About bank
SBI Canada Bank is the subsidiary of the State Bank of India founded in 1982. SBI Canada Bank provides products and services for both individuals and business clients through its branches in Brampton, Mississauga, Scarborough, Toronto, Surrey, and Vancouver.
Features
SBI Canada Bank is a Schedule II Bank. It has membership with the Canada Deposit Insurance Corporation (CDIC).
To support newcomers arriving in Canada, SBI Canada Bank offers products tailored to newcomers’ needs like bank accounts, credit cards, and student Investment accounts.
Pros and cons
Here are the key benefits of SBI Canada Bank:
A wide range of personal and business banking products and services
The staff serving clients in English and many Indian languages
An opportunity to open a bank account online
Online banking capabilities
A user-friendly mobile banking application
Insurance coverage of eligible deposits by CDIC
Still, there are certain drawbacks:
The limited geographic availability of the bank’s branches
The unavailability of an online application for most banking products
Products
Here are the personal banking products from SBI Canada Bank:
A Savings Account allowing to earn 0.01% interest on deposits made in Canadian dollars, with a $10.00 monthly fee
A Super Saver Account allowing to earn 0.40% interest on deposits made either in Canadian dollars or U.S. dollars, with a $12.00 monthly fee
A Premium Savings Account providing a higher interest rate that equals the standard 0.40% rate plus premium rate (up to 0.65% depending on the term), with a $15.00 monthly fee
A Chequing Account to perform daily banking operations either in Canadian dollars or U.S. dollars, with a $4.00 monthly fee
Mortgages at a fixed 8% interest rate for 1-5-year terms or a variable rate of 7.45% for a 5-year term
Home equity lines of credit to borrow up to 65% of the home’s value at a 7.95% interest rate (SBI Canada Bank Prime Rate of 5.45% plus 2.50%)
Lines of credit at competitive rates, with no collateral required
Loans against GIC allowing to leverage your non-redeemable deposits in Canada or FCNR / NRE deposits held in India to get the desired financing
Guaranteed Investment Certificates (GICs) ensuring the security of your principal investment and providing a guaranteed return at up to a 4.10% interest rate depending on the term and GIC currency
A Tax-Free Savings Account (TFSA) to hold cash deposits or non-redeemable GICs with a minimum deposit of $1,000 in it and grow your savings tax-free
A Registered Retirement Savings Plan (RRSP) to hold non-redeemable GICs in it and grow your savings for retirement on a tax-free basis
Student GICs serving as proof of funds required to arrive in Canada as an international student and helping you to cover your education-related expenses by providing a steady return at a 1.05% rate
Credit cards with zero annual fees and an opportunity to earn reward points on every dollar spent
For business clients, there are the following banking products at SBI Canada Bank:
A Super Saver Account allowing business owners to earn 0.40% interests on funds deposited either in Canadian dollars or U.S. dollars, with a $15.00 monthly fee
A Chequing Account to conduct everyday business banking operations either in Canadian dollars or U.S. dollars, with a $4.00 monthly fee
GICs ensuring the security of the initial investment made in either Canadian dollars or U.S. dollars and providing a return of up to 4.10% depending on the term and GIC currency
Commercial mortgages available at both fixed and floating rates, leveraging commercial revenue generation properties as collateral
Commercial and corporate lending solutions like the club and syndicated corporate financing and bilateral credit facilities provided by request
Services
The SBI Canada Bank offers the following banking services for individuals:
International money transfers to India or almost any other country in Canadian dollars, U.S. dollars, British pounds, or Euros
Interac e-Transfers to send and receive funds anywhere in Canada fast and securely
For business clients, there are the following services at SBI Canada Bank:
Trade finance services including export and import bills on collection facilities to facilitate international trade payments
Treasury services — particularly, Forex trading opportunities at competitive rates
