RSPs

For new RSP contributions, what types of cheques do you accept?


We accept the following cheques

  • For an RSP ‘individual’ contribution, we require a personal cheque signed by the annuitant for his/her RSP contribution.
  • For a ‘spousal’ RSP contribution we would require a personal cheque signed by the contributor for the annuitants RSP contribution.

What is required for spousal RSP purchases?


For spousal RSP purchases, we need details of the applicant (annuitant) and the contributor as per the RSP Account Application Form. The contributor signs the cheque to contribute the funds.

Can a husband make a spousal contribution to his wife from their joint bank account?


Yes the husband needs to be the one signing the cheque for the contribution to his wife’s RSP.

We have been providing the identification for most RSPs but do we have to provide it for the spousal contributor as well?


We need IDs for (A) the annuitant and (B) the contributor.

Is the ICICI Bank T2033 form necessary for a RSP transfer?


No. All RSP T2033 forms are accepted, so long as they comply with Canada Customs and Revenue Agency guidelines.

Does ICICI Bank require any Identification on beneficiaries listed on registered products?


No. Such Identification on beneficiaries is not required.

What type of rate guarantee does ICICI Bank provide for RSP transfers coming from another institution?


The rate guarantee for RSP transfers is normally 30 days from the date the copy of a signed T2033 is received by ICICI Bank. Please have your office send the original T2033 to the paying institution and call for collection. On receipt of the transfer cheque, have your office forward all documentation to ICICI Bank.

What is ICICI Bank’s specimen plan number to put on the T2033’s?


The plan number for both RSP Savings Account and RSP GIC is RSP 583-002.

Do you charge a fee for transferring out an RSP at maturity?


No. If the RSP deposit lasts the full term, there is no charge on the transfer. However, there is a charge on premature transfers of RSPs. The fee in such cases is $ 25. However, on unregistered GICs there is no charge on either premature or on maturity transfer.

With respect to RSP's maturing with ICICI Bank and being transferred away from ICICI Bank, will the company issue post-dated cheques for transfers out?


No. In such cases the cheque is issued on the date of maturity and sent through Canada Post.

Will you accept Locked-in RSP money on a transfer – otherwise known as a Locked-in Retirement Account (LIRA)?


Not at present. We are working on developing a Locked-in Retirement Account (LIRA).

We do a number of GIC placements for client's self-directed registered plans (i.e., RSPs, RRIFs, etc.). Can we do these with you and how do we process them?


No. Currently we do not offer Self-directed RSPs.

Do you have a printable version of the RSP Terms and Conditions?


Please click on the Terms and Conditions page. It has all the terms and conditions in printable versions.