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January 31, 2008
8:49 am

Ok maybe this sound dumb but there's many English terms I am not used too. I do not know what is the difference actually and what they stand for in common language.

On ICICI, we can find these 2 offers for 1 year placement, what is the difference?

1 Year 4.65%

GICs/Term deposit
1 Year 4.10%

And what is the difference between these 2 savings accounts?

HiSAVE Savings Account
Interest rate
4.10% p.a.

RSP Savings Account

Thank you

January 31, 2008
1:04 pm
Forum Posts: 1375
Member Since:
May 15, 2007
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From what I know (I don't have an RSP... yet), an RSP GIC is a GIC within a Retirement Savings Plan (RSP) and an RSP Savings Account is a savings account within the RSP. The main advantage of an RSP is that you defer tax on your income. Wikipedia goes over an RSP / RRSP quite well:

January 31, 2008
4:18 pm


I took one at ING at 4.5%. The maximum I was able to take from my last imposition report. Because I'll be working this year and in the first part of 2009 but I'll have to stop then for 2 years.

So I'll use my RSPs (REER in french) to pay school fees because my annual income will be of 0$.

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