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.
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:
- o Instantly online - to ICICI Bank India
- o 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