ICICI Bank Canada is one of many regulated financial institutions providing banking and financial services to Canadians. The bank offers branchless and in-banking services to Canadians, depending on their preferences.
With branches spread across Canadian provinces, the bank has various financial and investment solutions, including credit services, investment programs, banking products, wealth management, and other related services.
About ICICI Bank Canada
ICICI Bank Canada is a Schedule II bank (foreign-owned or controlled bank) in Canada, established as a full-service direct bank to provide banking and financial investment services to Canadians.
ICICI Bank Canada was established in 2003 and has since established itself as a force to reckon with in the Canadian financial sector. The bank provides several financial solutions to cater to Canadians’ businesses, personal, corporate, treasury, and investment needs.
The bank provides its financial products and services from its corporate office in Toronto, Ontario, to other branches across other Canadian provinces and territories. ICICI Bank Canada, as a regulated Canadian bank, is governed by the Canadian Bank Act and supervised by the Office of the Superintendent of Financial Institutions.
ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited, a Mumbai based private sector bank in India with international subsidiaries and branches in the UK, Canada, USA, China, and more. ICICI Bank Limited (formerly known as the Industrial Credit and Investment Corporation of India Bank) was established in 1994 but has since expanded its global presence.
ICICI Bank Canada Products and Services
ICICI Bank Canada offers banking and financial products and services, including personal banking, business banking, money transfers, newcomers to Canada package, and more.
ICICI Bank Canada Personal Banking
ICICI Bank Canada’s personal banking products are designed to cater to the banking bad financial needs of individual customers of the bank. ICICI Bank Canada’s personal banking products include bank accounts (savings and chequing), investment services, student GIC program, and more.
Personal Banking Accounts
HiSAVE Savings Account
The ICICI Bank Canada HiSAVE Savings Account is a no-fee online savings account that comes in two different packages:
- Canadian Dollar (C$) HiSAVE Savings Account
- US Dollar (US$) HiSAVE Savings account
Account-holders need not change their existing bank accounts. They can link up to three existing chequing accounts at any Canadian bank to the HiSAVE Savings account for seamless interbank money transfers.
- No monthly fees
- No minimum balance is required.
- Earn 0.50% interest on C$ HiSAVE Savings account.
- Earn 0.45% interest on US$ HiSAVE Savings account.
- Online banking and phone banking are supported.
- CDIC insurance on eligible deposits.
- A minimum initial deposit of $50 cheque.
Premium Savings Account
The Premium Savings account from ICICI Bank Canada offers high-interest rates with personalized branch access. You can open a Canadian dollar Premium Savings Account or a US dollar Premium Savings Account with high-interest rates of 0.40% and 0.45%, respectively. Premium Savings account holders enjoy access to personalized services at any of the ICICI Bank Canada branches, in addition to full access to the bank’s online and phone banking services.
- Earn a high interest of 0.40% on the C$ Premium Savings account and 0.45% on the US$ Premium Savings account.
- No monthly account maintenance fee.
- Access to phone, online, and in-branch banking services.
- Quick and easy funds transfer with up to three external chequing accounts.
- CDIC insurance on deposits.
HiVALUE Chequing Account
The HiVALUE chequing account is an interest-earning regular banking account. The account is available in both the Canadian dollar and US dollar accounts. Account-holders of the HiVALUE Canadian dollar chequing account earns interest on their account.
- 25 free debit transactions per month.
- Free deposits, withdrawals, and balance enquiries at ICICI Bank ABMs or on THE EXCHANGE Network.
- A monthly minimum charge of $9.95 applies unless you maintain a minimum daily closing balance of C$3000 or US$3000.
- Enjoy overdraft protection and low-cost international money transfers to India and other countries.
- Free first cheque book of 20 personalized cheques for Canadian dollar HiVALUE chequing accounts.
HiVALUE PLUS Chequing Account
The HiVALUE PLUS Chequing Account is available in Canadian dollars with several unique services. Account-holders earn interest on their chequing account. Also, the account comes with administrative charges, depending on your daily closing balance.
The fees include:
- $21.95 for the closing balance of less than $1000.
- $15.95 fee for the closing balance of $1000 to $2500.
- $12.95 fee for closing balances above $2500.
- Free and unlimited access to THR EXCHANGE Network and ICICI Bank Canada ATMs.
- Unlimited ABM transactions at other Canadian, US, and international ABMs.
- Unlimited POS transactions.
- Unlimited cheque books, cheque issuance, direct deposit, bill payments, and in-branch debit transactions.
- Access to your account by phone, online, ABMs, and in-branch banking.
- CDIC protection on deposits.
Basic Chequing Account
The Basic Chequing account is an interest-earning chequing account designed for limited monthly banking transactions. The account comes with a monthly fee of $4.00. However, this fee is waived for Seniors, Youth, Students of full-time post-secondary program, and Registered Disability Savings Plan (RDSP) beneficiaries.
- 12 free withdrawal transactions via telephone, internet, in-branch, or ABMs.
- Free and unlimited deposits.
- Free paper statements and text alerts.
- Interbank transfer from linked accounts.
ICICI Bank Canada Personal Investment Products
Customers of the ICICI Bank Canada can invest their money in several profitable investment products and services provided by the bank to earn substantial interest and income.
Guaranteed Investment Certificates (GICs) and Term Deposits
You can invest your money in ICICI Bank Canada’s GIC and Term Deposits, which comes in two types:
- Redeemable GIC and Term Deposits for short, medium, and long-term savings goals. It comes in C$ and US$ term deposits with guaranteed high-interest rates for the entire term.
- Non-Redeemable GIC and Term Deposits are secure investments for short and long-term savings goals with a guaranteed high return on your investments. You can invest in Canadian dollar Non-redeemable GIC or US dollar Non-redeemable term deposits with a minimum of C$/US$ 1000 for 1 to 5-year terms.
Tax-Free Savings Account (TFSA) and Tax-Free GICs
Canadians can invest in registered Tax-Free Savings Accounts (TFSA) and Tax-Free GICs. This is available for eligible investors of 18 years of age with valid Social Insurance Number (SIN) to grow their investments and earn tax-free annual high interest of 0.50% on their TFSA. Tax-Free GICs come in 1 to 5 years terms with a minimum investment of C$1000.
Retirement Savings Plan (RSP)
You can use your tax-deferred investments to accumulate a wider retirement income and earn a high return on your retirement savings through the Retirement Savings Plan. ICICI Bank Canada offers you two options:
- RSP Savings Account with a 0.50% annual interest.
- RSP GIC with the guaranteed interest rate for the time of 1 to 5 years.
Registered Education Savings Plan (RESP)
The RESP is designed to help you save for the post-secondary education expenses of your children.
Personal Banking Credit Services
ICICI Bank Canada offers low-interest-rate mortgages to meet your needs, whether for purchasing a new home, switching, or refinancing. You can choose either the Fixed-rate mortgages of 1 to 5 years term or the Variable rate mortgages of 5 years variable term.
Secured Line of Credit
With ICICI Bank Canada’s Line of Credit, you can attend to emergency financial situations such as car repair or investment opportunities. It has a flexible monthly interest repayment plan.
ICICI Bank Canada Business Banking
ICICI Bank Canada business banking products are designed to cater to businesses’ banking and financial needs and corporate establishments.
ICICI Bank Canada Business Banking Accounts
Business Savings Account
The Business Savings Account is designed to hold businesses’ cash reserves to generate high income. This account comes in the US dollar and Canadian dollar accounts.
- No minimum balance is required.
- No monthly fee.
- Earn 0.40% annual interest on Canadian Business savings account or 0.25& annual interest on US dollar business savings account.
- Access to link business savings accounts with up to three of your existing business chequing accounts at any Canadian bank.
Business Chequing Account
ICICI Bank Canada Business chequing account comes in two unique types:
- Business Chequing Premium Account
The business chequing premium account handles your daily transactions for a low fee of $5.00 with no minimum balance requirement. The account is available in Canadian dollar and US dollar types with unlimited access to ICICI Bank Canada services.
- Business Chequing Elite Account
You can earn interest on your balance while conducting your daily business activities. The account comes with a monthly fee of $24.95 with no minimum balance requirement. You’ll also have access to unlimited services and features, including ABM and in-branch withdrawals, free cheque book, free wire transfers, etc.
ICICI Bank Canada Business Investment Products
Business GICs and Term Deposits
The business GICs and term deposits are secure investments for short, medium, and long-term investment goals with high-interest rates for the entire term. It comes in Canadian dollar guaranteed investment certificates (GICs) and US dollar Term deposits of $1000 minimum deposit. You can invest inflexible terms of 7 days to 5 years, depending on your business needs.
ICICI Bank Canada Commercial Banking
Lines of Credit
ICICI Bank Canada offers short-term financial assistance to businesses with its line of credit products. You can repay the loan on a flexible plan of weekly, biweekly, or monthly basis.
Operating loans are suitable for import and export businesses to meet their trading requirements.
ICICI Bank Canada offers term loans in Canadian dollars and US dollars to fund your asset purchase and support your business growth and needs. Term loans are provided for a fixed term with a pre-determined expiry date.
ICICI Bank Canada Services
CRA Direct Deposit
ICICI Bank Canada offers CRA direct deposit to help you receive eligible payments from the Canada revenue agency (CRA) directly into your chequing or savings account. Eligible payments include:
- Income tax refund
- Canada child benefit
- Canada workers benefit
- Canada emergency student benefit
- Canada emergency response benefit
- GST/HST credit
- Ontario Trillium benefit
You can send, request, and receive or auto-deposit money to and from anyone within Canada free of charge.
Overdraft protection is designed to protect your chequing account from occasional shortfalls on bill payments, cheque clearance, Interac Direct, etc. It is available on all ICICI Bank Canada’s C$ chequing accounts.
Precious Metals Investment
ICICI Bank Canada offers precious metals like gold and silver investment services in a variety of denominations.
Safety Deposit Box
You can rent a safety deposit box with ICICI Bank Canada to secure your important documents and valuables at affordable annual rates.
Import and Export Services
ICICI Bank Canada offers specialized services to importers and exporters, such as letters of credit, bank guarantees, export and pre-shipment financing, etc.
International Money Transfers
You can transfer money from any bank in Canada to any bank in India and over 195 other countries of the world.
Newcomers to Canada
ICICI Bank Canada offers specialized services to newcomers to Canada through its Hello Canada Account and a Students Account. The account is open to immigrants, work permit holders, and students from India, the USA, UK, the Philippines, Vietnam, Germany, UAE, Bahrain, China, Hong Kong, Singapore, and South Africa.
ICICI Bank Canada Credit Cards
Rubyx Visa Platinum Credit Card
The Rubyx Visa Platinum Credit Card from ICICI Bank Canada offers Cash Back Rewards and is acceptable in over 170 countries and over 1 million ATMs worldwide.
- An annual fee of $49.00
- Earn 2% bonus cash back rewards on a reward category of your choice, including gas and grocery, entertainment, and travel.
- Earn 1% cash back rewards on every other eligible purchase you make.
- An annual interest rate on purchases: 19.99%
- An annual interest rate on cash advance: 21.99%
Coral Visa Credit Card
The no-fee Coral Visa Credit Card earns you Cash Back Rewards on eligible purchases and other Visa card benefits.
- No annual fee.
- Earn 1% bonus cashback rewards on travel, entertainment, or gas and grocery category.
- Earn 0.5% cash back rewards on every other eligible purchase you make.
- An annual interest rate on purchases: 19.99%
- An annual interest rate on cash advance: 21.99%
ICICI Bank Canada Debit Card
ICICI Bank Canada Visa Debit
The debit card is powered by three leading networks in Canada – visa, Interac, and THE EXCHANGE Network, with global acceptance for online and in-store purchases and cash withdrawals at ATMs worldwide.
ICICI Bank Canada Banking Operations
Customers of ICICI Bank Canada can operate banking services and transactions via the bank’s four channels. These are:
- Online banking
- Telephone banking
- In-Branch banking
- Mobile banking app (iMobile available on Google Play and App Store)
ICICI Bank Canada Membership and Regulations
ICICI Bank Canada operates under the Office of the Superintendent of Financial Institutions (OSFI). The bank is also a member of the Canada Deposit Insurance Corporation (CDIC), the Canadian Bankers Association (CBA), and THE EXCHANGE Network.
ICICI Bank Canada Customer Service
For enquiries and feedback, you can contact the ICICI Bank Canada via:
ICICI Bank Canada
P. O. Box 396
Don Mills, ON M3C 2S7
ICICI Bank Canada Editor’s Review
ICICI Bank Canada offers several banking services and financial products at competitive rates. However, it is essential to check the bank’s fees and rates to ascertain if it aligns with your banking or investment goals.
ICICI Bank Canada FAQs
How many branches does ICICI Bank have in Canada?
ICICI Bank Canada has about seven branches spread across Canada.
Can I transfer money from Canada to the USA?
Yes. ICICI Bank Canada provides money transfer services to over 190 countries of the world, including the USA.
Who can open the Hello Account?
ICICI Bank Canada’s Hello Account is suitable for immigrants, international students, and Canada work permit holders.