ICICI Bank Canada
1.
RSP Savings
Make regular deposits at your convenience and earn high interest rate. With no monthly or annual administration fees, more money stays in your account and grows faster. Click here to know more.
2.
RSP GIC
Make the right choice when you have a fixed amount to invest at a guaranteed interest rate for a fixed term. Click here to know more.
 
RSP Savings
Product Features
Types of RSP's 1. Individual
2.Spousal or Common Law
Minimum Deposit $500
Transaction Fees No Fees
Deposit Method 1. New Contributions
  a. Pre-printed personal cheque
  b.
Non-registered Maturity cheque from another financial institution
2. Transfer from any other financial institution
Rate Guarantee Nil
Interest Payment Frequency Computed daily and paid monthly
Statements to Customers
Physical statements sent once a month to the customer
RSP Contribution Receipt
1.
Tax receipts will be issued for new contributions made for the year and for any contributions made within 60 days in the following year
2.
For spousal RSP the RSP contribution receipt will be issued in the name of the contributor
CDIC Insurance CDIC Coverage Eligible
Value date
1.
Date of receipt of cheque at ICICI Bank – marked on the envelope
2.
If deposit made by EFT, date of credit in account
3. Date of credit in NDDS account with RBC
 
(A copy of the stamped deposit slip must be sent to us along with the name of the client)
Upon death of Investor before maturity of deposit
The funds in an RSP are taxed with the estate, unless transferred to a spousal RSP or RRIF, provided the spouse is named as a Beneficiary.
Early withdrawal
When making withdrawals, withholding tax will be deducted as per Revenue Canada agency guidelines
Transfers
Transfer To/From another financial institution (Form T2033 must be completed)
Other withdrawals 1. Marriage breakdown
  a. Form T2220 must be completed
  b. Copy of the judgment is required
2. Home Buyers Plan (HBP)
  a. Form T1036 must be completed
3. Life Long Learning Plan (LLP)
  a. Form RC96 must be completed
Option when plan holder turns age 71 Plan holder has the option to:
  1. Withdraw RSP Funds
  2.
Transfer to a Registered Retired Income Fund (RRIF)
  3. Purchase an annuity for life
  4.
Purchase an annuity spread over a number of years
 
 
RSP GIC
Product Features
Term 1 year to 5 years
Types of RSP's 1. Individual
2. Spousal or Common Law
Minimum Deposit $1000
Transaction Fees No Fees
Deposit Method 1. New Contributions
  a. Pre-printed personal cheque
  b.
Non-registered Maturity cheque from another financial institution
2. Transfer from any other financial institution
Rate Guarantee
5 days from downward revision of rates (for RSP Transfers, 30 days from date of submitting application)
Early Redemption Non-Redeemable
Interest Payment Frequency Compounded Annually paid on Maturity
Maturity Disbursement Options
1. Reinvest for another term
2. Customer initiated transfer to another financial institutions (T2033)
Confirmations
Deposit Confirmation Advice will be sent to the Financial Representative within 15 business days
RSP Contribution Receipt
1.
Tax receipts will be issued for new contributions made for the year and for any contributions made within 60 days in the following year
2.
For spousal RSP the RSP contribution receipt will be issued in the name of the contributor
CDIC Insurance CDIC Coverage Eligible
Value date
1.
Date of receipt of cheque at ICICI Bank - marked on the envelope
2.
If deposit made by EFT, date of credit in account
3. Date of credit in NDDS account with RBC
 
(A copy of the stamped deposit slip must be sent to us along with the name of the client)
Upon death of Investor before maturity of deposit
The funds in an RSP are taxed with the estate, unless transferred to a spousal RSP or RRIF, provided the spouse is named as a Beneficiary.
Early withdrawal
When making withdrawals, withholding tax will be deducted as per Revenue Canada agency guidelines
Other withdrawals
1. Transfers To/From another financial institutions
2. Marriage breakdown
3. Home Buyers Plan (HBP)
4. Life Long Learning Plan (LLP)
Option when plan holder turns age 71 Plan holder has the option to:
  1. Withdraw RSP Funds
  2.
Transfer to a Registered Retired Income Fund (RRIF)
  3. Purchase an annuity for life
  4.
Purchase an annuity spread over a number of years
 



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