ICICI Bank

[Papi Chulo]

www.icicibank.ca

anyone tried them yet?

It seems they pay better interest than ING

[goodtime]

My E. Indian friends banks with them. They love it. Higher rate, fewer service charge. Ones with family back home, it's easy to sent money home.

HSBC should learn from ICICI & ING.

BTW, save your money...

[to-guy69]

Altamira has 3.5% savings accounts locally offered so you don't have to deal with time zones and thick accents.

[Uzo]

don't have to deal with time zones and thick accents.


So you deal with ICICI often and that is your finding?

[goodtime]

Time zone? There's locations around GTA http://www.icicibank.ca/personalbanking/aboutus.htm

[Papi Chulo]

Altamira has 3.5% savings accounts locally offered so you don't have to deal with time zones and thick accents.



I have dealt with ING, a foreign virtual bank operating in Canada and have never had an issue with time zones or accents.

[Malibook]

ING just raised their rate to 3.15% but this is still 10% less than Altimira and ICICI and way below the BoC rate of 4% which may be 4.25% next week.
Time to move cash out of ING.

[RogerRabbit]

www.icicibank.ca (http://www.icicibank.ca)

anyone tried them yet?

It seems they pay better interest than ING

They are legit, this is their ADR listing on the NYSE:

http://www.nyse.com/about/listed/lcddata.html?ticker=IBN

[mannyfresh]

I personally have a HiSave account with ICICI. It's good since I'm making quite a bit on my earnings, and they paid me $20 when i opened the account.

The only problem I have is that at times the Debit Card isn't recognized at retailers since it is a new bank and I'm guessing it hasn't been processed through all the systems? It's quite embarassing at times because the only thing the cashiers say is that it is an "invalid account" and they think I am up to something, and some of them can be pretty cocky about it.

Once they are more well-known and fully processed into the Canadian retail systems then they will be a definite top-notch bank to place your earnings.

Another problem is that there are only three locations serving A LOT of customers, so you can imagine the traffic in these three banks during rush hours, and also when you need quick cash and there isn't an ICICI bank around, be prepared to pay a $1.50 service charge at a TD Bank (the most commonly seen bank around the GTA).

[goodtime]

They are legit, this is their ADR listing on the NYSE:

Also, CDIC protected. ie: Should they ever go under, up to $nK ($30K?) deposits are protected.

CNBC is recommending ICICI stocks to capitalize on India growth. It's their 2nd largest bank.

ING is dutch. ING Canada is making tons of $ for parent company, while ING U.S. money losing venture. Canadian like Dutch tend to save more. ING group is huge in Holland. Should see their branch & high-tech ATM. Save your money...

[Malibook]

Also, CDIC protected. ie: Should they ever go under, up to $nK ($30K?) deposits are protected.$100k.

[Malibook]

I personally have a HiSave account with ICICI. It's good since I'm making quite a bit on my earnings, and they paid me $20 when i opened the account.

Another problem is that there are only three locations serving A LOT of customers, so you can imagine the traffic in these three banks during rush hours, and also when you need quick cash and there isn't an ICICI bank around, be prepared to pay a $1.50 service charge at a TD Bank (the most commonly seen bank around the GTA).Why does it say for online customers only?

[Bear669]

ING just raised their rate to 3.15% but this is still 10% less than Altimira and ICICI and way below the BoC rate of 4% which may be 4.25% next week.
Time to move cash out of ING.

Dont be so quick. Notwithstanding Canadian DIC protection (for small investors), who wants to get tangled up in a bank failure?

ING has a credit rating of AA (stable) while ICIC has a 'junk bond' rating of BB+ (pos)

[LancsLad]

Sooner or later they will come under increased scutiny, I would hope. Remember 1983 when " Greymac" was paying high rates out of line with everyone else. That was the vehicle to get the $250 Million they needed for the apartment scam. Cost a lot of money to bail out that failure when the cards collapsed. There is a reason that they have that status and I hope that CDIC are paying attention.

[Malibook]

Dont be so quick. Notwithstanding Canadian DIC protection (for small investors), who wants to get tangled up in a bank failure?

ING has a credit rating of AA (stable) while ICIC has a 'junk bond' rating of BB+ (pos)Could you provide a link to these ratings and has ICICI ever defaulted on any bonds?

In any case, I have no desire to buy their stock or unsecured bonds and I have no problem with putting up to $100k there.

[Bear669]

Could you provide a link to these ratings and has ICICI ever defaulted on any bonds?

In any case, I have no desire to buy their stock or unsecured bonds and I have no problem with putting up to $100k there.


http://www2.standardandpoors.com

Have no idea if they have ever defaulted, but failed banks rarely re-structure, and it is not so easy to get a new rating after hitting 'D'. As long as you dont need your $ fast, you are of course safe at $100k with CDIC and Canada's 'AAA' rating.

[gabeti]

ING just raised their rate to 3.15% but this is still 10% less than Altimira and ICICI and way below the BoC rate of 4% which may be 4.25% next week.
Time to move cash out of ING.

What is BoC?

[Papi Chulo]

What is BoC?

bank of canada

[gabeti]

bank of canada

Aha, thanks.

[to-guy69]

Acheiva Financial (www.achieva.mb.ca) and Outlook Financial (www.outlookfinancial.com) both pay 3.85% on savings acounts. Both are not covered by CDIC.

[Guy7]

www.icicibank.ca

anyone tried them yet?

It seems they pay better interest than ING

Yest they are a fine DFI! (Financial Institution)

[itmeans]

Anybody deal with ICICI Bank Canada recently? how's the service.

[Brotherman]

they have the worst customer service since i have a u.s. savings account with them. but then again i wouldn't expect much from an indian bank anyway.

avoid at all costs.

[Esco!]

I wouldnt trust ICICI with my money right now, given all the financial turmoil going on

[Malibook]

I use ICICI but only online.

They are a member of CDIC.
People often say that the CDIC insurance limit is $100k per person per institution but this is wrong.
For example, one can have $100k in a GIC and also have another $100k in an RRSP GIC and be covered by CDIC.
The GICs must mature in 5 years or less.

http://www.cdic.ca/1/6/0/8/index1.shtml
Many people deposit money into more than one account or financial product. For example, you might have a personal chequing account, a joint savings account with your spouse, as well as a GIC that is registered in an RRSP. CDIC takes this into account. We calculate insurance payments separately (up to $100,000, including principal and interest) for EACH of the following . . .
* Savings held in one name
(personal, business or other organization)
* Savings held in trust
* Savings held in an RRSP
* Savings held in a RRIF
* Savings held for paying realty taxes on mortgage payments
* Savings held in more than one name (joint deposits)

What's Covered, What's Not?
http://www.cdic.ca/1/5/2/7/index1.shtml

[21pro]

just moved some $$$ to HSBC Australia last week... they are paying 4.75 percent if you use their SuperSaver account.

[blackrock13]

I have dealt with ING, a foreign virtual bank operating in Canada and have never had an issue with time zones or accents.

The key words here are virtual bank. I like a bank with assets at stake, besides money. It's getting rare now. if I had it to start over, I'd got HSBC. They're business model is one of the best and ll over the place internationally. As it stands, with a lengthy track record with 2 banks now I can take advantage of things new clients can't. History with a company is a good thing.

[Rockslinger]

just moved some $$$ to HSBC Australia last week... they are paying 4.75 percent if you use their SuperSaver account.

What currency is your deposit? Australian dollars?

[Davious]

I've dealt with ICICI bank... rates, prices and other things are good, but their website sucks if you do online banking a lot. It's a horror to call in their customer service. Lastly, their internal computer system is horrible and slow.

Don't expect much in service, but as long as you don't have those type of issues & just need a higher interest savings account go with them.

[Rockslinger]

It's a horror to call in their customer service.

They speak English with a very thick accent. Can be difficult to understand them sometimes.