ICICI Deposits

Stompa

I've just opened an ICICI Bank HiSave SuperSaver account. Does anybody know if you can really only make a deposit from your nominated account?

They say: For HiSAVE Savings Account or HiSAVE SuperSaver Savings Accounts: Nominated Linked Account will be the account from which your initial deposit must come. It will also be the account from which any deposits are made and to which any withdrawals will be sent.

but they provide you with a standard looking account number and sort code - so would a deposit from any account work? Has anybody tried?

greenglide

We used to have an ICICI account and found the interface very clunky and some of the restrictions odd, to say the least. I don't think I would ever have plucked up the courage to bend their rules by attempting transfers directly into the HISAVE account on the assumption that they will probably reject the payment or just plain lose it!

It is really no different to fixed rate ISAs etc with HBOS etc where they have a sort code and account number but once the particular issue is closed you cannot make any further payments.

Stompa

greenglide wrote: »

We used to have an ICICI account and found the interface very clunky and some of the restrictions odd, to say the least.

I certainly wouldn't disagree with that!

greenglide wrote: »

I don't think I would ever have plucked up the courage to bend their rules by attempting transfers directly into the HISAVE account on the assumption that they will probably reject the payment or just plain lose it!

I'd probably risk it if several others reported that they had successfully done so, hence my question. Though I'd obviously try a £1 test run first.

greenglide wrote: »

It is really no different to fixed rate ISAs etc with HBOS etc where they have a sort code and account number but once the particular issue is closed you cannot make any further payments.

I'm not sure I've ever had such an account with a standard sort code and account number, but I take your point.

Thanks

Stompa

I've just discovered the relevant info on their rather tortuous website here:

http://www.icicibank.co.uk/personal/faqs/detail.page?identifier=faqs-managing-my-hisave-account-20142909171242510

Can I send money to my HiSAVE Savings Account or HiSAVE SuperSaver Savings Account from an account that’s not my Nominated Linked Current Account?

No. You can only transfer funds to your HiSAVE Savings Account or HiSAVE SuperSaver Savings Account from your Nominated Linked Account.

so it does appear to be expressly forbidden.

talexuser

I used Halifax as my nominated current account and deposits go in instantly (as soon as you've logged off) and large withdrawals appear same day, so no real hassle. I assume savings providers prefer nominated accounts as an additional security measure.

Stompa

talexuser wrote: »

I used Halifax as my nominated current account and deposits go in instantly (as soon as you've logged off) and large withdrawals appear same day, so no real hassle. I assume savings providers prefer nominated accounts as an additional security measure.

I'm sure that's right.

The annoyance for me is that they required the nominated account to have a chequebook, and the only one of those I have is a virtually dormant Cahoot account that I've not used for years. This means that any money in or out has to go via this intermediate account which is a little inconvenient. And to add insult to injury they've not actually asked to see a cheque!

You can (after 45 days I think), change the nominated account but are then required to send them a cheque.

talexuser

I honestly can't remember if I had to send a cheque to open, next time I find the book I'll look at the stubs to see.

talexuser

Found one stub just crossed out, but sure I messed up a cheque recently and rewrote, don't think I sent them a cheque, all my deposits have certainly been through bank transfers.

Stompa

talexuser wrote: »

Found one stub just crossed out, but sure I messed up a cheque recently and rewrote, don't think I sent them a cheque, all my deposits have certainly been through bank transfers.

Thanks. I just tried a test deposit, which took a while (more than 30 minutes) before it appeared in the ICICI account.

Gurberly

Seeing this post made me go and check my cheque!! I sent a very small value cheque with the initial application which has been debited to my bank account back in December but not credited to the ICICI account.


Small test transfers through the nominated account have worked OK.


As an aside, I do find the website very "1990's" together with "Indian English" in written communication with the customer service team.


Whilst it may be FSA protected, I'm not sure if I would recommend it. I opened an RCI account at the same time, far easier process and although not FSA protected I have far more confidence in them.... though with Renaults offices being raided by the police I might have to think that one again!!


Mark

Stompa

Gurberly wrote: »

Small test transfers through the nominated account have worked OK.

After my fairly slow test deposit I've now tried a test withdrawal. 2 hours later and still no sign of it in the nominated account. The blurb on their website suggests that a withdrawal made before 13:00 should reach the nominated account by the end of the day, so hopefully it will arrive today. It sure ain't faster payments!

Gurberly wrote: »

As an aside, I do find the website very "1990's" together with "Indian English" in written communication with the customer service team.

Indeed, it's a very poor website.