Financial Advisor Services

Financial Advisor Services (FAS) is part of ICICI Bank Canada's Direct Banking Initiative. ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited, which has its headquarters in Mumbai, India. ICICI Bank Limited is the second largest bank in India and one of the most respected financial institutions in South Asia with an asset base of US $ 96 billion as of December 31, 2007.

ICICI Bank Canada is a full-service direct bank, and a member of CDIC. The Bank offers a wide range of financial solutions to cater to personal, commercial, corporate, investment, treasury and trade requirements.

How do I become a Financial Representative?

Please note,, you need to have a book value of at least $10 million in GICs and Savings Account to qualify to have a direct arrangement with ICICI Bank Canada. In addition there will typically be other factors that ICICI Bank Canada will consider in the application process. If you would like to make an application for a direct arrangement, follow these steps:

Step 1: Download the Financial Advisor Services Application Form and fax the completed form to ICICI Bank Financial Advisor Services (FAS) coordinator at 1-866-ICICI FX (1-866-424-2439). You can also mail the form to the FAS Coordinator address - FAS Coordinator, ICICI Bank Canada, Don Valley Business Park, 150 Ferrand Drive, Suite 700, Toronto, ON M3C 3E5..

Step 2: A Sales Manager will then contact your office to discuss our Financial Advisor Services (FAS) program.

Step 3: If you meet our requirements a formal Financial RepresentativeAgreement will be forwarded to your office for completion

To establish a Sub-Representative what steps need to be completed?

You need to complete the following:
a) FAS Application Form
b) Sub-Representative Appointment Agreement
c) Schedule D of Financial Representative Agreement

How do we get the Sub-Representative codes?

On receiving all of the signed documentation indicated, the FAS Coordinator will generate a Sub-Representative code and send it to the Financial Representative..

When should we allow the Sub-Representatives to use their assigned Sub-Representative Number?

If the Sub-Representative meets our requirements, we shall then confirm via email advising of the Sub-Representative's assigned number (Sub-FR code) which they can commence using immediately.

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.

10.

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.

11.

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.

12.

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.

13.

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.

14.

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

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

15.

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.

16.

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

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

17.

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.

18.

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

RSPs

19.

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.

20.

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.

21.

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.

22.

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.

23.

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.

24.

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

No. Such Identification on beneficiaries is not required.

25.

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.

26.

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.

27.

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.

28.

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.

29.

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).

30.

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.

31.

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.

Interest & Maturity Disbursement Options

32.

What choices do clients purchasing annual-pay investments have for receiving their annual interest payment?

Either

a)	transfer interest annually to existing Canadian Dollar Personal Savings Account with ICICI Bank, opened upon request, or ,
b)	cheque made payable to account holder will be sent to the account holder

33.

What happens to the maturity cheque at the end of the term?

Either

a)	transfer to an existing Canadian Dollar Personal Savings Account with ICICI Bank, opened upon request, or,
b)	cheque made payable to account holder sent to Financial Representative

Fees

34.

Is there a fee chargeable for services to replace lost/stolen maturity or interest cheques?

No. Such services are free of charge.

35.

Is there a fee chargeable for services such as re-registering an investment, having a new name added, or removing an existing name?

No. Such services are free of charge.

36.

Is there a fee for having a certificate or a confirmation re-issued?

No fees are charged but we do require a written application from client.

Miscellaneous

37.

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.

38.

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.

39.

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.

40.

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.

41.

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).

42.

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.