Bank of India UK?

MickyLuv

A little while ago when I was looking through the savings pages on this site, Bank of India (UK) was listed as a relatively high interest payer. More recently when I look on MSE advice pages, no more mention of this bank.

They do have quite a nice website:
(not allowed to show the link cuz I'm "New"??? I've been signed up here for ages.)

and their interest rates as shown on their website are still looking attractive.

I went to the FSA site to check if the account holder compensation scheme on deposits up to £85000 was in place for this bank.
There was no mention of Bank of India (UK) in the current PDF file listing of banks. When I did a search of the database there was only "State Bank of India" and "Union Bank of India" found initially, though after a wider web search, entering "204629 Bank Of India" in the FSA search did bring up some reassuring info.
(had to remove link here)

One of my main objectives was to find which other, if any, group of financial institutions (PRA-authorised institution) Bank Of India (UK) shared its compensation liability with.
I couldn't find this information.

As an alternative verification attempt I tried for a Fitch and a "Standard and Poors" credit rating for the company. Here again, nothing found on Bank of India (UK), though the other Indian banks mentioned earlier were listed.

This kind of research activity is quite new to me, so I'd appreciate and input on the validity of my methods and whether I might be barking up the wrong tree.:)

Regards,

Mike

Reaper

Interesting. On their web site they certainly say they are covered
http://www.bankofindia.uk.com/english/MemberofFSCS.aspx

but it is hard to find evidence to back that up.

All I could find was a document listing them within
"Banks incorporated outside the EEA authorised to accept deposits through a branch in the UK"
http://www.bankofengland.co.uk/pra/Documents/authorisations/banklist1403.pdf

You might need to ask them, perhaps they are part of group.

Archi_Bald

I don't think their savings rates are so special, particularly not at a time when you can get 3%+ AER for some £30K in instant access accounts

MickyLuv

Reaper wrote: »

Interesting. On their web site they certainly say they are covered


but it is hard to find evidence to back that up.

All I could find was a document listing them within
"Banks incorporated outside the EEA authorised to accept deposits through a branch in the UK"


You might need to ask them, perhaps they are part of group.

Reaper, thanks for the links and the other good advice. Asking them as an alternative to researching them is probably the next step.

Regards,
Mike

MickyLuv

Archi_Bald wrote: »

I don't think their savings rates are so special, particularly not at a time when you can get 3%+ AER for some £30K in instant access accounts

Thanks, I'm also considering the First Direct Regular Saver offer and the Santander 123 option.

Regards,

Mike

majorzott

Hi
There are two subjects here:
State Bank of India and
Bank of India

The State Bank of India is registered with the FSA: 139156
The Bank of India is registered with the FSA: 204629

Regards

jabba42

http://asia.deposits.org/ I think you looked at the thread where you buy in rupees. Used to be around 10% and was a great buy when the rupee got hammered last year http://www.investing.com/currencies/gbp-inr-chart


Now I am tempted to go for rubles as there is blood on the streets.

bowlhead99

jabba42 wrote: »

Now I am tempted to go for rubles as there is blood on the streets.

A Ruble is only worth 2.4 cents (about 41 of them to the dollar) compared to last October and the October before when it was worth 3.2c (31 to the dollar). However if you stretch it back further, in October 2007 pre credit crunch it was worth 4c (25 to the dollar).

After the financial crisis they changed their policy focus to moderating the ruble's depreciation, increasing interest rates, but gradually increased the flexibility of their policies with intervention volumes decreased. The plan was to move towards a more freely floating rate at some point. No doubt, rubles are pretty cheap now in dollar terms compared to some points in the past, and most people out there conducting global trade are considering dollar/ruble to be a relevant indicator.

Of course, at one point a dollar would only buy you less than 50p sterling and now it gets you 63p or more, which is 25%, so you can't judge everything against dollars as if a change in dollar price represents an 'absolute' movement against all other currencies. In theory when sanctions are lifted there may be more demand and they may get more valuable. However it's not really known how long the current crisis will continue and what games the various sides will play with currency prices. The 'natural' level for the ruble dictated by the market might need to be lower or higher than it is today, so currency speculation (an integral part of opening non-sterling savings accounts) can be a dangerous game.

Fortune favours the brave? It also kills some of the brave just so they don't get ideas above their station.

jabba42

http://www.themoscowtimes.com/business/article/eu-to-consider-lifting-russia-sanctions/509406.html


7% interest on rubles + 25% appreciation when this stuff hits. The wildcard now is the oil price that could scupper my plans. If we get 43 to the USD I am buying.