ICICI HiSave Interest Problems

chaotic_j

I have a HiSave account with ICICI Bank which I opened around a year ago.

I noticed a month or two after having it I was being paid interest monthly. I queried this as I thought it would be paid annually, and I asked was there any difference in the amount of interest paid.

I was told in no uncertain terms that there was no difference between interest being paid monthly or annually.

Having received an email the other week I can see that I have been lied to - the interest is clearly greater when being paid annually, as I suspected.

I have sent two or three emails to the "account manager" with little in the way of a response. I have been told that if I wish to have my interest paid annually, I will need to open a new account, then transfer the money from the old account to the new one.

I have asked to be compensated for the interest lost as a result of ICICI Bank lying to me but they have asked me to "clarify what interest has been lost" etc.

They promised a response by 2nd October to my last message, but it is now 7th October and I haven't heard anything.

I was just wondering if anyone has some advice.. from what I gather there was no option to choose interest to be paid monthly or annually when I created the account, if there was I certainly would have chosen annually..

Has anyone else experienced this problem?

Thanks in advance..

nicholbb

Sounds like you're getting a poor service there. Try the softly softly approach first, after this get nasty.

You'll need evidence to succeed with this one failing that make such a hassle that they just want to pay you off. If you have this in writing your case will be strong go through usual channels.

If no letter but they state that they record conversations, DEMAND the tapes of the phone call - when they say they can't provide them accuse them of lying and attempting to obtain money by deception (this is a criminal act that scares everyone and will make them consult lawyers so even if you don't win they at least will have spent a load of cash/time). Also ask who ever you talk to ask for their full name and their job title, at the end of the conversation say that they can expect an call from your mate from the [insert name] paper who is investigating corruption (bet they start to be nice).

Also raise it to a formal complaint and start to follow the processes to get to the financial ombudsman.

http://www.financial-ombudsman.org.uk/

Paul_Herring

Having received an email the other week I can see that I have been lied to - the interest is clearly greater when being paid annually, as I suspected.

What I suspect you've received is something showing that the gross interest on a yearly paid interest is more than the gross interest on monthly paid interest.

However if the interest is left in, then the AER of the two is equivilent (plus or minus a few pence per thousand pounds deposited.)

So, the two are essentially equivilant.