ICICI Hi-Save A/C holders check your January interest

zxcvbnm_2

I have an ICICI Hi-Save Account and when I checked the interest for January I noticed it was substantially lower than Decembers.

The interest rate hasn't altered during this time, both months have 31 days and my balance has only increased and yet the interest had dropped. I have calculated that it was 13% lower than it should have been.

I contacted ICICI who informed me that there was a technical problem and they have now credited most of the extra interest, although there is still a difference of a couple of pounds, but this is insignificant.

I am concerned as to how this could happen and wonder if it was an isolated case or if other account holders have had similar problems?

The interest for December worked out to the penny.

To calculate the interest I used the following formula -
balance * 0.0623(interest rate) = interest for year /365 = interest per day * number of days the balance was this amount

mrkbrrws

I've checked my account and I also had lower interest in January than December on an unchanged balance but there is an additional £18 interest credited on 4/2/08 which makes it about right.

So it seems that the error has been automatically corrected.

rarrarrar

I've had an additional interest payment as well from ICICI!

Tesco internet saver appear to have paid me £400 extra interest in January - awaiting return phone call will post separately if applicable !

zxcvbnm_2

Thanks for the replies.

I contacted ICICI about this on the 1st February, prior to any adjustment being made to the account. If the difference hadn't been so large I doubt that I would have spotted it.

I'm still unsure how ICICI calculated the interest for January and it is still slightly understated, so I will be checking it regularly in future.

DocProc

I contacted my ICICI Account Manager yesterday and told him I thought my 'Gross Interest credited' and 'Tax debited' amounts were incorrect.

I'll report back here when I receive a reply.

Heinz

Mine was the same - and I received the same 'technical error' claptrap reply.

2 days later, £24 extra interest credited (and tax taken) so I've e-mailed again asking, whether they've permanently corrected the 'technical error' or whether it'll be necessary for me to check their calculations in future now (which I'll be doing anyway, regardless of how they reply).

wombat42_2

Story about this here
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=430023&in_page_id=7

stuzhunter

Same here..additional interest was paid on the 4th Jan. There is still a glitch as I calculated about 30p interest is missing:eek:

wombat42_2

wombat42 wrote: »

Story about this here
http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=430023&in_page_id=7

They have used the usual trick of companies to claim it only affected small number of people. Well it affected me.

Fastflys

Same for me.

I emailed ICICI Account Manager and received the same "Technical Problem" response. The missing interest has now been credited to my account.

One more thing to check next month!!

charlieboycat

zxcvbnm wrote: »

To calculate the interest I used the following formula -
balance * 0.0623(interest rate) = interest for year /365 = interest per day * number of days the balance was this amount

Is the interest still out if you use 366? 2008 is a leap year.