ICICI Bank UK business banking review
ICICI Bank UK is a subsidiary of ICICI Bank, one of India’s largest private sector banks. It provides business, personal, and international banking services, focusing on UK-based businesses, individuals, and NRIs (Non-Resident Indians).
Key features of ICICI Bank UK
1. Business and personal current accounts
- Multi-currency accounts: Hold and transact in GBP, USD, EUR, and INR.
- UK sort code and account number: Standard UK banking functionalities.
- FSCS protection up to £85,000: Ensuring deposit security.
- Overdraft and credit facilities: Available for eligible customers.
2. Business lending and trade finance
- Business loans: Secured and unsecured options for SMEs.
- Trade finance solutions: Letters of credit, bill discounting, and structured trade finance.
- Commercial property finance: Loans for property investments and developments.
- Working capital finance: Flexible funding options for business cash flow needs.
3. Savings and fixed deposit accounts
- Fixed-term deposits: Competitive interest rates for GBP, USD, and INR deposits.
- Instant access savings: Flexibility to withdraw funds anytime.
- NRI banking services: Specialised accounts for Indian expatriates.
4. Digital and mobile banking
- iMobile Pay UK: Mobile banking app for transactions, payments, and account management.
- Internet banking: Secure banking platform for personal and business users.
- Remittance services: Quick and low-cost international money transfers to India.
- Integration with accounting software: Compatible with Xero and QuickBooks.
5. International banking services
- India-linked banking solutions: Seamless banking between the UK and India.
- Foreign exchange services: Competitive FX rates for businesses and individuals.
- SWIFT and SEPA payments: Fast international fund transfers.
- NRI mortgages: Home loan solutions for NRIs investing in India.
ICICI Bank UK fees and pricing
1. Business current account fees
- Monthly account fees: Typically £5 to £15, depending on the account type.
- Transaction charges: Fees may apply for cash deposits, withdrawals, and international payments.
- Overdraft interest rates: Custom rates based on business assessment.
2. Savings and fixed deposit account fees
- No maintenance fees.
- Interest rates vary based on deposit term and currency.
3. Lending and trade finance fees
- Loan arrangement fees: Typically a percentage of the loan amount.
- Early repayment fees: Apply to fixed-term loans.
- FX and remittance fees: Charges based on currency and transfer amount.
Pros and cons of ICICI Bank UK
Pros
- Strong India-UK banking connections, making it ideal for NRIs and businesses with Indian operations.
- Multi-currency accounts and remittance services.
- Competitive fixed deposit rates for various currencies.
- Comprehensive trade finance solutions for businesses.
- Digital banking with mobile and online platforms.
Cons
- Monthly fees on business accounts.
- Limited UK branch network, primarily operating digitally.
- Transaction fees apply for certain banking services.
- Limited lending options compared to high-street banks.
How ICICI Bank UK compares to competitors
| Feature | ICICI Bank UK | Barclays Business | HSBC Business | NatWest Business |
|---|---|---|---|---|
| Business current accounts | Yes | Yes | Yes | Yes |
| Monthly fees | £5 – £15 | £8 – £12.50 | £6.50 – £12.50 | £8 – £12.50 |
| Multi-currency accounts | Yes | No | Yes | No |
| India-linked banking | Yes | No | No | No |
| Trade finance | Yes | Yes | Yes | Limited |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Ideal for | UK-India businesses, NRIs, SMEs | SMEs, startups | Global businesses | SMEs, freelancers |
Who should use ICICI Bank UK?
- NRIs and Indian expatriates: Provides seamless UK-India banking solutions.
- Businesses with trade ties to India: Offers multi-currency accounts and remittance services.
- SMEs needing trade finance: Provides letters of credit, working capital finance, and invoice discounting.
- Individuals looking for competitive savings: Fixed-term deposits with attractive interest rates.
Our verdict
ICICI Bank UK is a specialist bank offering UK-based banking solutions with strong India connections. Its multi-currency accounts, trade finance services, and remittance options make it an excellent choice for NRIs, Indian businesses, and UK-based SMEs with international banking needs.
However, its limited UK branch presence, monthly business fees, and transaction charges may not suit all customers. For those seeking seamless UK-India banking, trade finance, and competitive savings options, ICICI Bank UK provides a valuable and reliable financial solution.