Frequently Asked Questions

Is my money safe with HiSAVE?

Yes, HiSAVE is a product of ICICI Bank UK PLC, which is authorised and regulated by the Financial Services Authority (FSA), registration number 223268. ICICI Bank UK PLC is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.

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Who can open an account with HiSAVE?

Individuals aged 18 and over who are residents in the UK can open a HISAVE account. However in some situations, mainly if you are a resident of UK for less than one year, we might ask you for documentation before opening your HiSAVE account. Please note: the UK does not include the Channel Islands and the Isle of Man.

Businesses are not able to open HISAVE accounts.

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What do I need to open a HiSAVE Savings Account?

• You must be a UK resident and aged 18 or over.
  Please note: the UK does not include the Channel Islands and the Isle of Man.
• You will need to provide the account number and sort code of a UK Bank or Building Society current account in your name(s). The account must have a chequebook and offer direct debit payment facilities This account will be your linked account – ie, the account from which your deposit must come.
• The minimum balance is £1
• You must have a valid email address.

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What do I need to open a HiSAVE Fixed Rate Account?

• You must be a UK resident and aged 18 or over
  Please note: the UK does not include the Channel Islands and the Isle of Man
• You will need to provide the account number and sort code of a UK Bank or Building Society current account in your name(s) The account must have a chequebook and offer direct debit payment facilities. This account will be your linked account – ie, the account from which your lump sum deposit must come.
• You must be able to save at least £1,000 for the term of your choice
• You must have a valid email address

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How do I apply for a HiSAVE account?

Applying for a HiSAVE account is easy.

New customers can complete our simple online application in about 10 minutes.

Existing HiSAVE customers can open a new HiSAVE Fixed Rate Account by logging in to our online banking service and clicking the ‘Open a HiSAVE Fixed Rate Account’ link. Alternatively, call us on 080 81 31 41 51 (freephone from UK landline).

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How do you verify my personal details?

By law we are required to have adequate proof of your identity before opening your account. For the majority of customers we will be able to verify your identity and address online using a variety of sources, including searches using public information bodies. In some cases, we might request further documentation from you.

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Why do I need to supply information about my current account and agree to a direct debit mandate?

For HiSAVE Savings Accounts, this information can be used to transfer money between your current and savings account.

These are standard anti-money laundering measures used to confirm the identity of bank customers.

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What happens after I apply?

Once you’ve submitted an online application, you’ll receive a confirmation email within a couple of hours.

This will give you information about the next steps. In some cases we may request some documents to help us verify your address/identity.

Once your account is open you’ll receive your log in details and be able to view and manage your account online 24/7.

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How long before I can start using my account?

There are 6 steps to opening your account:

Step 1: You apply for a HiSAVE account

Step 2: We send you two emails.  One confirming your application (this will arrive within a couple of hours of your application).  The second confirming what you need to do next (this email comes within 24 hours of the first).  In the majority of cases the email will simply ask you to send your account opening cheque (however, in some cases, we may need to see some documents to help us verify your identity first)

Step 3: We receive the cheque for funding your HiSAVE account

Step 4: If you’ve applied for a HiSAVE Savings Account, after receiving your cheque, we take 2 working days to verify your cheque details with your application form. Post successful verification we open your HiSAVE Savings Account and lodge your cheque for clearing. Post account opening you will receive a confirmation mail from us with your account number and User ID details.

This User ID will be your unique identification number which you will need to log in to your account online (if you chose your password during your application you can use it along with your ID to log in now). If you’ve applied for a HiSAVE Fixed Rate account, we send you your account number and User ID by email once your cheque gets cleared.

Step 5: Your cheque will get cleared within eight days of us receiving it.

Step 6: If you did not choose your password during your application you will receive it by post around seven days after your account has been opened.

Typically you can expect to log in and see your account within 8 working days (in case of HiSAVE Fixed Rate Account) and 4 working days (in case of HiSAVE Savings Account) from the date we receive your cheque and you will be able to use it within 13 working days (in the case of the HiSAVE Fixed Rate Account) and within 9 working days (in case of HiSAVE Savings Account). If we need to ask you for more information or if there are problems with the post, it may take longer.

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What documents will you need to see before accepting my application?

For the majority of customers we will be able to verify your identity and address online using a variety of sources. If we are not able to do so we will ask you to send us one of the documents from the list below to help us prove your identity:

Document	Certified Photocopy/ Original	Notes
UK Passport	Certified Photocopy	Validity: Six months or more
Non UK passport	Certified Photocopy	Certified photocopy of Visa should be included. Validity: Six months or more
Valid UK photocard driving license	Certified Photocopy (both sides)	This cannot be a provisional license
National Identity Card (for non UK nationals)	Certified Photocopy (both sides)	For Northern Ireland, this can be the identity card issued by the electoral office
Blue badge (for disabled customers)	Certified Photocopy	This has to be certified by a member of staff from the bank with which you hold your linked account
Shotgun license/ Firearms Certificate	Certified Photocopy	-

Together with:

Document	Certified Photocopy/ Original	Notes
Gas/ Electricity/ Phone/Water Bill	Either	We are unable to accept mobile phone bills Validity: No older than three months
Latest UK Bank/ Building Society statement	Either	We are unable to accept statements downloaded from the Internet or credit card statement Validity: No older than three months
Valid UK driving licence	Certified Photocopy	This cannot be a provisional licence. This cannot be submitted as both proof of identity and proof of address
Latest UK Bank/ Building Society mortgage statement	Either	Validity: No older than one year
State Pensions or benefits book/ notification letter	Either	This should confirm the rights to State pension or benefits
Tax assessment / Notice of coding letter from the HMRC	Either	We are unable to accept P45 or P60 forms

Please note:

• We do not accept colour photocopies of these documents
• We are unable to accept reminder bills, final settlement bills and overdue bills as proof of your address.
• All original documents will be sent back to you.

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Who can certify my documents?

Errors in the certification process are the most common reason for delays in the account opening process. To help speed up your account opening, please follow these guidelines:

You can choose any one of the following individuals to certify your documents (please note the individual must not be retired):

• An employee of a reputable bank or building society
• a practicing chartered accountant
• a Commissioner for Oaths
• a notary public
• an MP/ MEP
• a qualified and practicing solicitor or lawyer

The individual you choose to certify your documents must include the following items on the photocopy of your documents:

• Write: “I confirm that this is a true copy of the original document which I have seen”. Where the document has a photographic image, the photocopy must be certified “original seen, copy provides a good likeness to the applicant”
• Write their full name;
• Write their position/ occupation (their registration number should be included if applicable);
• Write their full business address and phone number;
• Include their signature and the date, and;
• Affix their business stamp (if they have one)
• FSA regulated number or equivalent (if applicable)

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Can I have more than one HiSAVE Savings Account?

At present each customer may only have one HiSAVE Savings Account. However, you can open as many HiSAVE Fixed Rate Accounts as you wish.

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I have an ICICI Bank UK current account – can I open a HiSAVE account?

Yes – subject to you meeting our HiSAVE account opening criteria.

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I have an ICICI Bank UK current account and want to apply for a HiSAVE account - will I receive another internet banking password for my new HiSAVE account?

No. You will be able to use the same password for both accounts.

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