Icici Bank Uk Saving Rates

Compound Interest Formula:

\[ FV = P \times (1 + \frac{r}{n})^{(n \times t)} \]

Principal Amount (P):

GBP

Annual Interest Rate (r):

Time Period (t):

years

Compounding Frequency (n):

Future Value (FV):

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1. What is Compound Interest?

Compound interest is the interest calculated on the initial principal and also on the accumulated interest of previous periods. It allows savings to grow faster as interest is earned on both the original amount and the interest already earned.

2. How Does the Calculator Work?

The calculator uses the compound interest formula:

\[ FV = P \times (1 + \frac{r}{n})^{(n \times t)} \]

Where:

\( FV \) — Future Value (GBP)
\( P \) — Principal Amount (GBP)
\( r \) — Annual Interest Rate (decimal)
\( n \) — Compounding Periods Per Year
\( t \) — Time in Years

Explanation: The formula calculates how much your savings will grow based on the principal amount, interest rate, compounding frequency, and time period.

3. ICICI Bank UK Savings Rates

Details: As of September 2025, ICICI Bank UK offers savings accounts with interest rates up to 4.75% AER (Annual Equivalent Rate). Rates may vary based on account type, deposit amount, and market conditions.

4. Using the Calculator

Tips: Enter your initial deposit amount, the annual interest rate (4.75% is pre-filled as ICICI's current maximum rate), the time period in years, and select how often interest is compounded. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is the difference between simple and compound interest?
A: Simple interest is calculated only on the principal amount, while compound interest is calculated on both the principal and accumulated interest.

Q2: How often does ICICI Bank UK compound interest?
A: Compounding frequency varies by account type. Some accounts compound interest annually, while others may compound monthly or quarterly.

Q3: Are ICICI Bank UK savings accounts protected?
A: Yes, deposits with ICICI Bank UK are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.

Q4: Can I withdraw money from my savings account anytime?
A: This depends on the specific account type. Some accounts allow instant access, while others may have withdrawal restrictions or notice periods.

Q5: Do interest rates change over time?
A: Yes, savings account interest rates can change based on Bank of England base rate decisions and market conditions.