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

zxcvbnm_2

The leap year makes a tiny difference to the calculation. On a balance of £10,000 the monthly interest is just 14p less.

£10,000 * 6.23% = £623 * 31/365 = £52.91
£10,000 * 6.23% = £623 * 31/366 = £52.77

I have recalculated the interest and the amount I have now received, taking into account the additional interest and the leap year, is actually a few pence more than expected, presumably because the additional interest was paid a few days late.

It looks like ICICI have now rectified the problem, but I will be keeping a close eye on my account in future.

DocProc

My HiSave account should have received £60.69 in gross interest with a tax debit of £12.14

I have only received a total of £23.02 in gross interest, paid in two lumps. One of £17.63 on 31/10/08 and one of £5.39 on 04/02/08.

The tax deductions, once again done in two debits, were £3.52 on 31/01/08 and £1.08 on 04/02/08.

I have not yet had a reply, which was promised to be given to me before 07/02/08 in an acknowledgement of my initial message from the Accounts Manager.

I have fired off another letter to him querying my underpayment of interest once again. This time I asked if the underpayment of interest was connected to the American Sub Prime Lending Problems and I asked if ICICI Bank (UK) Ltd was affected.

Let's see what happens now.