ICICI Bank

[WendyS]

Has anybody used this (relatively new to the UK) Indian Bank to open a savings account? They seem to be offered a good interest rate (5.03% gross) but I've read that some individuals have experienced long delays and admin problems trying to open an account.

[funnywebsite]

I am not sure if I would trust a foreign bank. You don't know anything about them. Check though if they are not being sponsored by another bank but just using another name. A lot of insurance companies have diffferent names but are owned by other companies. i.e elephant are run by Admiral. Years back there was a foreign bank called bank of Buroda well something like that and it went bankrupt. That was a foreign bank.

[stevie21]

Under the very interesting and exciting rules that governs the high street banks, if things all go **** up then you don't lose ALL of your cash.
(Search google for "Financial Services Compensation Scheme" or look over yonder )

You are guaranteed 100% of the first �2000 deposited and 90% of the next �33,000 (making a max of �31,700).

All of this hinges on the organisation being bound by the FSA which I think everyone is.

Still awake at the back? Either way - I know nothing of this specific bank so I'm not sure how useful this post is...