The Top Instant Access Savings Discussion Area

[jayemm]

I have just tried to open an account with ICICI but they have told me that they will only accept a passport or driving licence as ID proof. Seems a bit restrictive to me, so I'll go elsewhere. Anyone else had problems with acceptable ID? There must be many non-drivers without passports.

[djbd1973]

After reading of some of the problems that people have been having in this thread with ICICI, I just thought I would highlight a problem I came across which was my fault because I didn't read the terms and conditions thoroughly.

ICICI won't allow you to make direct debits out and you can only transfer money out to your nominated account.

I wanted a bit more flexibility than that but I was attracted to the rate last November and closed a savings account with a lesser rate that did what I wanted it to and now I have opened a can of worms.

If I had paid more attention to the small print, I would be having an easier life right now.

Don't do what I did!

[djbd1973]

Originally Posted by jayemm

I have just tried to open an account with ICICI but they have told me that they will only accept a passport or driving licence as ID proof. Seems a bit restrictive to me, so I'll go elsewhere. Anyone else had problems with acceptable ID? There must be many non-drivers without passports.

Hi Jayemm,

Never had this problem as I have always had both forms of identification. I suppose without these two verified photo ID's, you are in danger of not being 'on the system', and as these items are national, they help organisations check for fraud.

Would you consider getting a passport especially now in winter as it would take a fraction of the time that it does nearer summer holidays to come through?

(I am not trying to persuade you by the way;
merely posing the question )

[JontyII]

Originally Posted by sulo

Hi

New to this want to open an Icici account, started filling in the form and online it insisted I read the conditions etc. I did this and then lo and behold it timed me out Arrrhhh after doing all that form filling! So they dont give you time on line to read the small print.:rolleyes:

Yes this happened to me too yesterday. I persevered and have (so far) succeeded in being accepted. I noticed that the confirmation email gives you the opportunity to read the conditions. Assume they realise there isn't time when logging on initially, and perhaps the time out is for some security reason?

I've decided that with all online transactions patience is necessary, otherwise you end up screaming at the machine!

[muffin_man]

Just noticed on the main page that B&B Internet Saver interest rate is listed as having not dropped. Whilst this is true in terms of what is being offered to new customers, it is misleading for current customers whose rate will have dropped to 6.15% and as mentioned in this thread, need to reapply for the Issue 2.

Perhaps a note could be added to the main page to this effect?

[Yozzer]

Last year, due to the high interest rates offered by ICICI, I started the registration process to open an account, and printed off the "conditions" instead of reading them during the registration process. Afterwards, I read them, and was horrified to find they offered (at that time), no protection for loss of savings due to fraud of any kind, (this might have changed since, but well worth checking). I wrote to them after checking with the three UK banks who currently hold my savings, (and was pleased to confirm I was covered, subject to common sense precautions, that I did have cover), and ICICI replied confirming their conditions, but stating "look at the interest rate".
I cancelled my registration.
As a mainframe engineer for many years and having worked at most of the major banks and building societies throughout the UK, I am well aware of the possibilities of loss by fraud, which can be of no fault of the customer, so I personally now check the conditions carefully of banks that hold my savings to make sure my savings are safe from fraud. I would rather lose some interest than my savings.

[tjfs]

On their website: http://www.fscs.org.uk/consumer/key_...sation_Limits/

it says the limit is £35k per person, not per deposit taker.

So does this mean if several deposit takers fail (e.g. Firstsave, ICICI) you only get a total of £35k back?

Tim

[stoneman]

Originally Posted by hamandeggs

EdInvestor asked if anyone had knowledge of opening an account with ICICI.

I've tried. Sent verified copies of Utility Bill plus driving licence. Verified by my neighbour who is an accountant. They now want me to take these documents to one of their branches , the nearest of which is 75 miles away.

Over and out as I have just told them. Opened an IceSave account the same day and smooth as that.

ICICI? Don't bother. Others pay marginally less.

All I wanted to do was deposit my pension lump sum of £22500. Hardly Al Qaeda funds!!

I sent them in 4 forms of ID, all signed and stamped by my doctor (at a charge of £7) they sent me an email yesterday saying that a doctor is not an acceptable verification. Stuff em!!

[stoneman]

Originally Posted by ojock

...you probably won't want to mess with them if you're borrowing

http://en.wikipedia.org/wiki/ICICI_Bank#Controversy

I never realised they weren't a british bank. Will get my wife to draw her money out today and install it with BoE-N/R

[Lavendyr]

Originally Posted by tjfs

On their website: http://www.fscs.org.uk/consumer/key_...sation_Limits/

it says the limit is £35k per person, not per deposit taker.

So does this mean if several deposit takers fail (e.g. Firstsave, ICICI) you only get a total of £35k back?

Tim

It's per person, per institution. So if you save £100k with Firstsave and £100k with ICICI and both institutes fail, you only get a total of £70k back - £35k for each institution.

[don1982]

watch out with ICICI - I have had a hI-save acccount and they take tax off monthly---watch out putting funds in savings accounts short term FD costs a months interest if a withdrawal is made - go for free withdrawals

[paulboy83]

If you have interest paid monthly then tax has to be paid monthly, its not something thats specific to ICICI.

I dont quite understand your second point, what is FD?

[murphydavid]

Both First direct and Alliance and L have accounts that don't pay interest on the whole capital in the month the money is withdrawn. You can get full interest by withdrawing your whole capital on the 1st day of the month. Who here would invest with FD with their pathetic rate of interest?

[tradetime]

Am afraid for my first post I have to echo the disatisfaction with ICICI bank, the whole account opening process is a shambles. I began on Nov 29th and am still waiting for confirmation that my account is open, in thaat time I have opened no less than four accounts with other banks and funded them. When you factor that into the interest they may have a high headline figure, but with a couple of months lost to open they are nothing more than mediocre. I also have to wonder that if they are this slow opening what sort of service can we expect once they have their hands on the money

[chris earle]

Yes I have had this problem with other companies as well. I find it best to print off the terms and conditions then apply. I did find ICICI to be on of the easier accounts to open, been ok so far.

[chris earle]

Yes I was caught out by a B+B esaver account paying a lower rate than the present online account. I have moved my cash to a more straight foward honest bank.

[pjl]

Been trying to open an account for well over a month now with no success.

- First cheque went missing.
- I forgot to date the second cheque, doh! but they also rejected it due to a mis-match in the sort code; apart from the hyphens being missing they did match!
- It's been 10 days since I sent the third cheque but that it not on their system yet.

Starting to become well frustrated as I want to transfer a largish amount (well for me anyway) so will have to start looking for alternatives.

Have to say though that I'm impressed by how quickly I can get through to talk to a person, I just wish that they could be more helpful over and above just reading and responding to what's on the screen in front of them.


Peter.

[murphydavid]

Originally Posted by chris earle

Yes I was caught out by a B+B esaver account paying a lower rate than the present online account. I have moved my cash to a more straight foward honest bank.

You found an honest bank??? Next you'll say there's life on mars.

[tradetime]

My acct finally got opened, so 29th November until 25th January was my experience. Am puzzled why they do the cheque thing since they do not allow deposits by cheque, just seems to add several days to the opening process without actually acheiving a great deal, but can't be bothered to get into a discussion about it with them.

[nicko33]

Originally Posted by tradetime

My acct finally got opened, so 29th November until 25th January was my experience.

My experience opening an ICICI Hi-Save account was much better.
applied online on 15-Dec (Saturday)
they asked me to post a cheque on the 17th
confirmed receipt of cheque on 21st
account set up on 22nd
don't remember when the password was received through the post, but it was quick