ICICI 7.2% is NOT available any more

If this last post is true I will be over the moon, as I have been loosing a lot of sleep over this recently.

I have invested the majority of my savings in this account to get 7.2% rate, but same as other poster above, my cheque will not be posted in time.

I have been on the phone trying to get a straight answer from ICICI about when the account will be opened but the foreign call centre can't understand me and I certainly can't understand them - good job I won't be getting access to my money for a year is all i say!

I still hate this bank though - poor service and very poor communication. The interest rate is the only thing that's made this worthwhile for me.

eeja wrote: »

May I just correct a few inaccuracies. As most depositors in the IOM and Channel Isles know, UK tax is not payable/paid on ones interest when its earned. That is why all the banks in these places offer the deferred interest payment option !
Secondly this forum as so many UK fora is open to everyone in the whole world....unlike the BBC who only allow UK residents to access their i-player , other people being blocked. Millions of us UK expats and non residents read this forum and we are not liable to tax on our UK income.
No .fyi should it be of interest .both Singapore and HK have banking secrecy
laws to protect the confidentiality of their customers

Bugg'r isofa beat me to most of my comments in #11 - Yes, UK tax is only payable when/if you bring it back to the UK. However, your second point "has a few inaccuracies" - this forum is available to the world, but it is a forum about and for UK financial matters; I've seen a number of moderator posts that have pointed this out to people in the US and Canada when they have suggested people save in, say, a fantastic 3.5% savings account in the States. Although the info will often be useful to ex-pats and foreigners, information on this site is primarily geared towards the UK market. Not sure what the i-player has to do with finances though.

I wasn't aware of whether Singapore had a privacy law to be honest. Still, as I said in my earlier post, individuals will make up their own mind as to whether it's worth it - you and I have both made up our minds and our requirements differ - I wasn't having a go at you, just balancing the positive points for those readers who may not look so deep. There's no need for you to get arsey and have a go at me and isofa for differing with you.

btw, in another post you mentioned Iceland & Singapore were different and quoted Singapore as being First World. Although the economy is not so well developed, Iceland is most definitely a First World nation and Icelanders were greater users of the Internet and technology in general far earlier then the general UK population.

Sounds like a home for the Icesave cash when I am due to receive it. 30 days?

LongTermLurker wrote: »

Bugg'r isofa beat me to most of my comments in #11 - Yes, UK tax is only payable when/if you bring it back to the UK. However, your second point "has a few inaccuracies" - this forum is available to the world, but it is a forum about and for UK financial matters; I've seen a number of moderator posts that have pointed this out to people in the US and Canada when they have suggested people save in, say, a fantastic 3.5% savings account in the States. Although the info will often be useful to ex-pats and foreigners, information on this site is primarily geared towards the UK market. Not sure what the i-player has to do with finances though.

I wasn't aware of whether Singapore had a privacy law to be honest. Still, as I said in my earlier post, individuals will make up their own mind as to whether it's worth it - you and I have both made up our minds and our requirements differ - I wasn't having a go at you, just balancing the positive points for those readers who may not look so deep. There's no need for you to get arsey and have a go at me and isofa for differing with you.

btw, in another post you mentioned Iceland & Singapore were different and quoted Singapore as being First World. Although the economy is not so well developed, Iceland is most definitely a First World nation and Icelanders were greater users of the Internet and technology in general far earlier then the general UK population.

Good point about the relevance. Below my response :
This site is for all people having an interest in the UK wherever they live.
There are literally millions of Brits retired or expat who have strong connections with the UK, often family connections who visit there regularly and can take advantage of the many money saving offers on this forum.
Second point re ICICI
Both ICICI UK AND ICICI Singapore are subsidiaries of ICICI Ltd India.
Therefore to place your funds in ICICI UK when the same bank's head office is offering a ten percent higher interest offshore is I am sad to say, a dreadful waste of money .
Indeed its like throwing good money (interest)down the toilet.
As for safety the UK guarantees deposits up to £50K only. The Singapore guarantee is UNLIMITED .
Nuff said.

Thanks Martyn.
Please clarify whether British expats , their families, UK government workers, British soldiers stationed and fighting for their country around the world, UK Embassy staff etc etc are all unwelcome on this webite and / or forum.

I feel you should spell this out clearly if this is the case, or list which categories are welcome and which unwelcome..

I suspect that the above posting may not have been written personally by Martyn but by an authorised member of the forum staff without him fully considering the full implications of what was written.
I trust a detailed response from Martyn himself on the issue will be forthcoming as restricting the membership of the forum and website can be in nobody's interest.
Thank you