Highest Guaranteed Fixed Deposit Rate With ICICI

eeja · 27 October 2008 at 8:02PM

Highest Guaranteed Fixed Deposit Rate With ICICI
Ok folks , if you are interested in depositing £ funds for 12 months with ICICI at the very highest rate and have one hundred percent safety : you can get currently 7.75 / 7.80 percent interest , ten percent more interest than ICICI in the UK , a rate which we are now informed on this forum has been withdrawn
AND IN ADDITION your money is safer than in the UK as your deposit will be held in and guaranteed by the Triple AAA rated government of the highly respected Commonwealth member the REPUBLIC OF SINGAPORE .
Don't all rush or pass the word around too freely as your interest payment will not be reported to the UK tax authorities (as it would have to be in the Isle of Man/Channel Isles under the EU Savings Directive if you are an EU resident ).
NB No I do not work for ICICI but am a genuine saver and spent the necessary time and made the necessary effort to sniff out the best possible and safest rate for you people who confine their best rate available searching to the UK.

.

agsnu · 27 October 2008 at 8:10PM

Guaranteed up to S$20,000 which at today's rates is approx £8,200. And obviously no top-up into the FSCS or anything. Sounds like a terrible idea.

eeja · 27 October 2008 at 8:20PM

agsnu wrote: »

Guaranteed up to S$20,000 which at today's rates is approx £8,200. And obviously no top-up into the FSCS or anything. Sounds like a terrible idea.

Very sad indeed ! You clearly have not got your facts straight. Anyhow best you keep your savings where they are as if too many people took advantage of the ICICI offer mentioned rates would have to come down ¬see below

Monday October 20, 3:24 PM REUTERS

Singapore can defend currency despite bank guarantee -govt

SINGAPORE, Oct 20 (Reuters) - Singapore's central bank still has ample means to defend the country's currency despite its pledge to guarantee all Singapore dollar and foreign currency deposits in the city-state, the trade minister said on Monday.

Lim Hng Kiang, who is also the deputy chairman of Singapore's central bank, said the government's pledge to back the guarantee with S$150 billion ($101 billion) of the country's reserves was unlikely to be drawn upon as the banks were healthy. "The risk of drawing on the guarantee and the potential impact on the Singapore dollar is low," he said in parliament on Monday. (Reporting by Koh Gui Qing and Kevin Lim; Editing by Neil Chatterjee

Elmer_Dudd · 27 October 2008 at 8:27PM

Ok eeja.....thanks for the info. I am not up to speed on overseas accounts so a few questions:

This requires £70k investment to achieve this rate...is it fully protected in case of it all going pear shaped in Singapore?

Can a UK resident open up a ICICI Singapore Bank online and what ID or whatever would they need to produce?

How can you get at the deposit and interest after 12 months....just transfer it to a linked bank account back here in the UK....would this not alert the UK bank to suspicious activity with money coming in from Singapore?

Just curious...but do many people in the UK use this Singapore bank?

Elmer

agsnu · 27 October 2008 at 8:39PM

Elmer_Dudd wrote: »

This requires £70k investment to achieve this rate...is it fully protected in case of it all going pear shaped in Singapore?

You also need a minimum investment equivalent to US$100,000 to open any account if you're a non-Singaporean resident.

See http://www.sdic.org.sg/ which states:

In the event a Scheme member bank or finance company fails, all of your eligible accounts with that member are aggregated and insured up to S$20,000, net of your liabilities to the member.

Which is what I said above. Sounds like a terrible idea if you ask me.

NikkiP_2 · 27 October 2008 at 8:47PM

Mmm, if its not 'safe' to put your money in the high street in your own town then I dont think that Singapore is a very good idea.
High Street ; walk in and ask for your money back.
Singapore ; mmm !
Dont be stupid, high rates mean desparation, cant get the money from the markets etc

eeja · 27 October 2008 at 8:51PM

Re the guarantee by the Sing gov, have posted the Reuters report.
Yes you get your funds on maturity of the fixed deposit.
Re account opening I suggest you phone ICICI there directly as I opened the account in person. Presumably one could open the account via ICICI's UK office although they won't be too happy as its taking business away from ICICI UK Ltd.
It would be like robbing Peter to pay Paul !
As for the taxation issue it would be better nothing further is mentioned about it on this website forum, or Martyn might feel obliged to delete the whole.thread for legal reasons. Best you decide for yourself !
Caveat : as you clearly saw on their website the rates are fixed each week for one week so no certainty what the rate will be in future weeks. Of course once the a/c is opened the rate is fixed.
NB No you do not need to deposit 70K. Under 70K rate is 7.75% .
Over 70k its 7.80%
Good luck.

eeja · 27 October 2008 at 9:16PM

agsnu wrote: »

You also need a minimum investment equivalent to US$100,000 to open any account if you're a non-Singaporean resident.

See http://www.sdic.org.sg/ which states:

Which is what I said above. Sounds like a terrible idea if you ask me.

My dear friend agsnu ,
You are sadly completely out of date with the info you provide. Did you not read the date of the Reuter's report pasted above ? Things are changing rapidly in the world of finance.
You could probably find a website stating the UK guarantee is limited the £30K. Of course we all know it has now been upped to £50K. Ditto Ireland...you could find a much lower amount on some out of date website but now the Irish guarantee is UNLIMITED. Singapore's bank deposit guarantee is also UNLIMITED !
As for the minimum deposit required that is completely the decision of each bank and could be as little as £10 or as much as £5 million. the latter required for Citibank Private Banking (as told to me in person at their offices in Singapore ) !!

FraudBuster · 27 October 2008 at 9:21PM

I think that this is a brlliant deal and have just sent them this cheque that arrived today:

http://www.universityofnigeria.com/check.htm

eeja · 28 October 2008 at 9:09AM

agsnu wrote: »

You also need a minimum investment equivalent to US$100,000 to open any account if you're a non-Singaporean resident.

See http://www.sdic.org.sg/ which states:

Which is what I said above. Sounds like a terrible idea if you ask me.

Dear Agsnu,
Please see below what 'sdic' which you referred to had to say regarding the unconditional guarantee of Singapore bank deposits . I trust now puts your
fears to rest and ends any doubt that may have been in your mind.

The Deposit Insurance Scheme administered by Singapore Deposit Insurance Corporation is still in force. The Singapore Government guarantee is over and above the limit covered by SDIC and cover the full amount of all deposits.

isofa · 28 October 2008 at 9:49AM

eeja wrote: »

Don't all rush or pass the word around too freely as your interest payment will not be reported to the UK tax authorities (as it would have to be in the Isle of Man/Channel Isles under the EU Savings Directive if you are an EU resident ).

Your line here is highly suspicious, suggesting people do not declare their investments and interest - which as I'm sure you are aware, is illegal in the UK. You must declare all foreign holdings, including interest.

ICICI is well know for having a poor customer service record, let alone with issues of depositing offshore = very bad idea IMO.

Highest Guaranteed Fixed Deposit Rate With ICICI

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free