ICICI Bank

alchemistkevin

wow, I must be the only person depositing money in ICICI today, taking it out of my other banks that are Spanish owned. Appartently, they have my mortgage and ALL the savings!!!!

Rather trust a country in the East today than the ones in EU or further west.

However, I would trust the English banks as I have more faith in the banking system here but hold no trust for the American or other EU countries' banks.

aj9648

How long would it take to get money back if it does go down? I have 35K in a one year bond maturing in Apr - if I withdrew would I lose all my interest accumulated so far?

mobfant

I withdrew mine yesterday. I had money in both Icesave and KE so I want to get it all back in the UK before considering where to send it. That might mean going back to ICICI but it might now.

agsnu

aj9648 wrote: »

How long would it take to get money back if it does go down?

"That depends". As you can see from the Iceland situation, the FSCS is moving fairly quickly and it could be a matter of weeks rather than months.

I have 35K in a one year bond maturing in Apr - if I withdrew would I lose all my interest accumulated so far?

No, assuming you are allowed to do so - ICICI have some Fixed Term Deposits which do not permit withdrawals (and others that do at a rate penalty).

dancingdandare

I cannot believe you all are moving your money out, your crazy.........the general public just need to calm down.....or the banks will fail. If everyone keeps there money in ICICI up to 50k THEN YOUR COVERED...this will let ICICI deal with the crunch, and given they are not in anything like the problems Iceland where facing, there is no indication that they are in any real problems. India is going to have a downfall in its market on the back of the west, but its not a country that is going under! I will laugh when they do not go under as expected and all you mis-informed people loose your interest for fixed terms! I do understand if you have more than 50k then maybe you should move some of it out. But not all of it, they still offer a good interest rates and i believe they will continue to do so.

JimmyTheWig

aj9648 wrote: »

How long would it take to get money back if it does go down? I have 35K in a one year bond maturing in Apr - if I withdrew would I lose all my interest accumulated so far?

No-one knows, as it's never really happened before. Three months has been mentioned, I believe. Given that you don't need the money until April I see no need to do anything.
We are in a similar position (less money, though) and are leaving ours there.

I believe there would be a penalty for withdrawing the funds now. I don't really see what you have to gain to justify this penalty.

FurryPaws

You aren't the only one depositing money Kevin. I am too.

I don't agree with alot of what's being said on this thread and believe it to be scaremongering as is the form on these forums these days (I may only be a 'new' member to the forums, but I've been on the mailing list for years)

ICICI may go the same way as Icelandic banks, the same way UK banks are not 'safe'. They are covered by the £50k UK FCS so why is everyone panicing?

If you don't have regular income anymore due to sickness or retirement then move an amount over to your linked account which you feel you may need to live on if you can't get to your money for afew months if it goes wrong. Everyone pulling out WILL make the bank more unstable and make it more likely to happen.

I actually moved afew hundred into my linked account afew days ago just as an emergency fund incase it does go the same way as Icelandic banks.. but I have alot of money still in there which I'm happy to let sit. And as an extra, the money was a day late transferring into my linked account so I got an email from ICICI today saying that they were sorry about the slight delay and as compansation they gave me £50!!

valderee

Is it me or has ICICI's website crashed?:eek:

reform_2

Well they certainly know how to spook their consumers.... Website was dog slow an hour ago, and now the login page is dead as a dodo...

Lets not jumpt to any conclusions eh!

Optimist

valderee wrote: »

Is it me or has ICICI's website crashed?:eek:

Its just amazingly slow. I think they have a rush on !