NokomisStation said

I last had an account with ICICI Bank in 2009. Their website indicates that they are CDIC insured (as did post #3 above)

https://www.icicibank.ca/cdic/.....efault  

Ok thank you for the reply and the information.

Top Dogg said
Has anyone here deposited there for this 4.50% promotional interest rate offer? Furthermore, are they CDIC insured? Also, are there any fees associated with the Savings/Chequing Accounts?

Thanks,
TD  

I last had a savings account with ICICI Bank in 2009. Their website indicates that they are CDIC insured (as did the link in post #3 above)

https://www.icicibank.ca/cdic/default

Thanks,
TD

https://www.torys.com/our-late.....e-us-banks

"2. There were initially some restrictions on the activities of foreign banks in Canada, but those were removed by the beginning of the 2000s to encourage foreign investment and create a level playing field for foreign banks within Canada."

Top Dogg said
I've never heard of this bank before. Is anyone currently using them? 

ICICI Bank is a Schedule II bank
Schedule II banks are subsidiaries of foreign banks operating in Canada under the same act as Schedule I banks. Schedule II banks primarily serve local communities or specific groups. They can carry out most banking activities but cannot accept demand deposits (deposits that can be withdrawn at any time without notice) from the general public. Examples of Schedule II: J.P. Morgan Bank Canada, Habib Canadian Bank, ICICI Bank Canada.

read the "about us" page on their website:
https://www.icicibank.ca/about.....us/default

I've bought their GIC's through my GIC broker up to CDIC limit, but have not dealt with them directly, as of yet.

They have branches across Canada..there's one not far from where I live, in fact.

Stephen

Thanks,
TD

Looks like it's a 4.50% interest rate on new deposits to eligible CAD and USD savings accounts between October 1 and December 31, 2026.

MattS said
They just dropped their gic rates FYI

No more 4.60% for 5 yrs  

$hit thats what i was eyeballing.

No more 4.60% for 5 yrs

LeBronBMT said

Is that 4.48% total, so 2.24% annually, or is it actually 4.48% per annum?  

When rates are quoted, it is customary and standard practice to assume it an annualized rate.

Best two year GIC rate there at the moment is 4.45% issued by Concentra Bank.

semi-retired said
Just bought a ICICI 2 yr GIC through BMO investorline at 4.48%  

Is that 4.48% total, so 2.24% annually, or is it actually 4.48% per annum?

HSBC has 0.5% for balances under 25K.

semi-retired said
Just bought a ICICI 2 yr GIC through BMO investorline at 4.48%  

But their HISA is showing 0.75% on their website. Who offers such a low rate on a savings account?