Indian Bank Tempts UK Savers
ICICI, India's largest bank, offers a high savings rate to UK customers
12th July 2005
India's largest private bank, ICICI, is targetting UK savers with a tempting rate of 5.4%.
While the bank cannot promise how long they will keep this rate, they offer a guarantee that the rate will be at least 0.25% above the base rate until 31st December 2007, and the bank's UK Chief Executive Sonjoy Chaterjee says they will be maintaining the current high rate for six months or so.
There are no access restrictions on the new HiSave account, but it must be opened and operated entirely online.
While some customers may have worries about depositing savings in a foreign bank, Mr Chaterjee stressed that the bank is locally incorporated in the UK and is covered by the Financial Services Authority deposit guarantee scheme.
Read More: BBC's Moneybox
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