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ICICI 1 year fixed rate bonds - rates increased to 4%!


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FOUND BY: TheRealMcLovin 6 months, 1 week ago

STARTS: 15/05/2009   

Just been looking around for some decent rates on savings accounts, lots of pathetic deals out there (offering 1-2%), but I came across ICICI who have just increased rates on its 1 year fixed rate bond.

it seems now you can get 4% on your savings for 1 year, which is very attractive compared to the other deals out there!

I've Checked around and this is the best I can find. I Was very close to signing up to this a few days ago and noticed the rates increased today, phew!

Hope this helps you savers out there!

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#2

15-05-2009, 10:55
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A good deal but with an Indian bank with dreadful customer service (but it does have the £50,000 guarantee). Get a better rate with Coventry BSoc for 18 months.
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#3

15-05-2009, 11:22
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Yeah true, but you can handle accounts online these days so not much need for calling them up. They also offer 4.35% AER for 2 years.

Looked at the Coventry building society site and can only see 4% on bonds till August 2010...
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#4

15-05-2009, 11:34
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west bromwich have 4.3 gross til sep 10 on balances over £5k
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15-05-2009, 11:35
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ICICI have a terrible customer service record, I would avoid.
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#6

15-05-2009, 11:44
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TheRealMcLovin:
Yeah true, but you can handle accounts online these days so not much need for calling them up. They also offer 4.35% AER for 2 years.

Looked at the Coventry building society site and can only see 4% on bonds till August 2010...
Yes - sorry 4% confirmed at Coventry. The West Bromwich deal is much better.

Customer service: I put some money with ICICI and tried calling to ask why it took over 4 weeks to set the account up (meanwhile the money I sent was earning no interest) and had a nightmare of trying to speak to someone who could understand and answer me. I made a formal complaint and that took a further month to answer too - all with no satisfaction. Indian banks have their own very slow ways of doing things which do not correspond to the expectations in other countries. Third world country = Third world service, I think. AVOID.
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#7

15-05-2009, 11:57
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mrcoxexcel:
Yes - sorry 4% confirmed at Coventry. The West Bromwich deal is much better.

Customer service: I put some money with ICICI and tried calling to ask why it took over 4 weeks to set the account up (meanwhile the money I sent was earning no interest) and had a nightmare of trying to speak to someone who could understand and answer me. I made a formal complaint and that took a further month to answer too - all with no satisfaction. Indian banks have their own very slow ways of doing things which do not correspond to the expectations in other countries. Third world country = Third world service, I think. AVOID.
haha!! Well i really cant say much about the service of Uk banks either.. they have a gross "system says i cannot do it" attitude. I have been banking with ICICI bank Uk for 2 yrs now, and have always had excellent service. There is a person who picks up the phone and is always helpful. Hmmm maybe considering "third world country" standards, they must be top of the pile!
Oh btw is it me or is India the only country with a growing economy (along with china),,, They must be doing something right, except for the third world service! Oh maybe you should invest in a "western banks are the best" bank.. how about RBS maybe go for the banks from the developed country of Iceland!
And next time you drive a Land rover, or Jaguar.. or drink tetley tea or fly Jet airways think about the Third World service
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#8

15-05-2009, 12:46
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Most of the bulding societies have call center operations both in the UK and the so called 'third world economies'. It is very convenient to lambast the Indians for their poor customer service when it's this very savings in cost which is keeping many of these building societies alive!!!
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15-05-2009, 13:48
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Most of the bulding societies have call center operations both in the UK and the so called 'third world economies'. It is very convenient to lambast the Indians for their poor customer service when it's this very savings in cost which is keeping many of these building societies alive!!!
Glad you enjoy dealing with iCICI. Many others do not. try Googling the phrase "Customer Service" with ICICI and you will see what I mean. The complaints come from all over the world, wherever ICICI have a presence.

The much respected and independent financial website "This is Money" states: "ICICI. This is Money verdict: The bottom line is that your money is protected by the FSA and the rate is good. But we're reluctant to recommend an institution that does not meet minimum customer service standards and that routinely takes eight working days for funds to be transferred. We've heard so many mixed stories about ICICI that we urge caution. We agree with Susan Hannums. Stick with what you know until their UK record is better established." Found on http://www.thisismoney.co.uk/saving-...2&in_page_id=7

An independent viewpoint, I think, that confirms my own experiences.
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15-05-2009, 13:52
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mrcoxexcel:
Glad you enjoy dealing with iCICI. Many others do not. try Googling the phrase "Customer Service" with ICICI and you will see what I mean. The complaints come from all over the world, wherever ICICI have a presence.

The much respected and independent financial website "This is Money" states: "ICICI. This is Money verdict: The bottom line is that your money is protected by the FSA and the rate is good. But we're reluctant to recommend an institution that does not meet minimum customer service standards and that routinely takes eight working days for funds to be transferred. We've heard so many mixed stories about ICICI that we urge caution. We agree with Susan Hannums. Stick with what you know until their UK record is better established." Found on http://www.thisismoney.co.uk/saving-...2&in_page_id=7

An independent viewpoint, I think, that confirms my own experiences.
Never questioned your viewpoint, or doubted your experience. I just found it amusing how you ended it with "Third world country=Third World Service"! I like it!! I should start grouping over a billion people with the service of a Bank!!
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#11

15-05-2009, 14:16
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On flip side, I have had account with ICICI for several years with no problem. Money has transferred within usual 3-4 days and one time I needed telephone help with password, agent was helpful. I don't make many transactions as it is a savings account but I have been satisfied with the service received. Can only speak as I find, obviously others seem to have had problems.
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#12

15-05-2009, 14:27
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TheRealMcLovin:
Yeah true, but you can handle accounts online these days so not much need for calling them up. They also offer 4.35% AER for 2 years.

Looked at the Coventry building society site and can only see 4% on bonds till August 2010...
Thts true ..I second you opinion..
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