Account Opening & Closing

After the account has been opened, when will we receive the Term Deposit / RSP / GIC confirmations?


Fifteen business days is the standard time. However, ICICI Bank Canada reserves the right to extend this depending upon market and business factors.

Is a Term Deposit the same as a GIC?


Yes it is. ICICI Bank Canada has registered the name Term Deposit for our GIC product with CDIC.

With regard to joint ownership GICs, are they registered as 'or', 'and/or', or 'and'?


Joint ownership GIC’s are registered as “and/or”.

Does ICICI Bank issue a certificate for a joint investment as "and" upon a client's request?


No. ICICI Bank Canada opens all joint accounts as “and/or” only.

How closely must the pre-printed names on the client’s personal cheque match the investment registration?


The name should be the same as the account holder’s name. We will contact you for clarification if there is any discrepancy.

Does a Joint bank account cheque signed by both act as Identification for both owners on a GIC application?


Yes. A Joint bank account cheque signed by both acts as Identification for both owners on a GIC application.

What value date is given for a non-registered GIC or savings account?


Either a) date of postage of cheque, marked on the envelope or b) if deposit made by EFT, date of credit in account or c) date of credit in NDDS account with RBC. Note that a photocopy of the stamped deposit slip must be sent to us along with the name of the client.

How many days in advance will ICICI Bank forward the maturity cheques to our office and will ICICI Bank use a courier service for the same?


Cheques will be provided 2 weeks prior to maturity date. Our courier service provider is ICS.

How will the Bank send out transfer cheques to other institutions?


ICICI Bank will send out transfers through our contracted courier service, ICS.

Do we need to request the maturity cheques or will ICICI Bank forward them to us automatically?


The maturity cheques shall be sent to the Financial Representative, for clients sourced by them, unless the client explicitly mentions not to send the maturity cheques to the Financial Representative.

Will ICICI Bank require their certificates/confirmations back at maturity for redemption?


Only if a client walks into a branch to withdraw the deposit.

How will the Bank handle an investment that matures on a weekend or holiday?


ICICI Bank will automatically roll over the maturity date to the next business day.

Do we need to retain client information at our office?


Yes. A record of all client information needs to be maintained by the FR at their office. The information includes:


What you need to retain at your office
Please retain a copy of 2 pieces of identification (ID) for each individual (Photocopied front & back to clearly identify the individual’s signature), ensuring that at least one piece is from List A below:

Primary Identification (List A)
We require at least one piece of ID from this list

Secondary Identification (List B)
ID from this section must include individual’s name

  • Valid Canadian Driver’s License
  • Valid Canadian Passport
  • Certificate of Canadian Citizenship or Certification of Naturalization in paper or card form
  • Permanent Resident Card or Citizenship and Immigration Canada form IMM 1000 or IMM 1442
  • Canadian Birth Certificate
  • Canadian Social Insurance Number (SIN) Card
  • Canadian Old Age Security Card
  • Government of Canada Certificate of Indian Status
  • Provincial Health Insurance Card (not permitted by provincial Prince Edward Island, Manitoba or Ontario)
  • Provincial Personal Identification Card, bearing your photograph and signature
  • Employee Identification Card, issued by a well known employer, bearing your photograph
  • ATM or Bank Card issued by a member of the Canadian Payments Association (CPA) with your signature on the same
  • Credit Card issued by a member of the CPA with your signature on the same
  • Canadian National Institute for the Blind (CNIB), bearing your photograph and signature