Types of ICICI Bank Canada deposits
- Tax-Free Savings Accounts (TFSAs). With a Tax-Free Savings Account from ICICI Bank Canada, you can grow your money tax-free, with 1.00% p.a. interest credited monthly. Along with the funds deposited, you can hold investment securities like GICs and term deposits in your TFSA. Moreover, TFSAs involve zero monthly or annual fees and no minimum balance requirements.
- Registered Retirement Savings Plans (RRSPs). To help clients build a larger retirement income, ICICI Bank Canada offers Registered Retirement Savings Plans. With an RRSP, you can grow your money on a tax-deferred basis, with 1.00% p.a. interest credited monthly. Along with cash deposits, you can hold investment securities like GICs and term deposits in your RRSP. In addition, RRSPs involve neither account administration fees nor minimum balance requirements.
- GICs and Term Deposits. For clients looking for secure investments, ICICI Bank Canada offers guaranteed investment certificates (GICs) and Term Deposits, both redeemable and non-redeemable. The terms for both types of GICs and term deposits range from 1 to 5 years, and the minimum required deposit is 1,000 in the currency of deposit.
The rates for redeemable GICs in Canadian dollars range from 0.65% to 1.15%, and for redeemable term deposits in U.S. dollars — from 0.40% to 1.10%. The rates for non-redeemable GICs in Canadian dollars range from 4.00% to 4.25%, and for non-redeemable term deposits in U.S. dollars — from 3.00% to 3.50%.
- Chequing accounts. There are three types of chequing accounts for everyday banking operations at ICICI Bank Canada. Depending on your transaction needs, you can choose an account with 12, 25, or an unlimited number of monthly transactions included. All chequing accounts involve monthly fees from $4 to $21.95.
The basic Chequing account is available in Canadian Dollars only, while HiVALUE® Chequing Account and HiVALUE® PLUS Chequing Account can be either in Canadian Dollars or U.S. dollars.
- Savings accounts. With savings accounts from ICICI Bank Canada, you can earn interest on the funds you deposit without paying monthly fees. HiSAVE® Savings Account allows you to earn 1.00% on deposits in Canadian dollars and 0.45% on deposits in U.S. dollars. Premium Savings Account features 0.90% p.a. interest on deposits in Canadian dollars and 0.45% p.a. interest on deposits in U.S. dollars.
Applying for a HiSAVE® Savings Account is available online. To open a Premium Savings Account, you must visit the ICICI Bank Canada branch near you.
Requirements
To be eligible for opening a deposit account, you must be a Canadian resident in your province of residence at the age of majority.
Applying for a deposit account at ICICI Bank Canada requires you to provide two documents indicating your name and address and your name and date of birth. These can be:
- Government-issued ID
- Government-issued recent notice of tax assessments
- Recent government benefits statement
- Recent Canadian public utility bill
- Recent bank account or credit card statement
- Foreign passport
ICICI Bank Canada requires clients to make an opening deposit by cheque from another financial institution deposited in an applicant’s name. There is no minimum cheque deposit to open a chequing or a savings account. When applying for a joint account, a cheque should be in the names of all joint applicants.
Opening a term deposit requires a minimum deposit of $1,000 in Canadian dollars or $1,000 in U.S. dollars.
Pros and cons
Let’s outline the advantages of deposits at ICICI Bank Canada:
- Deposit guarantee up to $100,000
- An opportunity to open an account not only in Canadian dollars but also in U.S. dollars
- No monthly fees for savings accounts
- Competitive interest rates for high-interest savings accounts
- Secure investment options like GICs and term deposits
- An opportunity to grow your money on a tax-advantaged basis with registered accounts like TFSA and RRSP
- Free deposit and withdrawal transactions at ICICI Bank ATMs and/or THE EXCHANGE Network of ATMs
Here are the disadvantages to be aware of:
- Monthly fees for chequing accounts
- Service fees for transactions made over the monthly limit
- Fees for withdrawal transactions from savings accounts at ICICI Bank ATMs and/or THE EXCHANGE Network of ATMs
How to make a deposit?
There are several ways to deposit funds to your account in ICICI Bank Canada.
If you have more than one account, you can transfer funds between them online or through the ICICI Bank Canada iMobile app. You can also deposit in person at your local ICICI Bank Canada branch or through an ATM.
Or, you can deposit a cheque in various ways: by using the eDeposit feature of the ICICI Bank Canada iMobile app, in person at a branch near you, or through an ICICI Bank Canada ATM.
