Disclosure Statement
In this section, we have outlined our schedule of charges effective June 30, 2009. Unless otherwise stated, all fees and charges are in Canadian Dollars. Fees and charges for US Dollar accounts are payable in US Dollars. ICICI Bank refers to ICICI Bank Canada.
Personal Chequing Accounts include:
a) HiVALUE® Chequing Account (Canadian and US Dollars)
Personal Savings Accounts include:
a) HiSAVE® Savings Account (Canadian and US Dollars)
b) Premium Savings Account (Canadian and US Dollars)
Customers who open a HiSAVE Savings Account can transact on their accounts free via Online Banking, Telephone Banking and ABM, while a charge of $5.00 in addition to the charges set out below, will apply for transactions made at any branch.
Personal Guaranteed Investment Certificates (“GICs”) and Term Deposits include:
a) Redeemable GICs (Canadian Dollar)
b) Non-Redeemable GICs (Canadian Dollar)
c) Redeemable Term Deposit (US Dollar)
Retirement Savings Plans (“RSPs”) include:
a) RSP Savings Account (Canadian Dollar)
b) RSP GICs (Canadian Dollar)
Tax-Free Savings Accounts (“TFSAs”) include:
a) Tax-Free Savings Account (Canadian Dollar)
b) Tax-Free GICs (Canadian Dollar)
Business Accounts include:
a) Business Chequing Account (Canadian and US Dollars)
b) Business Savings Account (Canadian and US Dollars)
Business GICs and Term Deposits include:
a) Redeemable GICs (Canadian Dollar)
b) Redeemable Term Deposit (US Dollar)
Personal Chequing and Personal Savings Accounts
Minimum Balance and Interest Calculation
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| • |
Minimum balance for HiVALUE Chequing Account
(Canadian and US Dollars) |
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NIL |
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| • |
Minimum balance for HiSAVE Savings Account and
Premium Savings Account (Canadian and US Dollars) |
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NIL |
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| • |
Interest calculation on Canadian Dollar HiVALUE Chequing Account, HiSAVE Savings Account (Canadian
and US Dollars) and Premium Savings Account
(Canadian and US Dollars) |
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On daily closing balance and paid monthly. |
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The first interest payment is credited in the month following the month in which the account is opened. |
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| • |
Interest on HiVALUE Chequing Account (US Dollar) |
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NIL |
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Monthly Administrative Fees
| • |
HiVALUE Chequing Account (Canadian Dollars)
Free with minimum daily closing balance of $500.00; or Free if you have enrolled in the Payroll Direct Deposit program for your HiVALUE Chequing Account. |
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$5.00 per month |
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| • |
HiVALUE Chequing Account (US Dollars)
Free with minimum daily closing balance of $500.00 |
|
$5.00 per month |
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| • |
HiSAVE Savings Account (Canadian and US Dollars) |
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Free |
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| • |
Premium Savings Account (Canadian and US Dollars) |
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Free |
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Transaction Fees
|
| In-Branch Debit Transactions |
| • |
HiVALUE Chequing Account (Canadian and US Dollars) |
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Free (unlimited transactions) |
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| • |
Premium Savings Account (Canadian and US Dollars) |
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$1.50 per transaction |
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| Transfer money online to linked external chequing or savings accounts in Canada
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| • |
HiVALUE Chequing Account (Canadian and US Dollars) |
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Free (unlimited transactions) |
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| • |
HiSAVE Savings Account (Canadian and US Dollars) |
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Free (unlimited transactions) |
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| • |
Premium Savings Account (Canadian and US Dollars) |
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Free (unlimited transactions) |
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| ABM Transactions1 |
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Deposit Transactions at:
i) ICICI Bank ABMs and
ii) THE EXCHANGE® Network of ABMs |
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| • |
HiVALUE Chequing Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| • |
HiSAVE Savings Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| • |
Premium Savings Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| • |
Withdrawal Transactions at:
i) ICICI Bank ABMs,
ii) THE EXCHANGE® Network of ABMs, and
iii) Other Canadian, US and International ABMs2 |
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| • |
HiVALUE Chequing Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| • |
HiSAVE Savings Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| • |
Premium Savings Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| 1 ABM Card is provided for Canadian Dollar HiVALUE Chequing Account. ABM Card is provided on request for Canadian Dollar Premium Savings Account and Canadian Dollar HiSAVE Savings Account. |
2 ICICI Bank does not charge for ABM withdrawals worldwide but local ABM providers may impose a surcharge. |
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| Cheque Book Facility |
| • |
HiVALUE Chequing Account (Canadian Dollar) – Initial cheque book of 20 personalized pre-printed cheques |
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Free |
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| • |
HiVALUE Chequing Account (Canadian Dollar) – Subsequent cheque book |
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A charge will apply depending upon the type of cheque book requested |
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| • |
HiVALUE Chequing Account (US Dollar) – Initial or subsequent cheque book |
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A charge will apply depending upon the type of cheque book requested |
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| No cheque book is provided for Premium Savings Account and HiSAVE Savings Account
(Canadian and US Dollars) |
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| Cheques written against your account |
| • |
HiVALUE Chequing Account (Canadian and US Dollars) |
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Free (unlimited transactions) |
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| Interac® Direct Payment (POS Transactions)
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| • |
HiVALUE Chequing Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| • |
HiSAVE Savings Account (Canadian Dollar) |
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$ 0.75 per transaction |
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| • |
Premium Savings Account (Canadian Dollar) |
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$ 0.75 per transaction |
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| Bill Payment at Branches (available effective July 2, 2009) |
| • |
HiVALUE Chequing Account (Canadian Dollar) |
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$ 0.75 per transaction |
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| • |
HiSAVE Savings Account (Canadian Dollar) |
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$ 2.50 per transaction |
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| • |
Premium Savings Account (Canadian Dollar) |
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$ 1.50 per transaction |
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| Online Bill Payment |
| • |
HiVALUE Chequing Account (Canadian Dollar) |
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Free (unlimited transactions) |
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| • |
Charge for refund of bill payment made by error |
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$25.00 per transaction |
| This facility is only available for Canadian Dollar HiVALUE Chequing Account. |
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International Money Transfers
| Outgoing International Money Transfers involving currency exchange |
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ICICI Bank Canada Account Holder |
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| • |
Transfers from HiVALUE Chequing Account or Premium Savings Account or HiSAVE Savings Account (Canadian and US Dollars) to any bank account in India through any of our branches |
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$10.00 per transaction |
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| • |
Transfers from HiVALUE Chequing Account or Premium Savings Account or HiSAVE Savings Account (Canadian and US Dollars) to any bank account in India done through call centre |
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$8.00 per transaction |
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| • |
Transfers from HiVALUE Chequing Account or Premium Savings Account or HiSAVE Savings Account (Canadian and US Dollars) to any bank account in India through online banking |
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Until July 15, 2009 |
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Free |
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After July 15, 2009 |
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$5.00 per transaction |
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| • |
Transfers from HiVALUE Chequing Account or Premium Savings Account or HiSAVE Savings Account (Canadian and US Dollars) to any bank account other than India through any of our branches or call centre |
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$10.00 per transaction |
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| • |
Declined transaction from beneficiary’s bank |
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$10.00 per transaction |
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Non ICICI Bank Canada Account Holder |
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| • |
Transfer of up to $3,000.00 (maximum) |
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$20.00 per transaction |
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| Outgoing International Money Transfers not involving currency exchange |
| • |
Money Transfers not involving currency exchange (from any account) |
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$25.00 per transaction |
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| Incoming International Money Transfers |
| • |
Incoming Money Transfers (to any account) |
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$10.00 per transaction |
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| • |
Investigation fee for non-bank errors |
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$40.00/hour |
| Correspondent bank may apply a service charge for transfer. |
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Safety Deposit Box Service
Please note that fees for safety deposit boxes must be paid annually in advance. On cancellation of this service, ICICI Bank will refund your pre-paid fee equal to 1/12 of the annual fee for each full month remaining in the term, up to one half of the annual fee.
| Box Size |
Annual Fee (GST applicable) |
| 1-1/2 x 5 x 24" |
$40.00 |
| 2-1/2 x 5 x 24" |
$50.00 |
| 3 x 5 x 24’’ |
$60.00 |
| 3-1/4 x 5 x 24" |
$65.00 |
| 2-1/2 x 10 x 24" |
$65.00 |
| 5 x 5 x 24" |
$80.00 |
| 3-1/4 x 10 x 24" |
$80.00 |
| 5 x 10 x 24" |
$120.00 |
| 10 x 10 x 24" |
$250.00 |
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Personal GICs and Term Deposits
Tenures Available
•
Redeemable GICs (Canadian Dollar): Available in 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
•
Non-Redeemable GICs (Canadian Dollar): Available in 1 year, 2 years, 3 years, 4 years and 5 years.
•
Redeemable Term Deposits (US Dollar): Available in 1 month, 3 month, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
Early Redemption
•
Redeemable GICs (Canadian Dollar): Early redemption is available only on GICs with terms of 1 year and above at 0.75% (interest is paid only if early redemption is made at least 6 months after opening the GIC). No interest is paid for early redemption on GICs with terms of 1 year and above if the redemption is made within 6 months of opening the GIC. No interest is paid for early redemption on 1 month, 3 month and 6 month GICs.
•
Non-Redeemable GICs (Canadian Dollar): Early redemption is not available
•
Redeemable Term Deposits (US Dollar): Early redemption is available only on Term Deposits with terms of 1 year and above at 0.25% (interest is paid only if early redemption is made at least 6 months after opening the GIC). No interest is paid for early redemption on Term Deposits with terms of 1 year and above if the redemption is made within 6 months of opening the GIC. No interest is paid for early redemption on 1 month, 3 month and 6 month Term Deposits
Interest Calculation
•
All GICs and Term Deposits: Interest is compounded annually and payable at the end of term.
Minimum Amount
•
Minimum of 1,000 is required in the currency of deposit in all GICs and Term Deposits
Retirement Savings Plans
Tenures Available
•
RSP GICs (Canadian Dollar): Available in 1 year, 2 years, 3 years, 4 years and 5 years.
Early Redemption
•
RSP GICs (Canadian Dollar): Early redemption is available at 0.75% (interest is paid only if early redemption is made at least 6 months after opening the GIC) subject to withholding tax as per rules and regulations of the Canada Revenue Agency. No interest is paid for early redemption if the redemption is made within 6 months of opening the GIC.
Interest Calculation
•
RSP GICs (Canadian Dollar): Interest is compounded annually and payable at the end of term.
•
RSP Savings Account (Canadian Dollar): Interest is calculated on daily closing balance and credited at the end of each month.
Minimum Amount
•
RSP GICs (Canadian Dollar): Minimum of 1,000 is required.
•
RSP Savings Account (Canadian Dollar): No minimum balance requirement.
Transfer-out Fees to Other Financial Institution
•
Transfer-out Fees to Other Financial Institution from either RSP GICs or RSP Savings Account: NIL
Tax-Free Savings Account and Tax-Free GICs
Tenures Available
•
Tax-Free GICs (Canadian Dollar): Available in 1 year, 2 years, 3 years, 4 years and 5 years.
Early Redemption
•
Tax-Free GICs (Canadian Dollar): Early redemption is available at 0.75% (interest is paid only if early redemption is made at least 6 months after opening the GIC) subject to withdrawal rules and regulations of the Canada Revenue Agency. No interest is paid for early redemption if the redemption is made within 6 months of opening the GIC.
Interest Calculation
•
Tax-Free GICs (Canadian Dollar): Interest is compounded annually and payable at the end of term.
•
Tax-Free Savings Account(Canadian Dollar): Interest is calculated on daily closing balance and credited at the end of each month.
Minimum Amount
•
Tax-Free GICs (Canadian Dollar): Minimum of 1,000 is required.
•
Tax-Free Savings Account (Canadian Dollar): No minimum balance requirement.
Transfer-out Fees to Other Financial Institution
•
Transfer-out Fees to Other Financial Institution from either Tax-Free GICs or Tax-Free Savings Account: $25.00
Business Accounts
Minimum Balance and Interest Calculation
|
| • |
Minimum balance for Business Chequing Account (Canadian and US Dollars) |
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NIL |
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| • |
Minimum balance for Business Savings Account (Canadian and US Dollars) |
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NIL |
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| • |
Interest calculation
The first interest payment
is credited in the month following the month in
which the
account is opened. |
|
On daily closing balance and paid monthly. |
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Monthly Administrative Fees
| • |
Business Savings Account (Canadian and US Dollars) |
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NIL |
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| • |
Business Chequing Account (Canadian and US Dollars) (effective August 3, 2009) |
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$15.00 per month |
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Transaction Fees
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| Transfer of Funds |
| • |
Transfer money online from Business Chequing Account or Business Savings Account to linked external chequing account in Canada |
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Free |
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| • |
Transfer money from Business Chequing Account or Business Savings Account to Third Party’s ICICI Bank Account |
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Free |
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| Withdrawal (debit) transaction at Branches (effective August 3, 2009) |
| • |
Business Chequing Account |
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Free |
| • |
Business Savings Account |
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$ 5.00 per transaction |
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| Deposit (credit) transaction at Branches (effective August 3, 2009) |
| • |
Business Chequing Account |
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Free |
| • |
Business Savings Account |
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$ 1.00 per transaction |
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| Cash Deposited per $1,000.00 (effective August 3, 2009) |
| • |
Business Chequing Account or Business Savings Account |
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$ 2.00 per $1,000.00 deposited |
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| ABM Card |
| • |
Not Available |
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| Cheque Book Facility |
| • |
Available only with Business Chequing Account (Canadian and US Dollars) – Initial or subsequent cheque book |
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A charge will apply depending upon the type of cheque book requested |
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International Money Transfers
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| Outgoing International Money Transfers (applicable for all business accounts) |
| • |
$10,000.00 and below |
$30 per transaction |
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Between $10,000.01 and $250,000.00 |
$50 per transaction |
| • |
$250,000.01 and above |
$80 per transaction |
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| Incoming International Money Transfers (applicable for all business accounts) |
| • |
Incoming Money Transfers |
$10 per transaction |
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| • |
Investigation fee for non-bank errors |
$40.00/hour |
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Correspondent bank may apply a service charge for transfer. |
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Credit Reports (Individual & Commercial)
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| • |
Inquiry in Canada, written |
$40.00/hour |
| • |
Inquiry outside Canada, written |
$40.00/hour |
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Business GICs and Term Deposits
Tenures Available
•
Redeemable GICs (Canadian Dollar): Available in 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
•
Redeemable Term Deposits (US Dollar): Available in 1 month, 3 month, 6 months, 1 year, 2 years, 3 years, 4 years and 5 years.
Early Redemption
•
Redeemable GICs (Canadian Dollar): Early redemption is available only on GICs with terms of 1 year and above at 0.75% (interest is paid only if early redemption is made at least 6 months after opening the GIC). No interest is paid for early redemption on GICs with terms of 1 year and above if the redemption is made within 6 months of opening the GIC. No interest is paid for early redemption on 1 month, 3 month and 6 month GICs.
•
Redeemable Term Deposits (US Dollar): Early redemption is available only on Term Deposits with terms of 1 year and above at 0.25% (interest is paid only if early redemption is made at least 6 months after opening the GIC). No interest is paid for early redemption on Term Deposits with terms of 1 year and above if the redemption is made within 6 months of opening the GIC. No interest is paid for early redemption on 1 month, 3 month and 6 month Term Deposits
Interest Calculation
•
All GICs and Term Deposits: Interest is compounded annually and payable at the end of term.
Minimum Amount
•
Minimum of 1,000 is required in the currency of deposit in all GICs and Term Deposits
Applicable to All Accounts
Account Handling Fees
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Account closed within 180 days of opening (except transfer within ICICI Bank or account closed within 14 days of being opened) |
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$25.00 |
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| • |
Monthly statements sent by email for Personal and Business Accounts |
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Free |
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| • |
Monthly paper statements for Personal and Business Accounts |
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$5.00 per month (on request) |
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| • |
Duplicate statement |
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$10.00 |
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Interim statement |
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$10.00 |
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| • |
Certificate of Balance |
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$25.00 |
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| • |
Transfer/Bank draft sent by mail or courier |
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Draft charges, plus postage or courier charges |
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| • |
Account balance transferred to another financial institution |
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$25.00 |
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Overdraft Protection Charges
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| • |
18% per annum interest charged monthly, in arrears |
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NSF (non-sufficient funds) Charges
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| • |
Items returned (cheques, pre-authorized payments, money transfers, etc.) |
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$30.00 |
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| • |
N.S.F. items paid (cheques, electronic deposits, online transfers, etc.) |
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$5.00 plus overdraft interest charges |
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Cheque Handling
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| • |
Stop payments |
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$10.00 |
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| • |
Returned items (including mail advice to payee) |
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$5.00 |
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| • |
Travellers cheques (selling) |
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1% commission |
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| • |
Cashing Government of Canada cheques (federal cheques) |
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NIL |
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Collection Items
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| • |
Canadian or US cheque sent for re-presentment in Canada |
$30.00 |
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| • |
Canadian Dollars, US Dollars or Other foreign currency cheques payable outside Canada |
0.20% (min. $30.00 and max. $150.00) |
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| • |
Collection item returned unpaid |
$15.00 |
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Correspondent bank may apply a service charge for collection items. |
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Drafts
|
| Indian Rupees Draft |
| • |
Debit from HiVALUE Chequing Account or Business Chequing Account |
|
$5.00 |
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| • |
Debit from Premium Savings Account or HiSAVE Savings Account or Business Savings Account |
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$5.00 |
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| • |
For non-account holder |
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$20.00 |
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Indian Rupee Drafts are issued only for up to INR 100,000 for non-account holders of ICICI Bank Canada, no limit for account holders. |
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Canadian Dollar, US Dollar or other foreign currency draft
(applicable for all accounts) |
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$5.00 |
| • |
Request for refund or replacement of lost or stolen draft |
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$10.00 |
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| |
Correspondent bank may apply a service charge for drafts. |
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Searches and Notices
|
| • |
Searches (e.g. Cheque copy) |
$40.00/hour |
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Dormant Account Charges
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When there has been no customer activity on your account for 12 months, your account becomes dormant.
A notice of dormancy will be mailed to the customer's last known address. Notices are only sent after the 2nd and 5th year the account has been dormant.
Accounts where there have been no transactions or acknowledgements by the customer for a period of 10 years will be transferred to the Bank of Canada as required by the Bank Act. |
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Hold Funds Policy
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When you deposit a cheque into your account, either through an ICICI Bank ABM, by mail or at one of our branches, the entire amount may be “Held”.
When you deposit a cheque or cash into your account through any of THE EXCHANGE® Network of ABMs, the entire amount may be “Held”.
The credit for such deposit may not be given until we have verified its authenticity and details. You will not have access to these funds until the hold period expires.
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A Hold may be placed on your account for the total amount of the deposit as follows: |
| • |
A cheque deposited either through an ICICI Bank ABM, by mail or in person drawn on ICICI Bank within Canada will not be subject to a hold period. |
| • |
A cheque deposited either through an ICICI Bank ABM, by mail or in person drawn on another financial institution within Canada will be subject to a maximum five-business day hold period. |
| • |
Cash deposited through an ICICI Bank ABM will not be subject to a hold period.
|
| • |
A cheque or cash deposited through any of THE EXCHANGE® Network of ABMs (cheque drawn either on ICICI Bank Canada or another financial institution within Canada) will be subject to a maximum five-business day hold period. |
| • |
A cheque deposited by mail or in person drawn on a financial institution outside Canada or the United States will be subject to a maximum forty day hold period. |
| • |
Bank drafts or certified cheques deposited by mail or in person drawn on another Canadian financial institution within Canada (upon confirmation of funds) will not be subject to a hold period. |
| • |
Electronic deposits (online transfers) drawn on any financial institution, anywhere, will be subject to a maximum five-business day hold period. |
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A cheque may be returned if it is materially altered, whether apparent or not, up to a period of 90 days from the date the paying bank receives the cheque as per Canadian Payment Association rules.
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Rates and charges for Money Transfers are subject to change without prior notice.
Notice of Changes to Fees and Charges Listed in this Disclosure Statement
|
You will be informed of any increase or any new fees and charges: |
|
If monthly statement (either electronic or paper) is provided to you then: |
| • |
30 days prior to the effective date, by means of a notice inserted with your statement of account or through a separate notification letter; and |
| • |
60 days prior to the effective date, by means of a notice displayed at ICICI Bank Canada branches or by means of a new version of this disclosure statement. |
| |
|
| |
If monthly statement is not provided to you then: |
| • |
60 days prior to the effective date, by means of a notice (electronic or otherwise) through a separate notification letter. |
| • |
60 days prior to the effective date, by means of a notice displayed at ICICI Bank Canada branches or by means of a new version of this disclosure statement. |
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Notice of Changes to Hold Funds Policy Listed in this Disclosure Statement
|
You will be informed of any changes in the Hold Funds Policy: |
|
If monthly statement (either electronic or paper) is provided to you then: |
| • |
30 days prior to the effective date, by means of a notice inserted with your statement of account or through a separate notification letter; and |
| • |
60 days prior to the effective date, by means of a notice displayed at ICICI Bank Canada branches or by means of a new version of this disclosure statement. |
| |
|
| |
If monthly statement is not provided to you then: |
| • |
60 days prior to the effective date, by means of a notice displayed at ICICI Bank Canada branches or by means of a new version of this disclosure statement. |
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Notice of Changes to Interest Rates or Manner in which Interest is Calculated
|
You will be informed of any changes in interest rates or manner in which interest is calculated: |
| • |
By means of a written statement to the person in whose name the account is maintained; |
| • |
By means of written statement copies of which are available and displayed in each branch of the bank where such accounts are kept; or |
| • |
By means of a notice displayed at ICICI Bank Canada branches. |
| |
|
Should you have any questions, please contact our Customer Contact Centre toll-free at 1-888-ICICI-CA (1-888-424-2422). |
|
Access to Basic Banking
Disclosure Statement
