ICICI Bank's British subsidiary launches online remittance account

ICICI Bank's British subsidiary has launched a special remittance account called HiSave, which is an online savings account designed specifically for money transfers to India.

The account holders will earn 1.50 per cent interest on any balance maintained in the account.

They will also have the option to set a 'rate block' on transfers to the country, 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.