The private sector lender, ICICI Bank UK has launched an online savings account specially designed for money transfer in India.
The ‘HiSAVE' remittance account will extend all the account holders the opportunity to earn 1.50 per cent interest on the balance maintained in the account after the money transfer.
The account holders also have the option to set a minimum exchange rate at which they transfer their money and the bank will ensure that the money is sent only at that exchange rate or higher, ICICI bank said.
The account can be opened and managed online and does not require a minimum balance to be maintained.
ICICI bank also assures money transfer within 24 hours to 55,000 other bank branches in India. On defaulting on the money transfer , the bank will pay 5 pence for every 10 pounds transferred by way of credit to the account, from a minimum of 1 pound to a maximum of 50 pounds.
Customers can also open a fixed deposit account under the same product with a minimum balance of 1,000 pounds.