ICICI HiSAVE Fixed Rate Accounts

Published on 26 October 2010 by Raffick Marday

We all do savings in various forms. We even maintain fixed accounts or some other form of accounts where we do our bit of savings. Our very own ICICI bank has offered this ICICI HiSAVE Fixed Rate Account for us. Here we have the opportunity of saving our money on a fixed term basis. We have the option of choosing among variable terms like 6-months, or 1-year or 18-months or we can go for 2-years, 3-years, 4-years or even 5-years terms. In this variable fixed period we have to make a one time investment. The minimum investment amount has to be £1,000 but there is no limit to the maximum amount of investment. We have the facility choosing from monthly or annually interest payment scheme.

But there is a strict rule that once the investment is made you cannot do any partial withdrawal or even close the account prior to its maturity period. You cannot even make any additional deposits. Now these are actually going to benefit us in the future since our hard earned money gets locked for a better return in our future. This invariably gives you the much sought after ‘peace of mind’ which we all so badly crave for. Needless to say that hi-save fixed rate account is one of the most important financial back up which we could gift our own self.

It is interesting to know that the rate of interest offered in this account varies with the term period. The more the term period of investment the better the rate of interest offered to the account holder by the bank. To give an example, an investment for a term period of 6-months will fetch you 1.50% AER while an investment for a term period of 5-years will fetch you 4.30% AER. There is even a loyalty bonus interest rate of 0.05% over renewal of your term. So ICICI HiSAVE Fixed Rate Account is a must for everyone.

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