ICICI Bank UK, one of the largest private sector lenders in Britain, announced the launch of an online savings account designed for remittances, reported Business Standards. The initiative was branded HiSAVE Remittance Account, and services allow users to make transfers to India. Customers will also be able to earn interest of 1.5 percent on account balances.
HiSAVE Remittance Account is only offered online and interest can only be achieved from balances maintained in the account.
A representative from ICICI Bank UK stated, “They will also have the option to set a “Rate Block” on transfers to India, which means that customers can set a minimum exchange rate at which to transfer and ICICI Bank will ensure that money is sent only at that exchange rate or higher.”
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