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- Indian Bank Savings Account Interest Rate Calculator
- Savings Account Interest Rates India
- Indian Bank Savings Account Interest Rates
Earlier, the payment of interest in savings bank was controlled by RBI but now RBI has given liberty to commercial banks to pay interest as per their choice. Majority of public sector banks usually pay interest between 3.5% to 4% based on amount deposited but private banks offer higher interest on. How are interest rates on Savings Account calculated? Savings account interest rate is calculated on a daily basis i.e. Closing balance in the account maintained in the savings bank account type; the rate is specified by YES BANK in accordance with Reserve Bank of Indian directives. The interest rate amount is calculated and is rounded off to. IndusInd Bank provides you savings account that offers high interest rates. Avail cashback, discounts and more exciting benefits by opening your savings account with us today!
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NRI Savings Account with ICICI Bank Limited (ICICI Bank India)
The NRI Savings Account offers a fulfilling banking experience, anytime and anywhere. Our NRI Savings Account comes with competitive interest rates. ICICI Bank India offers a range of NRI Savings Accounts to choose from. Select one that fits the best with your requirements.
India Linked Savings Account
ICICI Bank India’s Savings Account offers:
- Competitive interest rates
- Interest earned is fully repatriable (i.e. can be transferred to the UK)
- Easy access to your account through internet banking and I mobile app
Click here to apply for a free call back facility to open an NRI account.
Please note: These products and services are not regulated by Financial Conduct Authority. Protections offered by UK regulatory system, including Financial Services Compensation Scheme (FSCS) shall not apply.
Overview
Product Summary
| Eligibility |
|
| Interest Rates | Click here to view the current interest rates. Interest calculated is rounded to the nearest rupee, and paid quarterly. |
| Minimum Balance | Minimum monthly balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level. (Customer ID level: Monthly average balance in NRE Savings / Non-interest bearing account + Monthly average balance in NRO Savings / Non-interest bearing account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID.) |
| Charges | If you do not maintain the minimum balance service charges will be applied. For a summary of all the service charges Click here |
Please Note: Interest rates are subject to change.
Read our FAQs section to know more about this scheme
Key Facts
Who offers India Linked savings accounts?
All India Linked deposit products and services are offered by ICICI Bank India.
Are India Linked savings accounts regulated by the Financial Conduct Authority?
India Linked deposit products and services are not regulated by the Financial Conduct Authority. Hence, rules made under the UK Financial Services and Markets Act 2000 for the protection of customers do not apply.
Are India Linked savings accounts protected under the Financial Services Compensation Scheme (FSCS)?
Protection afforded by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS), does not apply.
What is the role of ICICI Bank UK PLC in providing India Linked Savings Accounts?
ICICI Bank UK PLC is acting as an introducer and is facilitating documentation to initiate the relationship with the respective ICICI Group Company offering such product or service.
Who regulates India linked product and services?
All India linked products and services are subject to Reserve Bank of India (RBI) rules/regulations and/or other applicable laws in India.
What should I do if I have a complaint?
If you wish to register a complaint, please contact us at:
ICICI Bank UK PLC,
Customer Relations,
2nd Floor,
One Thomas More Square,
London E1W 1YN
or
Call our Customer Service Centre at 08081 31 41 51 (freephone from a UK landline)
or
Email us at nrinfo@icicibank.com.
Please note: ICICI Bank UK PLC is responsible for resolving pre-sales complaints and ICICI Bank India is responsible for resolving post-sale complaints
- Approved for the purpose of Section 21 of the Financial Services and Markets Act, 2000 (FSMA) by ICICI Bank UK PLC (Company No. 04663024) having its registered office at One Thomas More Square, London E1W 1YN. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA) and PRA.
- These products and services are not authorized and regulated by the FCA and PRA, hence rules made under the Financial Services and Markets Act 2000 (“FSMA”) for the protection of customers do not apply. Protection offered by the UK regulatory system, including the Financial Services Compensation Scheme (“FSCS”) will not apply. The products and services mentioned here are offered by ICICI Bank Limited (“ICICI Bank”). ICICI Bank Limited is incorporated in India and is regulated by the Reserve Bank of India (“RBI”) and having its corporate office in Mumbai, India. The products and services mentioned are subject to Reserve Bank of India (RBI) rules/regulations and/or other applicable laws in India. The deposits mentioned are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions.
Non-Resident External (NRE) Savings Account
The NRE Savings Account gives you the opportunity to deposit your UK income in India and the flexibility to repatriate the entire deposit and interest earned Whether you are a student, a professional, a salaried employee or an entrepreneur, our NRE Savings Account offers ease of use with the below benefits:
Minimum balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level.
(Customer ID level: Monthly average balance in NRE Savings / Non-interest bearing account + Monthly average balance in NRO Savings / Non-interest bearing account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID.)
- Interest earned is not taxed at source
- Hassle-free money transfers through branches, online and mobile digital app at competitive exchange rates
- Competitive interest rates – interest is paid quarterly. Click here to check the current rates.
- Easy account access 24/7 with a debit card through ATMs, branches, internet and phone banking
- This account allows full repatriation of your deposit and the interest earned
- Option to hold a joint account with NRI
Please note: Interest rates are subject to change. A service charge will be levied in case the minimum balance is not maintained.
Non-Resident Ordinary (NRO) Savings Account
ICICI Bank India NRO Savings Account allows you to deposit and efficiently manage what you earn in India, such as pension payments, investment dividends and rent, while you live in the UK. The account features include:
Minimum balance requirement is INR 10,000 at account level or INR 25,000 at Customer ID level. (Customer ID level: Monthly average balance in NRE Savings / Non-interest bearing account + Monthly average balance in NRO Savings / Non-interest bearing account + Month end balance in Fixed deposit/s and Recurring deposit/s within the same customer ID.)
- Hassle-free money transfers through branches, online and mobile digital app at competitive exchange rates
- Competitive interest rates – interest is paid quarterly. Click here to check the current rates
- Easy account access 24/7 with a debit card through ATMs, branches, internet and phone banking
- Interest earned within a financial year is fully repatriable (can be transferred to the UK) after deducting tax at source. Funds in an NRO account can be repatriated up to USD one million per financial year
- Option to hold a joint account with another NRI / resident Indian
Please note: Interest rates are subject to change. A service charge will be levied in case the minimum balance is not maintained.
How to Apply
Click here to apply for a free call back facility to open an NRI account or apply by visiting any of our UK branches. Click here to find your nearest ICICI Bank UK branch.
For further help, please get in touch with our customer care executive at 08081 31 41 51 (free call from a UK landline), or write to us at nrinfo@icicibank.com.
Below are the documents that you will need to provide when applying for our India Linked Savings Account:
- Passport: The page(s) of your passport with your name, address, date of birth, date and place of issue, expiry date, photograph, signature and stamp regarding stay outside India.
- Address proofs: Your proof of address must be issued by a recognised authority, bank or utility company and should include your full address.
- Driving Licence: Address mentioned in DL
- Utility Bill: (Electricity, Telephone, Postpaid Mobile/Phone, Sewage & Water bill, Piped gas, Internet or broadband) Not >2 months old
- Bank a/c or Post Office savings bank a/c statement: Bank statement/passbook (Not more than 3 months) with one customer induced transaction in 90 days
- Visa, Residence permit, PIO/OCI Card issued by foreign jurisdictions
- Leave and License agreements with employers being State/Central Govt, statutory/regulatory bodies, public sector, scheduled commercial banks, financial institutions and listed companies
- Letter of allotment of accommodation from employer issued by State/Central Govt, statutory/ regulatory bodies, public sector, scheduled commercial banks, financial institutions & listed companies
- Property or Municipal Tax receipt: Receipt/Invoice not older than 1 calendar year
- Registered Purchase / Sale Deed or agreement made between 2 individuals or between individuals and company.
- Credit Card Statement: One month credit card statement with minimum one customer induced debit or credit transaction and should be issued within last 2 months. The Credit card statement with list of banks accepted for overseas address proof as follows: Sainsbury Bank, Barclays Bank, Creation Bank, Lloyds Bank, Santander Bank, Tesco Bank, American Express.
- A recent (taken within last 6 months) photograph for each account holder.
- Non-Resident Indians must also provide a valid visa.
- OCI/PIO Card: applicable for persons holding passport issued by country other than India.
- In case OCI card /PIO card is not available then a self-declaration with document evidencing proof of India connect
- PAN / Form 60: In case PAN not held currently / not applicable as annual income in India is NIL or less than threshold limit of 2.50 lacs then Form 60.
- FATCA/CRS declaration: Tax identification number or Functional equivalent of overseas country.
- Initial Funding.
A Savings Account is very beneficial with multiple advantages as detailed below:
(1) Earns Interest on your Savings
This is the first and foremost benefit of opening a savings account. It starts earning interest on your money as soon as it is deposited. The interest rate is decided solely by the bank and changes from time to time. Regular interest depends upon the balance of the savings account.
Interest rate in savings account ranges from 3.5% to 7%.
(2) Provides Security of Funds
There is no risk involved in your savings account. It is considered as one of the safest investment alternatives. It even offers you the opportunity to put your money into another investment whenever the time comes.
Indian Bank Savings Account Interest Rate Calculator
(3) No Lock-in Period
There is no lock-in period under savings account which means that you can withdraw your deposits anytime you need. There is no need to keep your money in this account for any specific period. You have full flexibility in withdrawal of amount from it.
(4) Offers Liquidity
You can withdraw the amount anytime 24X7 with the use of ATM card or debit card from your account during any emergency even when the bank is closed. In fact, being able to access your money when you need it, is one of the biggest benefit of having a savings account.
(5) Availability of Variety of Savings Account
Many banks offer comprehensive range of savings accounts from regular to premium suiting to your personal banking needs. There are different types of savings accounts offered by various banks that differ based on the interest rates and duration of time commitments. You can choose any of them which suits your financial objectives and requirements.
(6) Services of Customer Relation Manager
Savings Account Interest Rates India
Now-a-days many of the banks engage a Customer Relation Manager (CRM) who will help not only solve your queries but also assist you in tax saving, investment, mutual fund schemes, insurance, bank procedures, etc. You need to just call your CRM and he/ she will assist you solve your problem.
Indian Bank Savings Account Interest Rates
(7) Online Banking Facilities
If you maintain a savings account, you can make many transactions online also such as payment of bills, fund transfers using RTGS/ NEFT or IMPS, etc. This will save your time and efforts.
(8) Provides ATM/ Debit Card
You will be offered a debit or ATM card with a nominal charge or without any charges, as offered by your bank. With the help of this card, you can withdraw the funds, make transactions in shops, make payments of bills, etc.
(9) Helps you Get Credit or Loan
The relation you maintain with the bank will help you in getting credits from the bank such as home loan, personal loan. You will also be in a position to negotiate with the banker on the interest rates.
(10) No Cap on Deposits
There is no limit on the amount deposited and number of times it is deposited.
(11) Facility to link Loan EMIs, Mutual Fund SIPs or RD deductions
You get a facility to link your monthly loan EMIs, Mutual Fund SIPs or RD deductions through the savings bank account.
(12) Free Mobile App
Most of the banks provide their mobile app for free. Through this app, you can get to know your account balance, check your statement, make transactions, easy transfer of money, etc.