Fixed rate account with ICICI bank

jmo21

I have a fixed rate account with ICICI bank.

I need access to the money before it's maturity date and I was always under the impression that with fixed rate accounts you would simply be penalized with a reduced interest rate, should you withdraw the money early.

After a rather frustrating phone call with ICICI bank just now, where they were insisting on a reason for withdrawing the money early, me saying it's personal, none of your business, I now have to wait up to 5 days for a manager to call me back as I "need a real reason" to close the account.

I don't mind the rate penalty if that is all it was.

Am I wrong, are there some fixed rate accounts that do totally keep your money until maturity?? I'll be pretty annoyed with myself if there are as I'm usually pretty good with my finances. I was annoyed enough that I thought I'd just be getting a reduced rate for closing early.

EDIT: Looking at their website, it does say no withdrawals, so looks like I'm wrong:
http://www.icicibank.co.uk/personal/hisave-accounts/hisave-fixed-rate-account.page?

masonic

There are quite a few fixed rate accounts that do not permit access at all, a few have a get out clause for genuine emergencies and I'd say it's the minority that will allow access with an interest penalty. In contrast, fixed ISAs have to allow access because of HMRC rules, so tend to go with an interest penalty.