Posted on: 19-10-04 22:18:16
Hey Bhaiyon aur kuch behanon 
I wonder if anyone has opened accounts with ICICI bank. RRSP or savings. i know they offer high interest rates but wondering on convenience etc.
Desi Investor 
Well, I must say that their features are real good
Look at the mortgage rate what they are offering, they are one of the lowest in Canada
Chequing accounts => No monthly fees (you save min $ 10/month) and best interest rates (2.25%)
Business accounts => Free of cost. No monthly fees ( You almost save between $ 25~$125 per month) This is amazing
Money transfer to India => Charges $ 10 per transactions. This is cheaper way to send upto 10,000 to India officially.
Regarding customer services:
I guess they still have to improve or do better. Sometimes I feel that you have to argue much to get what you want. But if you know or very well experienced with the features in other banking industies and argu based on that, they will match it
ATMs=> Looks like their plan remains on paper only to install more. Hope they will be able to expand soon
I have no intentions of criticizing any one but I differ with some of the observations in this post about the ICICI banks rates and charges as I found tht some of the information in this post is incomplete and the rates mentioned on ICICI Bank's website are different then mentioned in this post. Hence, I am posting what I found on their website for the benefit of every one.
Quote:
Orginally posted by nishi200
Well, I must say that their features are real good
Look at the mortgage rate what they are offering, they are one of the lowest in Canada
These are the ICICI residential mortgage rates as of today.
1 Year - Closed 3.75%
2 Year - Closed 4.00%
3 Year - Closed 4.50%
4 Year - Closed 5.00%
5 Year - Closed 5.25%
Variable rate prime 4.25%
In contrast the mortgage broker channels are offering their clients these rates
1 Year - Closed 3.70%
2 Year - Closed 4.00%
3 Year - Closed 4.39%
4 Year - Closed 4.55%
5 Year - Closed 4.70%
Variable rate prime - 0.75%
I believe the difference in 4 and 5 year rates is substantial as most of the clients take 5 year rate.
But then, it is said 'Info is power' and 'Ignorance is bliss'
Quote:
Orginally posted by nishi200
Chequing accounts => No monthly fees (you save min $ 10/month) and best interest rates (2.25%)
As per ICICI website
INTEREST RATES
Interest computed on daily balances and credited at the end of the month 0.10% p.a. on balances over $2,500
SERVICE CHARGES
PARTICULARS Canadian dollar– Chequing
Monthly Administration Fee $6
Free when minimum monthly balance is $2,500 or more
TRANSACTION FEES
In-branch debit transactions
$ 1.50 per item
Cheques & Debit entries (First two transactions are free. Additional transactions would be charged)
$ 2.00 per item
This means that you have to keep a minimum of $2500 balance every day per month to save the monthly fee of $6. And transaction fees for 'in branch' transactions are quite high. In comparison, President's Choice does not have any requirements for minimum balance.
Quote:
Orginally posted by nishi200
Business accounts => Free of cost. No monthly fees ( You almost save between $ 25~$125 per month) This is amazing
Again I do not see any body saving between $25 to $125 per month on business chequing accounts and moreover, they are not free and have monthly fees as per their website as follows:
CHEQUING ACCOUNTS for BUSINESS CUSTOMERS
PARTICULARS Canadian dollar– Chequing
Interest Rate 0.10%
Paid only if minimum monthly balance is $25,000 or more
Calculated on Daily closing balance
Monthly Administration Fee $6
Additional $10 per month for internet and telephone banking
TRANSACTION FEES
Currency Notes:
Deposited per $1,000
$2.00
Supplied per $1,000
$1.25
Coins:
Deposited per roll
$0.10
Supplied per roll
$0.12
Cheques & Debit entries
MICR encoded cheques
$0.75 per item
Non-MICR encoded cheques
$4.00 per item
Fund transfers (between own accounts, if requested at the branch)
$1.00
In-branch Bill payments
$1.35 per transaction
Quote:
Orginally posted by nishi200
Money transfer to India => Charges $ 10 per transactions. This is cheaper way to send upto 10,000 to India officially.
Here also, you pay $10 only if you have account with them in Canada as well as in India otherwise you end up paying up to $25 per transaction.
The interest amount on savings account is comparable to ING & PRES CHOICE but it is still useless as it does not beat the inflation and moreover 100% of the interest income is added to your own income and is taxed accordingly.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Pramod Bhai, you are correct. Long ago I visited ICICI site and observed all this. Still in my opinion for saving /chequing a/c ICICI is offering really good rates comparing to other banks. However, they have yet to improve at customer service level.
-----------------------------------------------------------------
Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
Missing India go to ICICI Bank in Brampton , Couldnt believe same lethargic approach no body willing to work ,no staff only two tellers for over 30 customers.
