No. Skywalker? You are the problem.

Suggest you look up ICICI website -

http://www.icicibank.co.uk/hisave_faqs_scheme_details.html#a3

and read the following terms (if you can understand simple English) -

15.What are the physical documents that I would require to furnish to apply for the HiSAVE Savings Account?

In certain cases we may require you to furnish additional information, which may include the provision of either original physical documents, or certified copies of these documents in order for us to proceed with account opening.

As an address proof you will require to furnish
Bank Statement, Utility Bill, Landline Telephone Bill, Council Tax (bills/ bank statement should not be more than 3 months old)

As an Identity Proof you will furnish
Certified copy Passport , Certified copy UK Driving License and Certified copy Disabled ‘ Blue Badge ‘ with photograph

By the way, you are not working for ICICI?

Me 2. They used my driving license as ID in Manchester branch (I don't have a passport). The bonds have now closed, btw.

I,m happy with SBI. They were quick to respond to my initial enquiry,sent documentation by return, have a straightforward phone (not 08 no's) with a quick reply by someone who can answer a question. They do require certified passport copy and bank statement but that took 5mins in nearest solicitors and cost £5. I'd be suspicious of any bank that didnt require them these days. The account was opened immediately on cheque clearing, and confirmation of deposit and interest instructions sent within a few days. By comparison I had previously tried to open accounts quickly with B Midshires, Co-op and several others to no avail - disinterested, unhelpful . . .

Safe Saver:

I think time and process will remain same even if it is English Bank as GBP50000 is guaranteed by FSA.

Anyways, I called up State Bank of India today, from feel of it, it seems they are planning to drop rates. Also to my surprise they did not asked for any attestation / verification of documents, they just asked for photocopies to be sent with other set of forms.

Just got written confirmation from SBI that they are dropping rates for 7.50% Hi Return Fixed Deposit from 21st October 2008. Got my account opening pack within hours of my initial email. So far so good...

I recently opened new bankl accounts with Barclays, Abbey and HSBC. All of them ask for passport, other bank statements, utility bills and proof of residence.

So its very common in UK. Btw i am saying with my own expereince. UK banks are no less in the bureaucratice and filling long forms.

It took 1.36 mins to open an account in Barclays, 48 mins in HSBC and 1 hr in Abeey bank. So do you think only SBI is asking for all the documents? Try to open a new account with any of the above banks and you will come to know its such a big pain. I agree with JIT it has become a mandatory requirement in UK to go through all these pain and long processes.

Infact getting a UK licesnse also requires a person to send their passport to their main office for verification.

Ask anyone you know from India- which bank is the safest. the first answer will be SBI.

londonman, You simply seem to be annoyed with SBI. saw your some old comments and not sure what you did in the end. the point is you want all benefits without any extra effort. anyone you talk to on the phone, is not the one who makes the rules.

If you want it, got to do it the the way their process is. What will you call this lloyd tsb bank, who refused to open an account because someone has changed his house every six months due to his job, which needs him to relocate in different place in England.

Safe Daver,

great detailed post but I was concerned about verification of identity inn you earlier post where you did NOT mention that documents had been verified electonically. On their own photocopies are not enough security, get my drift?

Having been a victim of ID Theft after our dear Postman thieved a credit card and 2 utility bills from my mail and having to fight to get £3800 credited back and subscribe to Equifax for a Credit Watch Service, I am very keen to see that no one else gets their thieving mitts on my finances. I worked for 11 years dealing with fraud and know enogh about it.

I ain't stopping you personally from investing in a lovely High Interest Account but age and size doesn't matter with the turmoil in the Banking & Invesment business these days so go ahead and put your cash in SBI but please excuse my personal decision not to "follow the herd".

I do gamble on Day Trading and Stock Market investments when the time is right but after seeing all those poor people in Isle of Man and Channel Islands losing their life savings, I can take 1 or 2% drop and keep my cash deposits in what I perceive to be a safe haven.

I disagree with your logic, as per you low interest rates offered means low risk on our deposits...Moreover it is an assumption that this bank is not doing verification in right way, there are alternative ways to do it, and they might be using alternative methods, as shared by bank official, they have started checking documents electronically, hence this change. My logic of why SBI is a safer place for my money:

1. It ranks in fortune 500 list, which others mentioned by you didnot.

2. It has improved its ranking tremendously in a period when other banks were sliding southwards.

3. Bank is in business for over 200 years.

4. Bank is second largest in world in number of branches, with over 12000 branches...

5. Biggest bank of India and approx. 4 times bigger than 2nd biggest 'ICICI Bank'.

axisme:

A & L were quite thorough there as Equifax Credit Reference Agency use the same method when you are trying to access your credit report online for the first time. I think that is a great way but what I was trying to point out is that SBI seemed to be not doing things the right way in order to accept many (probably large) deposits for their highly attractive 7.5% interest rate.

I don't care whether it is a big bank or small bank - potential depositors have to think why Icesave and Kaupthing attracted many hundreds of thousands of savers, this we all know is high interest rates (I had money there but got out in time) Any bank paying more than 0.5% over base rate has to be risky, maybe not right now but within the period of the fixed rate bond issue offered.

Just be careful with your hard-earned money

Re the regulations, each bank has a slightly different way of enforcing it. For example, when I opened an ISA with A&L they asked me several question that only I would know from my credit file. Such as, "how much was outstanding on your last credit card statement?" You applied for a loan on such and such late, with which one of the following banks was this loan with?" Various questions, just like that. If I failed to answer any, I would then have needed to send proof of my identity off or visit a branch with it.

Some will ask for your NI number, passport number...etc.

Also look at the Dow Jones, down from 14,000+ to 8,800 no 8,700 at the moment, all in one yaer

Financials still getting hit badly, keep your money safe or they may be another long thread here within a couple of months. Icesave were blowing their own trumpet about how well off they were for the last 12 months

I am a bit worried that they don't follow money-laundering regulations to the letter.

I know it is a pain getting document copies attested and maybe SBI are very keen to rope in as many deposits as they can, that being why they have relaxed this rule. Please be careful, I could have invested @7.5% but now am going for 5% and less stress.

I think time and process will remain same even if it is English Bank as GBP50000 is guaranteed by FSA.

Anyways, I called up State Bank of India today, from feel of it, it seems they are planning to drop rates. Also to my surprise they did not asked for any attestation / verification of documents, they just asked for photocopies to be sent with other set of forms.

Lessons from the past - High Interest from Landsbanki, Kaupthing, Heritable - High Blood Pressure stuff

Those 3 banks were worth more than their country but still went down, we don't know how long it takes to get money back yet if a bank fails.

Sometimes less interest and a safer bank helps me sleep at night. Just trying to be helpful, not saying SBI is not a great bank.