Knowing your Banks: ICICI Bank Canada

ICICI Bank Canada is a full service direct bank, which offers a comprehensive suite of personal, commercial and cross border banking products and services. ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank Limited, and it is headquartered in Mumbai, India.

This particular bank has only expanded its operations into Canada in 2003. As of September 30^th, 2010 ICICI Bank has an asset base of about C$5 billion.

Like I said, ICICI Bank Canada is a subsidiary of ICICI Bank Limited, which is India’s largest private sector bank, as measured by its asset base; it is the second largest bank in the country, with consolidated total assets totaled over US $115 billion.

Currently, ICICI Bank Limited has expanded into 19 countries; this includes Russia, United Kingdom, United States, etc.

How does ICICI Bank Canada compare to other banking operations in Canada?

ICICI Bank Canada is a member of the CDIC. Deposits are only held in Canadian currency; having a term of 5 years or less and payable in Canada are insurable under the Canadian Deposit Insurance Corporation Act.

ICICI’s India’s internet platform has allowed customers from anywhere in Canada or the world to open an account and conduct transactions without having to walk into a branch. ICICI Bank Canada benefits from this technology. Due to this, operating costs have been reduced significantly since call centers and its support teams are located in India.

What products are offered by ICICI Bank Canada?

ICICI Bank Canada offers a full range of financial solutions that cater to personal, commercial, corporate, investment, treasury and trade requirements.

In my eyes, there are three major product selections that must be examined; this includes personal banking, commercial banking and investments.

In respects to personal banking, ICICI Bank Canada offers 4 great accounts, which gives you enough variety to find the account that suits your needs.

These accounts are:

• HiSAVE^® Savings Account
  This account is strictly an online banking account. It offers great interest rates to customers that open their account through the internet or by phone. You are able to earn 1.60% on Canadian HiSAVE^® Savings Accounts and 0.75% on US$ HiSAVE^® Savings Accounts. The best part of this account is that there are no monthly fees or a minimum balance required to keep it that way.

• Premium Savings Account
  This particular account offers a high interest rate and personalized in-branch customer service.  You can earn 0.75% interest on both US and Canadian dollar premium saving accounts. You can link this account to any existing chequing accounts at any Canadian financial institution for easy fund transfers.

• HiVALUE^® Chequing Account
  This account in my opinion is probably the best choice for virtually anyone. This account is available in both Canadian and U.S. dollars. The monthly administrative charge is only $5.00 per month. If your closing balance is $500 or more, then it is free. The account can also be used at no cost if you are enrolled in the Payroll Direct Deposit program for your Canadian Dollar HiVALUE Chequing Account.

  You get free and unlimited transactions on the ICICI Bank Canada’s ABMs and over 2,200 ABMs on the exchange network.

  With balance of $1,000.01 to $2,500, the interest rate is 0.25%. Once you balance is over $2,500, the interest rate is 0.50%.

• HiVALUE^® PLUS Chequing Account
  This account required no minimum balance requirement, and the monthly administrative fee is $9.95.

  This account features unlimited transactions, cheque books and cheque insurance. There are no fees for Canadian Dollar Money Transfer to India, in its branches or by phone.

  A great feature is that you have unlimited text alerts, which is a service that keeps you updated with banking information.
  With balance of $1,000.01 to $2,500, the interest rate is 0.25%. Once you balance is over $2,500, the interest rate is 0.50%.

Investment products include Tax Free Saving Accounts (TFSAs), GICs and more.

One of the major services that ICICI Bank Canada offers is money transfers to India through online, branch or phone banking. You are able to send money at low fees, and enjoy competitive, pre-remittance fixed exchange rates.

ICICI Bank Canada is a great choice for anyone, especially those who have business or family in India and wish to make quick and easy transactions.

Be sure to check out ICICI Bank Canada if you are interested in switching banks, or just looking for a bank to send easy but secure transfers to India.