiary text alerts : Text alerts to India are charged at just 50 pence per text
- Standing instructions: Place your money transfer request once and ICICI will send it regularly for you
- Future dated transfers: You can instruct ICICI Bank in advance to send money to any account in India on a particular date
- No cheque book or debit card
Withdrawals and deposits can only be made via the linked current account
HiSAVE is ICICI Bank UK PLC’s award winning, range of online savings accounts. Over 150,000 UK savers trust ICICI Bank UK to look after their hard-earned savings. To date, the HiSAVE savings range consists of:
- The HiSAVE Savings Account: an instant access savings account with one consistently competitive interest rate for everyone. The minimum balance is just £1 and there are no penalties for withdrawals.
- The HiSAVE Fixed Rate Account: a range of fixed rate savings accounts that enable customers to save a lump sum for a fixed term (of 6 months, 1 year, 2 years or 3 years) in return for a fixed interest rate (the current interest rates are 1.15%AER, 2.05%AER, 2.20% and 2.40% respectively). The minimum balance is £1000
About ICICI Bank UK PLC:
ICICI Bank UK PLC offers retail, corporate and investment banking services in the UK and Europe and has been operating here since 2003. It is authorised by the Prudential Regulation Authority, regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number: 223268) and is a member of the UK Financial Services Compensation Scheme. Its registered office is One Thomas More Square, London E1W 1YN. It is subject to the laws of England and Wales.
ICICI Bank UK PLC operates from 9 locations in the UK and has branches in Belgium and Germany. ICICI Bank UK PLC has a long term foreign currency credit rating of Baa3 from Moody’s.
The Bank has won several awards, including:
- ‘Highly commended’ at the Consumer Money facts Awards 2013
- ‘Best Online Savings Provider’ at the Consumer Money facts Awards 2012
- ‘Best Online Savings Provider’ at the Consumer Money facts Awards 2011
- Highly commended for ‘Best Internet Account Provider’ and commended for ‘Best Fixed Rate Account Provider’ categories at the Money facts Awards 2010
- ‘Best Online Savings Account Provider’ at the annual Your Money Awards 2010
‘Best Monthly Interest Account Provider’ and ‘Best Internet Account Provider’ at the Money facts Awards 2009
About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India’s largest private sector bank and the second largest bank in the country, with consolidated total assets of US $ 124 billion at March 31, 2013. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India.
For Press Queries:
Mr. Sujit Ganguli
Head – Corporate Communications and Brand
ICICI Bank Limited
Bandra Kurla Complex, Mumbai – 400051