The digital account opening facility will help ensure smooth onboarding for Indian students to the UK bank account while they are still in India.
ICICI Bank UK, a wholly-owned subsidiary of Vadodara-headquartered ICICI Bank, on Monday announced the launch of a new account designed for Indian students headed for higher education in Britain. The HomeVantage Current Account (HVCA), which comes with a Visa debit card valid for use anywhere in the world, can be activated digitally before the students leave India for the UK.
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As an equivalent to a savings account in India, the account holder can activate internet banking and mobile banking once it has been activated. The students can opt for the physical debit card to be delivered to an Indian or UK address.
"We understand the unique banking requirements of students coming to the UK for further education and endeavour to make banking effortless for them," said Pratap Singh, Head Retail Banking, ICICI Bank UK plc. The digital account opening facility helps the Indian students with smooth onboarding to the UK bank account while they are still in India. The HomeVantage Current Account and the Visa debit card helps them to take care of their day-to-day banking requirements in the UK, he said.
ICICI Bank UK claims it is part of its efforts to serve the Indian diaspora for over a decade through a range of personal, business and corporate banking services. It says that the new account can be set up via its mobile app or through an online application form.
For joint accounts, students can visit any of the branches of ICICI Bank. According to the latest UK Home Office data released in August, Indians have overtaken China as the largest nationality being issued visas to study in UK institutions.
Nearly 11,80,00 Indian students received Student Visas for the year-ending June 2022, an 89 percent increase from the previous year.