Hello dear fellow Canadians. Today I was just briefly visiting ICICI Bank Canada’s website to check the balance on my savings accounts (see this post for details) and I stumbled upon this new product that they’re offering. ICICI calls it the “HiVALUE Chequing Account” (yes, here in Canada we spell checking differently) , and it is essentially an interest bearing Canadian Dollar chequing account.
The interest rate ranges from 1.0% to 1.50% p.a. depending on your account balance. Interest on a Canadian Dollar HiVALUE Chequing Account is calculated on the daily closing balance and paid monthly.
Interest on the Canadian Dollar HiVALUE Chequing Account:
|First C$ 1,000.00 (balance between C$ 0.00 to C$ 1,000.00)||0.00% p.a.|
|Next C$ 1,500.00 (balance between C$ 1,000.01 to C$ 2,500)||1.00% p.a|
|Over C$ 2,500.00 (balance from C$ 2,500.01 and above)||1.50% p.a.|
This account may be suitable for some of you, especially if you’ve already got a savings account with them, or live near one of their branches. Personally, I never like to keep a high balance in my chequing account preferring rather to move excess cash into a high-interest bearing savings account or into various money market instruments.
Their current branch network is a bit small, so this account only makes sense if you live near one of their branch offices. If you can live without branch access ICICI Bank does offer free deposits and withdrawals at any of their ABMs or other Exchange Network ABMs. You can search for the nearest Exchange Network ABM over here.
Branch locations can be found over here (at the bottom – branch locations).
One item that will be of interest to Canadians of Indian ethnicity is that ICICI Bank Canada offers free money transfers to India. So if you have family in India and you wish to send them money you can do so at zero cost to you.
Interested parties should visit the HiVALUE Chequing Account product details page.
Wishing you all peace and prosperity,