ICICI Bank UK, a wholly-owned subsidiary of India-based ICICI Bank Ltd (formerly Industrial Credit and Investment Corporation of India), has now signed up to the Banking Code.
This means it must inform customers of any interest rate changes 30 days in advance and that it will tell customers when rates move by more than 0.25 percentage points compared with the base rate or by more than 0.5 percentage points within a 12-month period.
The Banking Code is a voluntary set of regulations, but offers customers more assurance of being treated fairly, and more consistent rules across its members.
ICICI Bank UK offers a HiSave online account which offers 6.41 per cent before tax (5.12 per cent net) and has a guarantee in place which ensures that it will pay the 0.3 per cent above the base rate until the end of 2011.
This rates highly compared with other online accounts, although companies such as Bradford and Bingley, Coventry BS, Landsbanki and Saga also offer competitive internet account deals.
ICICI Bank offers a range of banking products and financial services to both corporate and retail customers including investment banking, life and non-life insurance, venture capital and asset management.
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