About bank
ICICI Bank Canada is a subsidiary of ICICI Bank Limited — the top Indian private sector bank. As of December 31, 2021, ICICI Bank’s total assets reached US$226.39 billion.
Founded in 2003, ICICI Bank Canada has provided financial solutions for individuals and businesses for almost 20 years. The bank has branches in Alberta, British Columbia, and Ontario.
Features
ICICI Bank Canada welcomes online applications for bank accounts, registered accounts, and investment products. The online availability of ICICI Bank Canada products offsets the lack of its offices in most provinces of Canada.
ICICI Bank Canada is a member of the Canada Deposit Insurance Corporation, so clients’ deposits held in this bank are secure. It is also a member of the Interac Association and The Exchange Network.
Pros and cons
Here are the advantages of ICICI Bank Canada for its clients:
-
A wide range of financial products and services
-
Online access to many banking products and services
-
Safety of eligible deposits guaranteed by Canada Deposit Insurance Corporation in the amount of up to $100,000
-
Free deposit and withdrawal transactions at ICICI Bank ATMs and/or THE EXCHANGE Network of ATMs
Still, there are certain disadvantages to be aware of:
-
Limited geographic availability of ICICI Bank Canada branches
-
Monthly fees for chequing accounts
-
Fees for withdrawal transactions at ATMs other than ICICI Bank ATMs and/or THE EXCHANGE Network of ATMs
Products
ICICI Bank Canada offers the following personal banking products:
-
Chequing accounts for everyday banking with either 12 or an unlimited number of transactions included
-
Savings accounts to earn interest of up to 1.00% on deposits in Canadian dollars and up to 0.45% on deposits in U.S. dollars
-
Investment accounts like TFSA and RRSP to grow your money on a tax-advantaged basis, with interest credited monthly
-
Investment products like redeemable and non-redeemable GICs in Canadian dollars and term deposits in U.S. dollars with a minimum investment of 1,000 in the currency of deposit
-
Mortgage solutions including closed fixed-rate and variable rate mortgages, switching your mortgage to ICICI Bank Canada, and refinancing your existing mortgage
-
The UNIFEE payment solutions to pay your academic fees and tuition directly to your educational institution's bank account
-
Debit cards powered by Visa*, Interac, and THE XCHANGE® to make payments within Canada and internationally
-
Credit cards with a 19.99% interest rate on purchases and 21.99% — on cash advances and cash back rewards earned on all purchases
-
Lines of credit secured by your assets to get access to financing whenever you need it
For businesses, there are the following products at ICICI Bank Canada:
-
Bank accounts — chequing and savings accounts to perform everyday business transactions and save cash resources of your business, available in Canadian and US dollars
-
Investment products like business GICs in Canadian dollars and term deposits in U.S. dollars with a minimum investment of 1,000 in the currency of deposit
-
Lines of credit — short-term financing at competitive rates with interest charged monthly only on the amount used
-
Operating loans — financing options to provide working capital for your trade opportunities
-
Term loans — non-revolving financing in Canadian or U.S. dollars at a variable rate linked to the Prime Rate with a pre-determined expiry date
Services
Individuals can reach out to ICICI Bank Canada for the following services:
-
CRA Direct Deposit service to receive payments (such as tax refund) from CRA directly in your chequing or savings account
-
Interac e-Transfer services to receive and send money across Canada
-
Overdraft protection to ensure coverage of your payments whenever you don’t have sufficient funds to perform a transaction
-
Investing in precious metals like 24-karat gold and finest quality silver at .9999 purity
-
Safety deposit boxes at ICICI Bank Canada branches to hold your valuable belongings or important documents
Services for businesses include:
-
Trade finance services including export and import financing, issuing letters of credit, bill negotiation services, documentary collection services, and access to an online platform providing export bill collection services
-
Treasury services including foreign exchange and interest rate risk management solutions
-
Correspondent banking services — fund transfers and clearing services for respondent banks
