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View Full Version : Anyone heard of ICICI Bank?

barak78
20-10-2008, 17:48
I'm interested in putting about £10k in a fixed rate bond account. Looking around the best rates, I've come across ICICI Bank offering: 7.20%.

I'm tempted, but worried that I've never heard of this bank before. Anyone dealt with them or have an account with them?

Are they safe to invest in?

http://www.iciciukpromotions.com/lms_ct/UK_FR/index.asp?PAGEID=1&USERTYPE=SM_FR_TL_513
barak78
20-10-2008, 18:07
Actually, googled it and found this:

http://blog.moneysavingexpert.com/2008/10/17/icici-is-it-safe/

Was thinking of going the premium bond route, but have since changed the mind.
KennyVader
21-10-2008, 19:35
I've got some money with ICICI, they're OK, rates are good, transfers to/from them are efficient, and they're included in the FSA savings guarantee scheme., so safe up to £50k.

Only problem with them is that their online banking interface is *terrible* and the last few weeks with everyone assuming they're going to go bust just because they are a foreign bank, it seems to have been down more than it's been up. Which hasn't helped people's confidence in them at all. They claim they're on the case and getting it sorted but they need to move much faster at fixing it than they are at the moment, before everyone gets fed up and withdraws everything purely due to the regular inaccessability of their site to do any transactions.
mjb1975
21-10-2008, 19:40
Yeah, used to be with them but moved to Kaupthing Edge (dur!) as I found their online interface appalling.

They are a very big Indian bank.
farmroad38
21-10-2008, 19:41
I had an account with ICICI earlier in the year. As KennyVader said, the website is truly dreadful, and they managed to 'lose' my money somewhere in between my current account and a term deposit account. Trying to get them to sort it out was a complete nightmare - they changed the login process at one point so disabled my account. They kept telling me it would take up to 14 days to transfer the money - for a start I don't see why the hell it takes 14 days to transfer between two accounts at the same bank, but they were also telling me this three weeks after I'd first complained!
SFletch
22-10-2008, 16:07
Motley fool are current quoting the CDS prices for various banks.
Essentially, low=good, high=perceived risk.
HSBC - 64
Kaupthing Edge (before going bust) - 3000

The highlights...
HSBC - 64
Lloyds - 77
A&L - 83
...
ING - 107
Egg - 166
ICICI - 1039


The markets think they're in trouble.
barak78
22-10-2008, 16:45
Interesting. I'm thinking of puting £12k in the fixed rate account for a year.

Its looks like their customer service /webpage looks a let down.

The AA were doing a 7% rate a month or so ago, but have reduced it.

I might just go for it, tbh. Its protected and since I'm not going to withdraw anything for a full year, might just gamble on their poor customer service.
SFletch
23-10-2008, 07:41
I might just go for it, tbh. Its protected and since I'm not going to withdraw anything for a full year, might just gamble on their poor customer service.

As long as they're covered by the UK guarantee you'll be fine. Are they?
barak78
24-10-2008, 22:13
As long as they're covered by the UK guarantee you'll be fine. Are they?

They are.

But the idiots want me to send documents like bank statement etc which are certified/signed by professionals etc. I cant be bothered with all that crap. Every account I've every opened, you just send the documents to prove your identity; these idiots want the documents certified. Yeah right, like I've got time for this crap.
KennyVader
24-10-2008, 23:58
They are.

But the idiots want me to send documents like bank statement etc which are certified/signed by professionals etc. I cant be bothered with all that crap. Every account I've every opened, you just send the documents to prove your identity; these idiots want the documents certified. Yeah right, like I've got time for this crap.

Unfortunately in my experience most UK financial institutions need this level of certification these days ... Gordon Brown's gang and/or dirty scammers and "terrorists" are to blame.
barak78
25-10-2008, 05:19
Unfortunately in my experience most UK financial institutions need this level of certification these days ... Gordon Brown's gang and/or dirty scammers and "terrorists" are to blame.

You sure?

I didn't need it when opening my Heritable Bank 1 year bond account last year (which interestingly was a UK subsideriy of the failed Icelandic Landbanki company).

I'll look elsewhere, even if it means lower interest rate.