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Add SBI Bank to GIC Chart?
November 19, 2022
1:12 pm
AltaRed
BC Interior
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Not that I interested in SBI Bank myself but they have competitive GIC rates, and is a Schedule 2 bank like ICICI Bank. Should they not be considered for the GIC chart?

https://ca.statebank/

November 19, 2022
3:02 pm
Doug
British Columbia, Canada
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AltaRed said
Not that I interested in SBI Bank myself but they have competitive GIC rates, and is a Schedule 2 bank like ICICI Bank. Should they not be considered for the GIC chart?

https://ca.statebank/  

Their HISAs include administrative and service fees, so wouldn't be supportive of adding the HISAs at this point; however, the GICs are fine to add. We'd want to research whether funds can be contributed directly from a linked external bank account or whether one would need to hold

They are also owned, partially if not wholly, by the Republic of India, which some forum participants may find attractive (i.e., some people like ATB Financial because it is wholly-owned by the Province of Alberta).

Note: The Bank of British Columbia was wholly owned by the Province of British Columbia until its failure in 1986, the largest bank failure in Canadian history (it is interesting, perhaps even ironic, that the largest bank failure in Canadian history was that of a state-owned banking corporation!). Its assets and liabilities were acquired by the Hongkong Bank of Canada (now HSBC Bank Canada).

Cheers,
Doug

November 19, 2022
3:20 pm
Loonie
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I think maybe Peter should keep an eye on SBI for a while to see if it remains competitive. The current rates may be a blip, equivalent to promo. Dicky noted that their rates were low a couple of weeks ago. We don't need more "deadbeat" entries that only provide competitive rates once in a while, usually as promos.

November 19, 2022
3:21 pm
Doug
British Columbia, Canada
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Loonie said
I think maybe Peter should keep an eye on SBI for a while to see if it remains competitive. The current rates may be a blip, equivalent to promo. Dicky noted that their rates were low a couple of weeks ago. We don't need more "deadbeat" entries that only provide competitive rates once in a while.  

True, probably good to wait for a few weeks (no more than that, though), though I would note it's much easier to add and remove entries from the GIC comparison chart, whereas additions to the HISA chart tend to be harder to remove.

Cheers,
Doug

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