ICICI Bank Current Account

superM

Hi, 
Has anyone tried to open ICICI Bank Current account via there app and was it opened instantly?
https://www.icicibank.co.uk/personal/branch-banking/homevantage-current-account.page?

colsten

They are reviewing your application manually. It takes a few days for them to get back to you. They may require you to apply in Branch, and you aren’t guaranteed an account if they ask you to apply in Branch.

wiseonesomeofthetime

They have a tempting fixed rate offering as well . . . . . NOT!

and seem unsure what rate they are offering in their Savings Account product too:

cricidmuslibale

wiseonesomeofthetime said:

They have a tempting fixed rate offering as well . . . . . NOT!

and seem unsure what rate they are offering in their Savings Account product too:

0.5% AER for a fixed rate account no matter whether the term is as little as 1 year or as long as 5 years is not good at all is it!

However, ha ha, these rates just about satisfy my widely derided suggestion on this forum a few months ago of a legal minimum rate of 0.5% AER for fixed rate savings to protect savers who simply have, because of their circumstances, to save significant amounts of cash rather than take the risk with investments, from being totally 'exploited' by fixed savings rates of considerably less than this, even perhaps 0.1% AER or lower still, in the near future!

Ballard

I can't imagine why your suggestion of a legal minimum interest rate for depositors would have been derided,

cricidmuslibale

Ballard said:

I can't imagine why your suggestion of a legal minimum interest rate for depositors would have been derided,

I set up a thread on this subject back in December on the Savings and Investments board and, very surprisingly to me at the time, the vast majority of respondents either thought it was a bad or very bad idea or, worse still, poured scorn on this suggestion, said it was laughable and that it should not even be thought about for a moment! I had one or two respondents in favour in principle at least of a legal minimum interest rate for fixed rate savings but they were very much in the minority!

I thus came to the conclusion that most posters on the Savings and Investments board are much more comfortable with risking their capital in investments, and indeed are blessed to have sufficient funds to do so, than myself and a few others currently are!

eskbanker

cricidmuslibale said:

Ballard said:

I can't imagine why your suggestion of a legal minimum interest rate for depositors would have been derided,

I set up a thread on this subject back in December on the Savings and Investments board and, very surprisingly to me at the time, the vast majority of respondents either thought it was a bad or very bad idea or, worse still, poured scorn on this suggestion, said it was laughable and that it should not even be thought about for a moment! I had one or two respondents in favour in principle at least of a legal minimum interest rate for fixed rate savings but they were very much in the minority!

I thus came to the conclusion that most posters on the Savings and Investments board are much more comfortable with risking their capital in investments, and indeed are blessed to have sufficient funds to do so, than myself and a few others currently are!

Seems an odd conclusion to take from that thread!  My recollection is that most didn't favour your proposed legal intervention to mandate an arbitrary minimum rate, but that's not the same thing as not wanting or preferring higher rates, and I don't recall any dialogue about the entirely different question of investing versus saving?

Anyway, I suppose this is all going off-topic for this thread, so anyone looking to revisit that issue can do so at:
https://forums.moneysavingexpert.com/discussion/6217284/should-there-be-a-legal-minimum-interest-rate-for-fixed-rate-accounts-for-ns-i-at-least/p1

jimjames

cricidmuslibale said:

Ballard said:

I can't imagine why your suggestion of a legal minimum interest rate for depositors would have been derided,

I thus came to the conclusion that most posters on the Savings and Investments board are much more comfortable with risking their capital in investments, and indeed are blessed to have sufficient funds to do so, than myself and a few others currently are!

Conversely those who have smaller amounts of savings are the ones who can achieve much higher rates. Those with very large cash balances have very little option. Investors may run small cash balances, get a decent interest rate on those but invest amounts beyond that.

Back to the matter in hand, I've not applied for this account but what are the advantages of it over other current accounts? Have a TSB account ready to switch now that they have dropped interest payments if it offers anything worthwhile.

colsten

jimjames said:

Back to the matter in hand, I've not applied for this account but what are the advantages of it over other current accounts? Have a TSB account ready to switch now that they have dropped interest payments if it offers anything worthwhile.

Some may see it as an advantage to have a single bank in the UK and in India.

Over and above that, there is, at times, a HiSave account for holders of the ICICI current account only. I have not recently seen one with an enticing enough interest to get tempted, although they do pop up now and then on moneyfacts.co.uk. Also, I am still recovering from having a HiSave account between 2007 and 2012 - I can't remember the exact details now but it was a huge palaver to deposit and withdraw money (electronically), so huge that I made a mental note never to have a HiSave account again.

soulsaver

colsten said:

jimjames said:

Back to the matter in hand, I've not applied for this account but what are the advantages of it over other current accounts? Have a TSB account ready to switch now that they have dropped interest payments if it offers anything worthwhile.

Some may see it as an advantage to have a single bank in the UK and in India.

Over and above that, there is, at times, a HiSave account for holders of the ICICI current account only. I have not recently seen one with an enticing enough interest to get tempted, although they do pop up now and then on moneyfacts.co.uk. Also, I am still recovering from having a HiSave account between 2007 and 2012 - I can't remember the exact details now but it was a huge palaver to deposit and withdraw money (electronically), so huge that I made a mental note never to have a HiSave account again.

One early stunt was that they didn't compound interest on a multi year ftb, which wasn't clear in the terms.
Only discovered when (if) you checked the interest paid at the end of the term.
If considering them, read their terms closely.