Miscellaneous

Will you require a Bond or Indemnity for replacing a cheque?


Yes, we will require a Bond or Indemnity. The format is available upon request.

I have a client who wants to purchase a joint GIC with her mother. The cheque is pre-printed with both names, however her mother is elderly and does not actively sign her cheques anymore. The daughter has Power of Attorney. What else would be required for the daughter to operate the account?


The daughter needs to sign as POA holder for her mother, as well as signing as an applicant herself. The Bank would require standard identification for both applicants.

What is ICICI Bank's policy with respect to paying out an estate, re-registering an investment due to death, and what is the paperwork required? Will ICICI Bank allow a joint investment to pay out if one party dies?


In case of joint deposits - the bank will act upon the instructions from the survivor.

 

In case of single deposits - the bank requires the following documents from the legal heir:

  • Copy of Death Certificate
  • Probated Will
  • Letter of Direction

Upon receipt of documents satisfactory to the Bank, the proceeds will be sent to the lawyer, payable in favor of the estate. Note:

 

1. There is no claw-back of commission.

2. If such term deposit is closed pre-maturely by legal heir/joint account holder, ICICI Bank will honour the rate as per the certificate for the period of which the investment was held.

Does ICICI Bank accept "In Trust For" applications?


Yes (e.g. Parents or Grandparents acting as trustee for a minor under the age of 18 years). Please note - ICICI Bank Canada will only act on the instruction of the trustee and tax reports (T5) will be issued in the name of the trustee.

Does ICICI Bank Canada accept investments registered as an estate (e.g. The estate of a deceased person)?


Yes. The Bank will act on the instructions of the executor/trustee of the Estate. We require a copy of the death certificate of and a copy of the probated will (notarized copy of the certificate of appointment of estate trustee).

Can non-residents open an account with ICICI Bank?


No. The applicant must have a valid SIN, and be a Canadian resident or hold a Canadian work permit.