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For me, ICICI take the cake !!!
Walletwatch
Posts: 1,055 Forumite
I have my GBP account with ICICI maxed out to the FSCS limit (GBP 70000 in a joint account between wifey and I) and also have significant proportions of my Indian rupees with them in an Indian account.
The Reserve Bank of India has raised rates in a bid to control inflation twice in July and on both occasions, ICICI have been prompt in raising deposit rates. As a result, my term deposit rates that I get with them has increased from 9.25% at the beginning of July to 10.5% as of 01-Aug. And the latest increase is from 10 to 10.5 w.e.f. today in response to a 50 bp increase only on 29-Jul. Great saver-friendly bank all along if you ask me...
Cheers
WW
The Reserve Bank of India has raised rates in a bid to control inflation twice in July and on both occasions, ICICI have been prompt in raising deposit rates. As a result, my term deposit rates that I get with them has increased from 9.25% at the beginning of July to 10.5% as of 01-Aug. And the latest increase is from 10 to 10.5 w.e.f. today in response to a 50 bp increase only on 29-Jul. Great saver-friendly bank all along if you ask me...
Cheers
WW
It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!
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Comments
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Walletwatch wrote: »The Reserve Bank of India has raised rates in a bid to control inflation twice in July and on both occasions, ICICI have been prompt in raising deposit rates. As a result, my term deposit rates that I get with them has increased from 9.25% at the beginning of July to 10.5% as of 01-Aug. And the latest increase is from 10 to 10.5 w.e.f. today in response to a 50 bp increase only on 29-Jul. Great saver-friendly bank all along if you ask me...
That's in rupees, I assume. But with inflation at 11% I'm not sure you're winning...0 -
Yes, it is in rupees. The point of my post however was more to say that ICICI seems to be generally proactive in raising rates, and they certainly haven't disappointed me on the UK savings account front either.
An inflation of 11% (in fact the latest figure is 11.9%) seems daunting, but the big plus is that the index is much closer to reality in India, unlike in the UK where policy makers for their own convenience seem to literally prefer lower levels rather than accept reality with regard to inflation figures reported.
I must add, I speak from personal experience, living physically in the UK and bearing expenses here with family (wife and one kid, the second en route) and paying for two sets of households in India, my parents and my in-laws.
Cheers
WWIt's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0 -
What product do you use?0
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