Saw an interesting ad on my site today. It was to a sign-up page for an ICICI HiSAVE Bank account. I have never heard of them before, but they offer a high-interest rate savings account (HiSAVE) paying 3.5% (ING Direct Canada is currently paying 3.0%) and they offer a one-time $20 credit for signing up. Here is the fine-print on the $20 bonus:
$20 Bonus Offer valid only for new HiSAVE Savings Account opened online, by phone or by mail. Accounts opened through branches are not eligible. Limit one bonus per new account (including joint account). Minimum initial deposit of $100 required. Deposit bonus for U.S. Dollar HiSAVE Savings Account is paid in U.S. Dollar. Bonus will be credited within 30 days from the date the initial deposit is cleared and the account is officially opened by ICICI Bank Canada in its sole discretion. Application criteria apply. Offer may be modified or cancelled at any time. May not be combined with other offers. Only Canadian Dollar deposits are covered by CDIC.
What is ICICI bank? Apparently ICI is India’s second largest bank. You can read all about ICICI and its history here. Will ING Direct soon outsource it’s customer service department overseas in an effort to compete with a company like ICI, based out of India? Or does ICICI have a customer service department based in Canada?