ICICI bank - any experiences?


A

AnthonyL

I'm looking at opening an on-line savings account with them. Seems to
have good savings rate and no withdrawal penalties.

Anyone had any experiences - good or bad?

TIA
 
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G

Gav

AnthonyL said:
I'm looking at opening an on-line savings account with them. Seems to
have good savings rate and no withdrawal penalties.

Anyone had any experiences - good or bad?

TIA
I've had an account with them for some time now. Had no issues so far.

Gav
 
A

Alec

Gav said:
I've had an account with them for some time now. Had no issues so far.
Some commentators have picked up on the fact that even though ICICI bank has
been active in UK since 2003, they have not as yet signed up to UK Banking
Code. One aspect that has drawn criticism is that they quote 8 banking days
to transfer funds to and from their savings account to a nominated current
account, whereas others can do in three days or so. They are authorised
under FSA and bulk of your money up to £32k is safe.

Alec
 
A

AnthonyL

Thanks for the feedback Gav.
Some commentators have picked up on the fact that even though ICICI bank has
been active in UK since 2003, they have not as yet signed up to UK Banking
Code. One aspect that has drawn criticism is that they quote 8 banking days
to transfer funds to and from their savings account to a nominated current
account, whereas others can do in three days or so. They are authorised
under FSA and bulk of your money up to £32k is safe.
I hadn't picked that up lack of signing up to UK Banking code. The 8
days isn't a major problem and at least there is no "penalty" such as
no interest in the month a withdrawal is made.

Is it generally advisable not to put more than £32k into any one
company's savings account?
 
A

Alex

At 10:12:23 on 18/07/2007, AnthonyL delighted uk.finance by announcing:
I'm looking at opening an on-line savings account with them. Seems to
have good savings rate and no withdrawal penalties.

Anyone had any experiences - good or bad?
Never place your trust in their scheduled transfers. I've had two now
that have disappeared off the system - one of them they did the wrong
way around, taking money from my linked current account instead of
transferring to it. I've had no issues with the immediate transfers
though.
 
A

AnthonyL

I have had an account virtually since it started in the uk..I have had mixed
experiences....transfers only take about 8 days for the very first
transaction, after the first transaction it takes about 3 working days.
Excellent rates.
First years tax certificate they completely cocked up.... calling the net
the gross and the gross the gross + the tax paid. The second years tax
certificate I had to ask for 3 times via secure emails, each time promising
that it would be delivered by special courier. Finally 2 weeks ago I
received the tax certificate...which was correct.
Getting sensible replies to any secure emails is like talking to a
callcentre.... excellent english...repeats perfectly everything you
say...but do they understand a word...NO!
Worsts example is a transfer into ICICI of 25k in jan 06 which never came
out of my current account depite 3 secure emails and they admitting their
mistake. But 19 months later my current account still had the 25k in it!
6 months after the non existent "transfer" I decided to tuck the 25k which
was waiting for the transfer to take place in my current account somewhere
where it was earning better interest,...and 3 weeks ago I transferred 20k
out of Icici with no problems, fully expecting their ledger balance to set
off alarm bells.
Only problem for ICICI is that this latest transfer should make me £7k
overdrawn!!... but no the account still shows me to be £18k in credit.

I have even had to write the the Revenue to inform them of the interest
error and that if ICICI ever find the error and come back to me wanting the
capital + interest I will be wanting the higher rate overpaid tax back from
them.

This would never have happened with a UK bank. With their incompetance I am
frankly amazed they are still in business....another BCCI in the making I
reckon. The phrase if it looks too good theres a catch comes to mind.
Oh dear. I was going to put in a substantial (at least for me) sum.
There are other pretty competitive accounts around so I may go with
someone who is UK based and signed up to the UK Banking code.

Thanks for the insight.
 
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G

GSV Three Minds in a Can

Bitstring <[email protected]>, from the wonderful person
AnthonyL said:
Oh dear. I was going to put in a substantial (at least for me) sum.
There are other pretty competitive accounts around so I may go with
someone who is UK based and signed up to the UK Banking code.
I recommend Icesave, who have done everything right so far (although it
does still take 2-3 weeks to get an a/c set up).

ING are now on everyone's sh!tlist .. even the financial press have
noticed they are spending their cash on advertising, sponsoring F1,
whatever, rather than paying decent interest rates. Icesave do at least
have an interest rate guarantee.
 
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G

Gav

GSV Three Minds in a Can said:
Bitstring <[email protected]>, from the wonderful person


I recommend Icesave, who have done everything right so far (although it
does still take 2-3 weeks to get an a/c set up).

ING are now on everyone's sh!tlist .. even the financial press have
noticed they are spending their cash on advertising, sponsoring F1,
whatever, rather than paying decent interest rates. Icesave do at least
have an interest rate guarantee.
Ditto. My accounts are now empty, including the web saver they used to
entice people back, for at least a month or so anyway.
 

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