ICICI Bank HiSAVE Savings Account 4.1% - anyone heard of them?

[saskwatcher]

I saw an ad while on www.canada.com for ICICI Bank HiSAVE Savings Account 4.1%. Interest rate is good but has anyone heard of them?

Also, the interest rate is not an introductory rate - it applies to "balances in the accounts of new and existing customers".

The link at http://www.icicibankcanadapromotions.net/lms_ct/CA_LP/index.asp?PAGEID=2&USERTYPE=247_BAN_CPA#
does not have much other info, other than an online application.

The link to the Privacy Policy says "The page that you are trying to view right now is not available for display. We regret the inconvenience caused to you." which is not a good sign.

Any comments?

[CheapCanuck]

Their ads are all over the place on the net right now, so they are pushing hard to drum up business, but I don't know of anyone that has had any dealings with them.

[Octavius]

I saw an ad while on www.canada.com for ICICI Bank HiSAVE Savings Account 4.1%. Interest rate is good but has anyone heard of them?

Also, the interest rate is not an introductory rate - it applies to "balances in the accounts of new and existing customers".

The link at http://www.icicibankcanadapromotions.net/lms_ct/CA_LP/index.asp?PAGEID=2&USERTYPE=247_BAN_CPA#
does not have much other info, other than an online application.

The link to the Privacy Policy says "The page that you are trying to view right now is not available for display. We regret the inconvenience caused to you." which is not a good sign.

Any comments?

No doubt about it, it's a sketchy virtual bank to say the least. Do a search and you'll find that a large number of people here on RFD (I'd argue the majority) have had problems with them in the past - including losing their funds in transit from the originating bank (which took many months to recover) and including not being able to access their funds for some very strange reason that the CSR could not explain.

I've heard too many horror stories about ICICI. I'd rather deal with any other bank besides them, even if it means I take a cut in the interest rate that the bank will pay me.

[saskwatcher]

Altamira High-Interest CashPerformer now at 4.15% - follow link to thread at http://www.redflagdeals.com/forums/showthread.php?t=515179

[saskwatcher]

I've heard too many horror stories about ICICI. I'd rather deal with any other bank besides them, even if it means I take a cut in the interest rate that the bank will pay me.

I guess I should have done a search, instead of starting yet another thread about ICICI.

Check out "Warning about ICICI" at http://www.redflagdeals.com/forums/showthread.php?t=474169

Check out "Icici Hisave personal review of," at http://www.redflagdeals.com/forums/showthread.php?t=498843

[AllWheelDrift]

Altamira High-Interest CashPerformer now at 4.15% - follow link to thread at http://www.redflagdeals.com/forums/showthread.php?t=515179
Actually, that's a very old post. Altamiara is currently paying 3.6%.

As for ICICI, I suspect they may be in desperate need of cash. I noticed that through my brokerage they are offering GICs significantly higher than anyone else, and their savings account is also one of the highest (excluding other's short term bonus rates.) They haven't been dropping their rates nearly as fast as the prime rates. Also, they called me up pretty much begging for me to give them my business again. (Wanting to resolve concerns that I'd given up hounding them about a year ago.) I'm guessing their terrible customer service has caught up with them and resulted in a poor reputation that is hurting them badly now.

[xlfe]

i just like their short term gics non-cashable.

I have a rrsp account with them...i haven't received anything from them about it... it worries me a bit that they haven't sent my any slips.

got my pcf slip weeks ago.

i believe hsbc is the current highest with it's promotion going on.

[don242]

Etrade still remains at 4.15% for their high interest savings account. I was looking at it yesterday a little but didn't find much out. I wonder if their rates will drop soon as well?

[AllWheelDrift]

i just like their short term gics non-cashable.
Do they remember to credit the GICs back to your account when they mature these days? Back when I dealt with ICICI, the GIC would mature and "disappear" but the money wouldn't end up back in my savings account until I called them up to complain about it. I bet they weren't paying any interest while it was "lost". :mad:

[jeeva86]

I've been using their savings account for about a year now and didn't have any problems yet. I guess it's hit and miss. If you don't do anything overly complicated, they won't **** up.

[AllWheelDrift]

I've been using their savings account for about a year now and didn't have any problems yet. I guess it's hit and miss. If you don't do anything overly complicated, they won't **** up.
Depends if you condsider using the web interface to buy GICs or linking a USD bank account complicated? Or is expecting to get your signup bonus a complication?

[asmielia]

I've been using their savings account for about a year now and didn't have any problems yet. I guess it's hit and miss. If you don't do anything overly complicated, they won't **** up.

Same here, I'm happy enough with the service. Fast turnaround times for transactions, usually less than a day. I've never done anything more complicated than transferring money in or out though. They've had some comical bugs with their website, but nothing to get me too worried yet.

[asmielia]

Depends if you condsider using the web interface to buy GICs or linking a USD bank account complicated? Or is expecting to get your signup bonus a complication?

Yes, all of that sounds way too complicated for ICICI. I'd use someone else for anything like that. Except the signing bonus. I've gotten all my signup and referral bonuses ok. They must dislike you due to your aforementioned complaints about the GIC and US account.

[xlfe]

Do they remember to credit the GICs back to your account when they mature these days? Back when I dealt with ICICI, the GIC would mature and "disappear" but the money wouldn't end up back in my savings account until I called them up to complain about it. I bet they weren't paying any interest while it was "lost". :mad:

Don't scare me like that hahaha
My gic term matures in april, i'll let u know if i remember if it magically "disappears".

Out of topic but i cashed in my outlookfinancial GICs, took 2 minutes over the phone. and within 5 minutes i got my principle and some interest, which i wasn't expecting put into my savings account. unfortunately though they have a 2% interest penalty so i was making approx 3.25% which is even lower than a savings account.

[lakshmi]

ICICI bank has its signage on both DVP and Eglinton - seems like they are doing well, making a statement like that.

[bubble.tea]

Been with them (feels like) almost 2 years. purely for TermDeposits, and High Interest Savings.

Lovem to Death!

[notanexpert]

No doubt about it, it's a sketchy virtual bank to say the least.
...

from wikipedia:
ICICI Bank (BSE: ICICI) is India's largest private sector bank in market capitalization and second largest overall in terms of assets. ICICI Bank has total assets of about USD 79 Billion (end-Mar 2007), a network of over 950 branches and offices, about 3600 ATMs, and 24 million customers (as of end July 2007).

That does not sound terribly sketchy or virtual... sounds like its about the size of the National Bank of Canada. However ICICI's operation's in Canada are infinitely larger than the National Bank's India operations.

[Octavius]

from wikipedia:
ICICI Bank (BSE: ICICI) is India's largest private sector bank in market capitalization and second largest overall in terms of assets. ICICI Bank has total assets of about USD 79 Billion (end-Mar 2007), a network of over 950 branches and offices, about 3600 ATMs, and 24 million customers (as of end July 2007).

That does not sound terribly sketchy or virtual... sounds like its about the size of the National Bank of Canada. However ICICI's operation's in Canada are infinitely larger than the National Bank's India operations.

Also from wikipedia:

ICICI Bank was fined 55 lakh Rs. for hiring goons (known coloquially as "goondas") to recover a loan. Recovery Agents had ,allegedly, forcibly dragged out a youth (who was not even the borrower) from the car, beaten him up with iron rods and left him bleeding as they drove away with the vehicle. "We hold ICICI Bank guilty of the grossest kind of deficiency in service and unfair trade practice for breach of terms of contract of hire-purchase/loan agreement by seizing the vehicle illegally,""No civilised society governed by the rule of law can brook such kind of conduct" said Justice J D Kapoor, president of the commission

Although I do understand that this is their main division in India, ICICI Canada still has ties to ICICI Bank in India. Obviously, the odds of this happening in Canada if you were to deal with this bank would be extremely slim, any bank (parent or subsidiary) that conducts itself in a manner such as this is "sketchy" in my books.

If you want to say that they're not the same...that's fine. Just search RFD for ICICI bank and you'll hear many horror stories of people opening up account, setting up a transfer of money and it subsequently getting *LOST* in the middle of the transfer - because of ICICI's mix up. I think one user had ICICI misplace 5k that was supposed to go into his account for a number of months...and was extremely unhelpful in cooperating with him. I've also heard about interest not being paid out as per their advertised rate, not paying out interest altogether or even denying you access to your funds - even though there the funds have cleared and there is no hold period on them.

Yeah, CLEARLY ICICI isn't a sketchy bank to the say the least :rolleyes:

Anyway, truth be told some people (like bubble.tea) seemed to have been lucky in that they have had no problems in dealing with the bank. I'm just going off of what others have said and their experiences/horror stories. I do acknowledge that no bank is perfect, but the complaints about this bank that I've heard/seen so far have been more than enough for me to classify them as "sketchy". I am more than certain that I am not alone in this.

[crazyqqq]

Don't scare me like that hahaha
My gic term matures in april, i'll let u know if i remember if it magically "disappears".

Out of topic but i cashed in my outlookfinancial GICs, took 2 minutes over the phone. and within 5 minutes i got my principle and some interest, which i wasn't expecting put into my savings account. unfortunately though they have a 2% interest penalty so i was making approx 3.25% which is even lower than a savings account.

I have the same experience. They didn't credit back the GIC to my saving account. The mature date became 1900-01-01. And I have to call them several times to get my money transfered back to saving account. Even worse, they didn't pay me the interest during that period (almost a week)... really bad services..... I wouldn't recommend this bank..

[Chigu]

If you click on the ICICI link in post #1, the rate is now 3.6%

[King James]

I am also a long time client for ICICI. They might not be the best in service but they do constantly provide one of the best rate on saving account where I can park my money. You guys keep changing Bank for some promotional rates while I can be pretty sure that I always get one of the higher rate. I don't have emotional attachment to them and I will move on if there are better choices. However, I will stick with whatever works for me so far.

Honestly, they are also a CDIC member which covers up to 100k anyways so what is so risky about them? If you have more than 100k, you should not put it into saving account anyways.

[rockbottom]

I am also a long time client for ICICI. They might not be the best in service but they do constantly provide one of the best rate on saving account where I can park my money. You guys keep changing Bank for some promotional rates while I can be pretty sure that I always get one of the higher rate. I don't have emotional attachment to them and I will move on if there are better choices. However, I will stick with whatever works for me so far.

Honestly, they are also a CDIC member which covers up to 100k anyways so what is so risky about them? If you have more than 100k, you should not put it into saving account anyways.

Couldn't agree more!
I have been a client since 2005, and haven't had any problems; and their rates are always the highest of the online banks. I find moving money with them very easy (one business day; no fees, etc.). When I first signed up with them, they had a cash bonus referral program,(which I think they still have ) and got my wife and daughter to sign up. They got thier $20 and I mine. That's free $60. When was the last time anyone got free money from a bank?

[bs9999]

I've had an account for over a year now but honestly i moved all my money out from them more than 6-months now, not because they did anything wrong but it was just because of the horror stories about them...AND, i did notice suspect things that gave me concerns such as constant ciritical bugs when trying to transfer money (didnt transfer money because of internal errors with the software when i needed it to).

The only time i can see myself transfering my money back in will be if and when the interest rate difference is large enough i.e. 4.1 or higher.

Right now i am with HSBC until May 2nd then the new hunt begins for a new home (PCF sux right now)

[speeeeee]

I've had an account for over a year now but honestly i moved all my money out from them more than 6-months now, not because they did anything wrong but it was just because of the horror stories about them...AND, i did notice suspect things that gave me concerns such as constant ciritical bugs when trying to transfer money (didnt transfer money because of internal errors with the software when i needed it to).

The only time i can see myself transfering my money back in will be if and when the interest rate difference is large enough i.e. 4.1 or higher.

Right now i am with HSBC until May 2nd then the new hunt begins for a new home (PCF sux right now)

Im still loving my CTF account.. still on 5.5 percent for another month and a half... gooooood stuff :)

[skoper]

Hi guys, Im signing up this week. Does anyone want to refer me so we both get $20 credits? First come first serve..

[me2]

Hi guys, Im signing up this week. Does anyone want to refer me so we both get $20 credits? First come first serve..

PM sent.

[icwong]

Edit:
Referral received! Thanks!

[rockbottom]

I'm also thinking of signing up. PM me if you would like to refer me.

PM sent

[angel_wing0]

damn i m late :D

[Trym]

Edit
Referral received
Thanks

[beholder]

I'm thinking of opening an account with them. If anyone want to refer me, please PM

PM sent.

[ferkel]

They do pay the higher interest rate, but when you need customer service you call India (and they all have heavy accents)
If you lock yourself out of the Banking Online internet site, they mail you your new password which took weeks. Their Online banking website feels like it was designed by high school kids.. just didn't trust it .. so i pulled my $ out also.

[bs9999]

They do pay the higher interest rate, but when you need customer service you call India (and they all have heavy accents)
If you lock yourself out of the Banking Online internet site, they mail you your new password which took weeks. Their Online banking website feels like it was designed by high school kids.. just didn't trust it .. so i pulled my $ out also.

If you plan on just parking your money there to earn the higher intrerest rate and not concern yourself with customer service (or anything but earning interest) you will not come across any problems...i've been with them now over a year with 0 problems. I do agree though that if i were to venture outside this way of thinking i am bound to discover new found problems...with that knowledge in hand i feel i am making the most for my money and very happy doing so :D

[morningstar]

I only them twice. Their website went down in the evening quite often when i logged in.

[angel_wing0]

question, does it cost anything to transfer money from this account to your external bank account (ex: cibc, td, pcf, etc)

just saw this little gem on icici's website: Money Transfers not involving currency exchange - $25

WTF?! or do they mean transfer money to someone else's bank account?

[bs9999]

question, does it cost anything to transfer money from this account to your external bank account (ex: cibc, td, pcf, etc)

just saw this little gem on icici's website: Money Transfers not involving currency exchange - $25

WTF?! or do they mean transfer money to someone else's bank account?

Nope, there is no charge to transfer to external bank (Hi-Savings account) via Online transfers. Unless they changed their policy that i am not aware of. I've never been charged anything. It's possible their Shakespearean command of the english language didn't make it clear which account types were subject to that transfer fee. OR, It may be speaking about Wire Transfers which is a whole new thing. But when dealing with transfers between external banks online then via the Hi-Savings account i have never seen a fee ... btw transfers takes 1 biz day -- or in some cases, if you are in at a certain time, that same biz day.

[angel_wing0]

Nope, there is no charge to transfer to external bank when done online through the Hi-Savings account. That is unless they have changed their policy for that account. I've never been charged anything while using my Hi-Savings account.

thanks for the confirmation! :cheesygri

i think they changed it to no fee but they are too lazy to update as usual (like that referral email :D)

can anyone else confirm as well?

[ChocolateCocktail]

So if I open a new ICICI account through a referral, both myself and the person who sends the referral get $20? So ICICI is out for $40?

Referral received, thanks

[angel_wing0]

So if I open a new ICICI account through a referral, both myself and the person who sends the referral get $20? So ICICI is out for $40? If so, could someone send me a referral? Thanks

Yes u are right. Good for all of us and bad for icici :D (well..in a way)

pm sent.

[bs9999]

too lazy to update as usual (like that referral email :D)

ROFLMAO! Yup..just like that one! :lol:

[angel_wing0]

trying to login, and got this msg...nice...

APPLICATION SETUP ERROR !!
This error has occured due to a problem in the application setup
Please contact the Administrator of your Bank.

anyone got that msg as well?