Savings Account

Product Features 

Types of Accounts

  1. Single
  2. Joint

Currency

  1. Canadian Dollar
  2. US Dollar

Minimum Deposit

No Minimum Deposit

Transaction Fees

No Monthly Fees

Deposit Method

  1. Initial deposit must be a Pre-printed personal cheque and physically sent to ICICI Bank (no NDDS facility permitted)
  2. Subsequent deposits can be made with cheques or transfers from linked external chequing account(s)

Interest Payment

Computed daily and paid monthly

Linking an external Chequing Account

Yes. Linked to the external Chequing Account from which the initial deposit was made. An additional 2 external Chequing Accounts can be linked.

Statements to Customers

Physical statements sent once a month to the customer

Insurance

CDIC Coverage Eligible

RSP Eligible

Yes

Investment by a minor

A minor, (person under the age of 18 years) is not eligible to open a savings account with ICICI Bank. A joint account with a minor is also not a valid application.

Issuance of tax receipts (T5)

If any customer earns interest over $50, a T5 will be issued

Upon death of Investor before maturity of deposit

  1. In case of joint accounts, the Bank would act upon the instructions from the survivor
  2. In case of single accounts, the Bank would require the following documents from the legal heir:
    1. Copy of the death certificate
    2. Probated will
    3. 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.

Additional Features

  1. In Trust For (ITF) accounts - By parents or guardians in trust for a minor
  2. Nominee Account available
  3. Estate Account - For an estate of a deceased person