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

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.

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.

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.

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).

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