Account Features

Presently, this product is offered in CAD and USD.

Business Savings Account interest is computed daily and paid monthly at the end of each month.

All information you provide to us is held in strictest confidence, in compliance with privacy standards followed by all major Canadian financial institutions. The authorized individual(s) are the only ones who can transact on the account, and you can access your account to verify transactions and balances. When you make a withdrawal, your money can be transferred only to your designated linked external chequing account.

ICICI Bank Canada is a member of Canada Deposit Insurance Corporation. The instruments and/or products that are eligible for deposit insurance from the Canada Deposit Insurance Corporation are listed in our Deposit Register, subject always to maximum coverage limitations as outlined in their brochure "Protecting Your Deposits" and provided they are in Canadian funds, are payable in Canada, and have a term of no more than 5 years.

For further information, please visit the Canada Deposit Insurance Corporation website or call: 1-800-461-CDIC (2342).

Yes, it is true that there is no minimum for the Business Savings Account. Your account starts earning interest from the first dollar deposited.

For your Business Savings Account, you will receive your statements once a month.

The Business Savings Account with ICICI Bank Canada would be linked with a business account held in the same business name and currency with any Canadian Financial Institution. This would be an account from which the business cheque is issued at the time of sending the account opening form.

Upon linking of these accounts you would be able to do online transfer between the accounts free of charge.

Please refer to our hold policy for details on the hold period.

You may move money between your Canadian dollar and US dollar accounts within ICICI Bank Canada. To move money from or to an external linked account, the external linked account must be in the same currency as your account with ICICI Bank Canada. For instance, if you have a US dollar and Canadian dollar savings account with ICICI Bank Canada and you have linked your chequing account in US dollar and Canadian dollar with the other financial institution, you may carry out the following transactions:

1. Transfer money between your Canadian dollar and US dollar accounts within ICICI Bank Canada.
   
2. Transfer money between your Canadian dollar savings account with ICICI Bank Canada and the linked Canadian dollar savings account with other financial institution.
   
3. Transfer money between your US dollar savings account in ICICI Bank Canada and the linked US dollar savings account with other financial institution.

Permissible credits:

1. Move money into ICICI Bank Canada Business Savings Account from a linked bank account (external and internal linked accounts all in the business’s own name).
2. Deposit a third party cheque payable to the Business into the ICICI Bank Canada Account.
3. The Bank would credit the accrued interest to the account.
4. Foreclosure/closure of term deposits with the Bank in the Business’s name and credit into the savings account.

Permissible debits:

1. Move money from ICICI Bank Canada Business Savings Account to the linked external account(s).
2. Move money from ICICI Bank Canada Business Savings Account to other accounts in ICICI Bank which the same business may be holding.
3. Move money for opening new accounts in the name of the business with the Bank.