Canny Brits go mad for Indian account

13 September 2005
So many shrewd Brits applied to Indian bank ICIC for its market-beating high-interest account that it had to be pulled off of the market.

Moneysupermarket, a leading financial search engine, were asked by the bank to remove the internet only ‘Hisave’ account from its listing as they could not keep up with demand.

Head of retail banking at ICIC, Anand Kumar, said: "We'd like to give customers the service they require so we will be suspending our marketing activities for 15 days -- two months maximum.

"After that we'll go for a big marketing campaign when all the operations are in place."

The bank was receiving 200 to 300 hundred applications a day for the account which offers a highly competitive rate of 5.4 per cent AER.

ICIC, a success story in Indian banking in the UK, with branches in London, Leicester and Manchester has emphasised that the account is still available online even though operations are being suspended to allow them to deal with the massive amount of applications.

Following its success in the UK, ICIC has teamed up with Lloyds TSB and offers customers rupee mortgages in India, even offering to find them property in Britain as part of its service.

However, some financial experts are warning that customers could get a poor service as ICIC becomes increasingly overwhelmed by applications.

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