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ICICI savings account lost tax-free status
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Mikkko
Posts: 5 Forumite
Hi,
(Originally posted on Stoozing.com)
I have seen the recent posts about problems with ICICI. I personally have had no problem with them, until this morning that is!
When I checked my (wife's) account this morning to update my stoozing spreadsheet, I spotted that they had taken tax off the Interest received for October. I expect that in the transfer over to their new computer system, they have lost the tax-free status of this account.
Needless to say I fired off a mail to them via their secure communication system. Fortunately they had transferred across the old mails, because I was able to reply to an earlier mail from them which confirmed our interest will be paid Gross.
So if you do have an ICICI account which should pay gross interest, check it asap!
Has anyone else had this problem?
And yes, I know we could receive slightly higher interest elsewhere, but for the effort of opening a new account, getting linked account set up, filling in a R85, and transferring all the cash across, it is not worth the effort. However, ICICI only have to make one too many mistakes.....
Regards
Mick
(Originally posted on Stoozing.com)
I have seen the recent posts about problems with ICICI. I personally have had no problem with them, until this morning that is!
When I checked my (wife's) account this morning to update my stoozing spreadsheet, I spotted that they had taken tax off the Interest received for October. I expect that in the transfer over to their new computer system, they have lost the tax-free status of this account.
Needless to say I fired off a mail to them via their secure communication system. Fortunately they had transferred across the old mails, because I was able to reply to an earlier mail from them which confirmed our interest will be paid Gross.
So if you do have an ICICI account which should pay gross interest, check it asap!
Has anyone else had this problem?
And yes, I know we could receive slightly higher interest elsewhere, but for the effort of opening a new account, getting linked account set up, filling in a R85, and transferring all the cash across, it is not worth the effort. However, ICICI only have to make one too many mistakes.....
Regards
Mick
A shadowy flight into the dangerous world of a man who does not exist.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.
0
Comments
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You could always open another account ready for it.
Don't have to do everything all at once but why not get it started.0 -
i've also had this problem, just checked it now.
Have e-mailed them and waiting for reply0 -
has anyone who lost their tax-free interest had it sorted out yet?
or even a reply to e-mails about this problem?0 -
The problem has still not been sorted out by ICICI so I have transferred my money to Icesave.0
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I've noticed With Holding Tax was deducted from my account. I've emailed them, but haven't had a reply yet other than the standard, we're looking into it thing.0
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It's Income Tax. If you don't pay income tax you need to send them an R85z1000000 wrote:I've noticed With Holding Tax was deducted from my account.Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Finally received an e-mail reply today as follows;
Due to a technical constraint net interest after tax deduction was credited to your account. The error would be rectified on November 13, 2006. We assure you that the tax deducted will be credited to your account on November 14, 2006.
We apologize for the inconvenience caused.
Two weeks too late, ICICI, I've already jumped ship to Icesave.0 -
agal wrote:Finally received an e-mail reply today as follows;
Due to a technical constraint net interest after tax deduction was credited to your account. The error would be rectified on November 13, 2006. We assure you that the tax deducted will be credited to your account on November 14, 2006.
We apologize for the inconvenience caused.
Two weeks too late, ICICI, I've already jumped ship to Icesave.
Same situation here. I expect my money to be refunded today.0 -
It's now the evening of the 14th and no sign of any refund. I'm becoming more and more comvinced that leaving ICICI was the right thing to do.0
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Hi there,
Yes, I was also promised on the 11th that the tax would be credited back on the 14th November.
Yesterday I checked, tax not credited, but as it was still the 14th I thought it might happen later in the day.
However, today is the 15th, so checked the account this morning, the tax has STILL not been credited.
So fired off another Email, stating that this was now a case of incompetence and broken promises, and that I would close the account unless it was sorted out and they either credited the tax effective 31/10/06 or paid compensation into the account. (Well, in the 2 weeks since they made the mistake, I have lost 4p interest on the tax amount ! )
I am still hesitating about opening an IceSave account, as I can see from other posters that these have not gone smoothly. I would rather that ICICI sort it out and pay a bit extra in compensation.
Anyway, before closing the account, I had better wait until they have credited back the tax first!
Regards
MickA shadowy flight into the dangerous world of a man who does not exist.
A young loner on a crusade to champion the cause of the innocent,
the helpless, the powerless, in a world of criminals who operate above the law.0
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