ICICI Bank UK launches online savings account for money transfers to India

The British subsidiary of ICICI Bank, ICICI Bank UK, has launched a special remittance account called HiSave, an online savings account especially designed for money transfers to India.

The account holders would earn 1.50 per cent interest on any balance maintained in the account.

They would also have the option to set a 'rate block' on transfers to the country which meant that customers could set a minimum exchange rate at which to transfer and ICICI Bank would ensure that the transfer happened that exchange rate or higher.

The account can be opened and managed online and would not require a minimum balance to be maintained.

The bank also assures money transfer to 55,000 other bank branches in India within 24 hours. In case of a default on the above, the bank would pay 5 pence for every £10 transferred by way of credit to the account, from a minimum of £1 pound to a maximum of £50.

Customers would also be able to open a fixed deposit account under the same product with a minimum balance of £1,000.