ICICI Bank

ICICI Bank in the UK offers savings accounts and fixed deposits in pounds, plus a pair of India Linked products where the UK bank does not hold the money at all: it acts as an introducer and helps with the paperwork to start a relationship with an ICICI Group company in India¹. That distinction matters more than any other on this page, because it decides which protection applies.

Its named savings products are the Fixed Deposit (Withdrawable), the Fixed Deposit (Non-withdrawable), and the India Linked savings and fixed deposit accounts. The Fixed Deposit (Withdrawable) is described by the bank as a savings option which pays a fixed rate of interest for a fixed term, and it was earlier known as the SuperSaver Term Deposit³. The Fixed Deposit (Non-withdrawable) lets a customer choose a term of anywhere between 6 months and 3 years, and the bank states that its interest rate is fixed for the term and will not be changed during the tenor⁴.

Money in the UK bank is covered by the Financial Services Compensation Scheme. From 1 December 2025 an eligible depositor can claim up to £120,000, and for a joint account held by two eligible depositors the maximum that could be claimed is £120,000 each, making a total of £240,000⁵. India Linked deposits are not covered by the UK scheme; the bank states they are covered under the insurance scheme offered by the Deposit Insurance and Credit Guarantee Corporation of India, subject to limits and conditions¹.

Savings accounts at ICICI Bank: what's on offer

The savings market in the UK splits broadly into ISAs, instant access accounts and fixed term options, and a saver choosing between them is really choosing how long they can leave the money alone and whether they want tax-free treatment⁶. ICICI Bank UK sits in the fixed term part of that market, alongside a variable rate account.

The Fixed Deposit (Withdrawable) pays a fixed rate of interest for a fixed term, and the bank's own site carries today's rates and terms³. The Fixed Deposit (Non-withdrawable) runs for a term of 6 months to 3 years, with the rate fixed for that period⁴. Interest on the Fixed Deposit (Withdrawable) is paid gross³. On the non-withdrawable version, the bank offers a choice of interest paid monthly, quarterly or annually, with payments made to a linked ICICI Bank UK Personal Current Account⁴.

If you are weighing a fixed term account against an easy access one, the general guide to savings accounts sets out how the two behave when rates move, and the guide to ISAs explains the tax-free versions, of which there are four types⁷.

Fixed Deposit (Withdrawable): how a fixed term works

A fixed term deposit trades access for a known rate. You agree to leave a sum with the bank for a set period, and in return the rate is set at the start rather than floating with the market. The Fixed Deposit (Withdrawable) works on that basis: the bank describes it as paying a fixed rate of interest for a fixed term³.

The condition that catches people out is access. On the Fixed Deposit (Withdrawable), withdrawals are not permitted for the term of deposit³. That is not a penalty for early exit; it is a bar on taking money out at all during the term. A saver who may need the money inside the term is looking at the wrong product, and the bank's own terms are the place to check what happens at the end of the term and how the money is returned.

The non-withdrawable version runs for a term of 6 months to 3 years, with the rate fixed for that period and interest paid monthly, quarterly or annually into a linked current account⁴. Because the rate cannot move against the customer during the term, the trade-off is the opposite one: the money is committed, and if market rates rise the customer does not benefit.

Both products can be opened online through internet banking or the iMobile app, at any ICICI Bank UK branch, or by calling the Customer Service Centre on 0344 412 4444³. The bank's own site carries today's rates and terms; this page does not.

India Linked Savings and Fixed Deposits: ICICI Bank acts as an introducer

The India Linked accounts are a different arrangement from the UK savings products, and the difference is who holds the money. For India Linked Fixed Deposits, ICICI Bank states that it acts as an introducer and only helps in facilitating client documentation to initiate the relationship with the respective ICICI Group company offering such product or service¹. For India Linked Savings Accounts, the bank describes its role in the same terms: acting as an introducer and facilitating documentation to initiate the relationship with the respective ICICI Group Company².

In plain terms, the UK bank is a doorway, not the destination. The account itself sits with an ICICI Group company in India, and the terms, the rate and the protection come from that side of the arrangement. The bank states that it is mandatory to open an India linked saving account, an NRE or NRO account, to open a fixed deposit account¹.

That has two consequences a reader should weigh before applying. First, the money is not a UK deposit, so the UK scheme that protects bank deposits does not apply to it¹. Second, complaints split by stage: ICICI Bank states that it is responsible for resolving pre-sales complaints, and ICICI Bank India is responsible for resolving post-sale complaints¹. Anything about how the product was introduced or documented in the UK belongs with the UK bank; anything about the running account belongs with the Indian bank.

If you are sending or holding money across borders more generally, the guide to money transfers covers how transfers work and what to check.

How ICICI Bank sets and changes interest rates

Rates on savings products are set by the provider, not by the Bank of England, though the Bank's decisions feed into what providers offer. The Bank of England notes that central banks usually change their rates by 0.25%, but that it can alter Bank Rate by as little or as much as it needs to⁸. The general guide to Bank Rate, inflation and the UK economy explains how those decisions reach savers.

For its fixed deposits, ICICI Bank states that it has the right to change the rate of interest⁴. On the non-withdrawable fixed deposit, the bank also states that the interest rate is fixed for the term and will not be changed during the tenor⁴. Those two statements sit together: the bank reserves the right to change rates generally, while committing to a fixed rate for the term of that particular product.

Variable rate accounts behave differently, and the market convention is visible in how other providers describe it. NS&I, for example, states that the rate on its Direct Saver is variable so it can change it up or down from time to time, for example when the Bank of England base rate changes or when rates in the general savings market change⁹. Its Direct ISA is described in the same way¹⁰. NS&I also states that its interest rate is set by HM Treasury and can change from time to time¹¹.

The rules on notice come from the Payment Services Regulations 2017, which provide that changes in interest or exchange rates may be applied immediately and without notice where they are based on reference rates provided to the user or where the change is more favourable to the user¹⁴. Where a change is not covered by that exception, notice rules apply.

When your rate is cut: notice, closing or switching

A rate cut is the moment a savings account stops doing what it was opened for, and the question is what notice you get and what you can do about it.

ICICI Bank states that if it reduces the interest rate to a customer's disadvantage, the customer will be given 30 days' notice and, if they wish, the option to close or switch the account⁵. For its other variable rate savings accounts, the bank states that it keeps customers informed about changes in the interest rates on their accounts by sending a personal notice within 30 days of the change⁵.

The backdrop is that a firm should inform a banking customer of the current rate of interest that applies to a savings account on the telephone or in a branch of the firm, at the customer's request¹⁵. So the current rate is always available on request, even between notices.

For comparison, NS&I states that if the rate on its Direct Saver goes down it will contact the customer personally in advance⁹, and that it will not contact customers personally if the rate goes up¹¹. Its key document states that if the rate goes down, customers are contacted personally at least 14 days before it takes effect¹¹. Different providers, different notice periods, and the account terms are where the specific figure for your account sits.

Opening an account with ICICI Bank

Opening a bank account in the UK normally means filling in an application form and providing proof of identity, including full name, date of birth and address¹⁶. Applications can usually be completed online, in person or by phone¹⁷.

ICICI Bank UK's own routes follow that pattern. The Fixed Deposit (Withdrawable) can be opened online via internet banking or the iMobile app, at any ICICI Bank UK branch, or by calling the Customer Service Centre on 0344 412 4444³. The Fixed Deposit (Non-withdrawable) can be opened online by going to Instant Services and selecting Open Fixed Rate Fixed Deposit (Non-withdrawable), through the iMobile app, at any ICICI Bank UK branch, or by calling the same number⁴.

For the India Linked products, the process is different because the UK bank is only facilitating documentation. The bank states that it is mandatory to open an India linked saving account, an NRE or NRO account, to open a fixed deposit account¹. So the savings account comes first and the fixed deposit follows.

If you are new to opening accounts, or want to compare what different kinds of provider ask for, the guide to current accounts covers the basics, and the directory of banks and building societies lists who operates in the UK market.

Complaints: who handles what

Start with the firm. For anything about a UK savings product, that means ICICI Bank. For an India Linked product, the split is set out by the bank itself: ICICI Bank is responsible for resolving pre-sales complaints and ICICI Bank India is responsible for resolving post-sale complaints¹.

If the firm does not resolve it, the Financial Ombudsman Service is the independent route for complaints about firms it covers¹⁸. The ombudsman service publishes quarterly complaints data by product, which shows how volumes move across the market: packaged bank accounts, for example, accounted for 136 complaints opened in Q1 2026/27¹⁹, against 122 in Q1 2025/26²⁰. NS&I, as another savings provider, recorded 13,609 complaints in the banking and credit cards grouping between 1 October 2025 and 31 March 2026²¹.

Some complaints go elsewhere. The Financial Conduct Authority cannot deal with individual complaints, though as the regulator it can take action against companies and collects information and evidence about poor behaviour²². The Information Commissioner's Office can look into complaints about credit file disputes²³. Where a complaint is about a claims management company, the route is to complain directly to the company, give it up to eight weeks, and then escalate to the Claims Management Ombudsman if needed²⁴. The ombudsman service can help people with complaints about claims management companies¹⁸.

If money is tight and a complaint is running alongside debt, free and impartial help is available from MoneyHelper and from debt advice charities, and the guide to debt sets out the options.

How your money is protected at ICICI Bank

Deposits with ICICI Bank are covered by the Financial Services Compensation Scheme³. The scheme is the UK's protection for money in banks, building societies and credit unions²⁶, and it covers deposits rather than investments²⁷.

From 1 December 2025, an eligible depositor is entitled to claim up to £120,000⁵. Joint accounts are eligible for protection up to the same limit of £120,000 per eligible person²⁸, and the scheme assumes money in a joint account is split equally between the account holders unless evidence shows otherwise³⁰. For a joint account held by two eligible depositors, the maximum that could be claimed is £120,000 each, making a total of £240,000⁵. The scheme's own leaflet puts it the same way: it would protect up to £240,000 of savings in a joint account³².

Two limits matter. The £120,000 applies across all accounts you hold with the same banking licence, not to each account separately, so an individual account and a joint account within the same banking group share the limit rather than each getting their own²⁸. And the protection attaches to the UK bank. For India Linked fixed deposits, the bank states that protection afforded by the UK regulatory system, including the Financial Services Compensation Scheme, does not apply, and that the deposits are covered under the insurance scheme offered by the Deposit Insurance and Credit Guarantee Corporation of India, subject to certain limits and conditions¹.

The scheme's protection is automatic for customers of regulated UK banks and building societies: if your bank goes bust you get your money back without having to claim through a court process³⁴. Banks based outside the EEA, such as ICICI, have to be authorised by the Financial Conduct Authority to operate in the UK, and are covered by the UK scheme on that basis³¹. The scheme's own checker can be used to confirm whether a particular account is protected²⁸.