Bank of Baroda higher fixed term savings rate

steveksullivan

...... how you get on in branch?

Also, unless I'm being very dim I cant see whether there's an option of monthly interest?

Can anyone enlighten me .....??

cashbackproblems

ICICI also are offering 3.1% fixed for 1 yr and are alot more advanced than this bank, however im sure you wont have any problems with them its just that they are still new.

Stompa

FWIW they appear to have been 'Authorised' by the FSA since 2001:

http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=58535

alanq

steveksullivan wrote: »

...... how you get on in branch?

Also, unless I'm being very dim I cant see whether there's an option of monthly interest?

There doesn't appear to be an option of monthly or annual interest.
From the link that I posted above: "Interest is paid on maturity."

Arthurian

Bank of Baroda took over ICICI this year, according to Wikipedia.

Stompa

Arthurian wrote: »

Bank of Baroda took over ICICI this year, according to Wikipedia.

2010: Bank of Baroda became the 3rd Largest Bank in India when it over took ICICI Bank

I think you'll find it's 'over took' rather than 'took over'!

Arthurian

OOps! I thought it seemed strange! Must remember to put on glasses in front of computer screen in future. :beer:

Absurdity_2

So I opened the account. First thing I have to say is that it really feels like a small bank. In the process of opening the account I didn't see any computers being used and all of it was filling in forms. I imagine this is what banking must have been like before computers were used!

The form that I filled was a general individual account opening form used for all of their accounts (there were boxes for me to tick saying which type of account it was). Also you need your passport and a utility bill or your most recent bank statement. And your NI number for filling in the form.

I was given the option to pay by cash or by cheque. Also the account can be for 1 month upto 60 months. So you can invest for 12 months, 24 months etc. The interest rate will vary depending on how long you invest it for. I chose to invest for 15 months as the interest rate is higher than 12 months. Although the website states the interest rate would be 3.61% for 15 months, on the photocopy I got in return today it says 3.63%. This might be a mistake as everything pretty much was hand-written on forms today.

I haven't got any account numbers or anything and was told I would be sent all the details with a certificate of the account in the post in 10 working days. Interest would start accruing in 2 days time as I payed by cheque.

One thing I found annoying was they wanted to know my income. I explained I was a student but they said they wanted to know for anti-fraud purposes so I gave a rough estimate of my student loans. I don't see why they need to know how much my income is for a fixed term deposit savings account but I'm not too bothered at the moment.

I'll reply again once I receive the full details in the post.

Also I received a complementary DVD with 2 bollywood movies on. Irrelevant in the grand scheme of things but I wanted to be thorough in the review of this first experience

Absurdity x

alanq

3.61% is the AER. Interest is paid on maturity so the AER will be slightly less than the gross rate because the interest will not be compounded after one year.

Absurdity_2

I received everything in the post a couple of days back. Everything looks fine, I have all the account details