Account Opening

What do I need to apply online?


You must be at the age of majority in your province of residence. In addition, you will also have to provide a deposit cheque preprinted with your name and/or current address, drawn from another Canadian financial institution. For joint accounts, cheque(s) must be in the same name and address as those applying for the account. The Personal Account Application Form for Savings Account, Chequing Account, GIC (redeemable and non-redeemable) and Term Deposit accounts requires the following information which includes:

Complete name
Date of birth (For security purposes, we would require this information)
Social Insurance Number (Revenue Canada requires us to collect this information)
Contact phone numbers
Email address
Residential address
Occupation

Can I apply if I'm not a Canadian resident?


Unfortunately, you will need to be a Canadian resident to apply for an account online

How long will it take to complete the online application?


With the required information available, the application should take you approximately 10 minutes to complete depending on the type of account you are applying for e.g. sole – joint account.

Is my online application secure?


The security of your personal information and your Internet Banking transactions is of utmost importance to ICICI Bank. We maintain strict security standards and procedures to prevent unauthorized access to your information, including 128-Bit SSL Encryption, Internal Systems Encryption, Firewalls and Digital Certificates. Visit online security for additional information.

What can I expect after the application is submitted?


You will receive a Temporary Reference Number on completion of the application online. You will have to quote this Temporary Reference Number on the memo section of the cheque, that you will be sending to ICICI Bank Canada. The cheque should be made payable to yourself for your initial deposit into the account. Within 2 days of the receipt of the cheque, ICICI Bank Canada will mail you a Welcome package and an ABM card (ABM card is issued only for chequing account) to access your account. For security reasons, your Internet Banking password and ABM PIN will be sent separately.

If I am opening a joint account, will I need to provide information and a cheque for the joint applicant?


Yes, the requirements are the same for the joint applicant.

Why is this information and documentation required?


Government regulations require that we verify your identity before opening an account. We use the information you provide to assist us in confirming your identity.

How can I make my opening deposit?


Your opening deposit must be made by a cheque from another Canadian financial institution in the name/s of the applicant/s. In the case of joint applicants, they must have the same address and the cheque used to make the deposit must be in the names of all joint applicants. No minimum cheque deposit amount is required to open a Savings or a Chequing Account. However, for Term Deposits, the minimum amount required is 1,000 in the currency of deposit.

Which accounts would be linked online?


Your ICICI Bank Canada online savings account can be linked to any three chequing accounts in your name with any other Canadian Financial institution.
To link the accounts, you will need to send us your personalized cheque made payable to yourself, for at least one dollar, from another Canadian Financial Institution. We will send the cheque for clearing and once it has cleared, we will link your account automatically. The amount of the cheque will be credited to your account on receipt of the cheque, but it will be subject to hold in accordance with our Holds Funds policy.

How do I move money between accounts with different currencies?


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:
· Transfer money between your Canadian dollar and US dollar accounts within ICICI Bank Canada.
· Transfer money between your Canadian dollar savings account in ICICI Bank Canada and the linked Canadian dollar savings account with another financial institution.
· Transfer money between your US dollar savings account in ICICI Bank Canada and the linked US dollar savings account with another financial institution.

What are the permissible transactions in my Savings Account and term deposit?


Permissible credits:

  • Move money into ICICI Bank Canada Savings Account from a linked bank account. Please note that you can link a maximum of 3 chequing accounts (all in your name) with any other Canadian financial institution. No third party accounts can be linked
  • Deposit a third party cheque payable to yourself or from your own account with another Canadian Financial institution, which is not linked into the ICICI Bank Canada Account. The Bank would credit the accrued interest to the account.
  • Foreclosure (not applicable for Non Redeemable GICs) /closure of term deposits with the Bank and credit into the savings account.


Permissible debits:
Move money from ICICI Bank Canada Savings Account to the linked account(s).

On term deposits (regular and RSP), you can request for:

  • Foreclosure (not applicable for Non Redeemable GICs) and credit to your savings account in ICICI Bank Canada.
  • Foreclosure (not applicable for Non Redeemable GICs) and issue of a bankers draft favoring yourself.
  • Roll over of principal on maturity and payment of interest into the savings account with ICICI Bank Canada or issue of bankers draft
  • Roll over of principal and interest on maturity.