ICICI Bank unveils product for newcomers to Canada

ICICI Bank today launched "Hello Canada Newcomers Account"designed to provide instant access to banking services in Canada for Indians migrating to the country.

The package has been designed by ICICI Bank Canada, which is a fully owned Canadian subsidiary of ICICI Bank, and member of the Canada Deposit Insurance Corporation (CDIC).

The account designed for Indians working, studying or immigrating to Canada, enables them through a single application, to open a savings account, invest in term deposits, and apply for a credit card, a car loan and a home loan even before leaving India.

Thereby customers have ready access to their ICICI Bank account and all other banking services the moment they arrive in Canada.

"ICICI Bank Canada has created a platform that helps it to capitalise on the local resources, market knowledge, while capitalising on the resources and international reach of ICICI Bank. We plan to introduce many such value added products in the future," said Bhargav Dasgupta, head-international banking group, ICICI Bank.

The package gives customers access a savings account where he does not have to pay account maintenance or activity fees. Subject to certain conditions, deposits of up to $ 60,000, held in Canadian currency will be secured in Canada under a national deposit insurance program administered by CDIC.

A customer will also have a choice of investing these funds in high yielding term deposits. Customers are automatically eligible to apply for an ICICI Bank Canada MasterCard.

This is an important feature since most Canadian financial institutions insist on a credit history in the country before extending a credit card to individuals. Customers will also be able to avail of pre-approved flexible car loans at competitive rates and home loans as well.