State Bank Of India

Drumslinger

I wanted to put a lot of cash away in a fixed savings account, so when I saw The State Bank Of India featured on MSE I decided to open an online fixed savings account with them. They accepted my application and I transferred the cash by CHAPS to their account. Over a week later and I have had no communication from them whatsoever. They have not sent me the "Welcome Pack" as promised, not responded to my email nor sent me any form of acknowledgement whatsoever...and their phone lines go dead every time whilst I'm on hold.
I must admit I'm beginning to sweat a bit...or perhaps I'm being impatient.

jayship

Most Indian banks are slow when initially opening a new account whether in branch or otherwise. Yours is probably delayed due to Easter holidays. If payment is sent to the correct account your money is safe.

bristolleedsfan

I received fixed term deposit certificate through post nearly 6 weeks after ISA funds were transferred in, prior to this received no reply to 3 emails.

http://forums.moneysavingexpert.com/showpost.php?p=70370851&postcount=7

Slim

I'm transferring an ISA to them. The money left the transferring organisation about a month ago but I've not had anything from the SBI and my online account with them doesn't show the transfer. It's almost impossible to get through to them on the phone and they ignore emails. I'm hoping that it's just their inadequate systems but nevertheless a very worrying time. I'm also concened that the situation will be repeated at the end of their one/two year fixed interest period when I wish to withdraw or transfer the money.

State Bank of India are best avoided and the regulatory authorities should investigate their completely inadequate systems.

Pincher

60 month deposit for 2.75%:


http://www.bankofbarodauk.com/exchange-interest-rates/


Another Icelandic ISA style saga coming up?


The Baroda Annual needs a minimum £10,000 deposit,
Rather tempted to take a punt.

ossettbob

Terrible service. My wife applied for 5 yr fixed account on 18 March & accepted on that date. Waited for welcome letter & sent e-mail on 30 March asking what was happening. Got reply on 8 April !!. She got letter but that was only for the savings account they use to transfer your money into at maturity. Didn`t wait for welcome letter for 5 yr fixed & transfered funds
Been trying to get some response from them. I told them that their site stated typically 7 days to receive welcome letter & internet banking details. Wife wants to know that they have received the funds as she is worried. Last e-mail I sent was yesterday & she keeps asking if they have replied. I told her to ask me same time next week !!!. A month to set up account & for us to find out where our money is....ridiculous !

GreenBitterfly

They sound like one to avoid then!

Cactus_Jack

Pincher wrote: »

60 month deposit for 2.75%:


http://www.bankofbarodauk.com/exchange-interest-rates/


Another Icelandic ISA style saga coming up?


The Baroda Annual needs a minimum £10,000 deposit,
Rather tempted to take a punt.

As someone who had their ISA in IceSave I'd steer well clear of non-UK banks, it wasn't a pleasant experience that night when it vanished!

bristolleedsfan

Cactus_Jack wrote: »

As someone who had their ISA in IceSave I'd steer well clear of non-UK banks, it wasn't a pleasant experience that night when it vanished!

Key factor is whether financial organisation is protected by UK Compensation Scheme

http://www.bankofbarodauk.com/fscs/

http://www.sbiuk.com/personal-banking/personal/fixed-deposits/fixed-deposits ( see at bottom of page)

joe134

Cactus_Jack wrote: »

As someone who had their ISA in IceSave I'd steer well clear of non-UK banks, it wasn't a pleasant experience that night when it vanished!

Mine didn't Vanish?
I had £50k with both the Icelandic banks when they went bust, it was a bit of a shock, but the fscs stepped in straight away and no problems, wish I had taken the 5 year ones instead of the 3 year.
FSCS;;;;UK.It does what it says on the tin.
No wonder, they want to do away with it.Mr Carney, et.al.

Steve_xx

I applied for their 3 year fixed ISA @ 2.3% on 9 March. Had a bit of correspondence relating to the feeder account about 2 weeks later then nowt until yesterday when a certificate for the ISA arrived.

There is supposed to be some details of how to access the account online arriving, but as yet these have not materialised.

I've had a couple of conversations with them and I can confirm that they have been inundated with with applications for these bonds, so much so that the rate on the dropped pretty dramatically on 10 March. The lady I spoke to indicated that the applications were being handled by an agency.

Regarding the Icelandic debacle. I had money in the Iceland banks when they went bust but to be frank I don't remember there being any hassle in recovering it. It was all done pretty smartly and required minimum intervention from me.