ICICI Bank Canada review

ICICI Bank Canada is an ideal go-to for everyday banking needs, although its availability varies by region.

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Gabriel Vito

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Stacie Hurst

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Are you considering ICICI Bank Canada for your banking needs? As a subsidiary of one of India’s largest private sector banks, ICICI Bank Canada offers a robust range of services tailored to the diverse financial needs of individuals and businesses alike.

From everyday banking solutions to its iMobile app that has millions of downloads, this review dives deep into what ICICI Bank Canada brings to the table for its users so you can decide if this bank is right for you.

ICICI Bank Canada accounts and services

  • HiSAVE Savings Account
  • Premium Savings Account
  • Basic Chequing Account
  • HiVALUE Chequing Account
  • HiVALUE Plus Chequing Account
  • TFSA
  • RSPs
  • GICs and Term Deposits
  • Redeemable GIC and Term Deposit
  • Non-Redeemable GIC Term Deposit
  • Mortgage solutions
  • Secures lines of credit

What is ICICI Bank Canada?

ICICI Bank Canada is a branch of ICICI Bank Limited—one of India’s top private sector banks. This full-service direct bank offers a lineup of services, from personal and commercial banking to wealth management and investments.

With its online and mobile banking tools and access to over 3,600 ABMs nationwide through THE EXCHANGE Network, it makes managing money straightforward for customers across various Canadian provinces.

ICICI Bank Canada chequing account options

Basic Chequing Account

ICICI Bank Canada Basic Chequing Account

ICICI Bank Canada Basic Chequing Account

N/A
Bonus Offer
$4
Monthly Account Fee
unlimited
Free Transactions
The Basic Chequing Account is ICICI Bank Canada's straightforward offering. For a monthly fee of just $4—which is waived for seniors, students, youth and RDSP beneficiaries—this account comes with unlimited and unlimited deposit transactions. Additionally, customers can enjoy earning interest on their balances and withdrawing cash from over 3,600 ABMs on THE EXCHANGE Network without surcharges. This account is CDIC insured and must be opened at a branch.
  • Low monthly fee of $4
  • Fee waived for seniors and students
  • unlimited free debit transactions
  • unlimited deposit transactions
  • Pays interest on balance
  • No ABM surcharge
  • After unlimited transactions, pay $1 each
  • Interest rates may change
  • In-branch account opening only
  • Limited to Canadian Dollars
Monthly Account Fee $4
Free Transactions unlimited
Bonus Offer No offer available

ICICI Bank Canada’s Basic Chequing Account is ideal for those looking for a simple daily spending account. It’s especially beneficial for seniors, students and those on a budget, offering waivable monthly transactions and interest earnings on your balance.

If your banking needs demand more flexibility—like unlimited transactions—you may find the Simplii No Fee Chequing Account more accommodating. This account offers extensive banking freedom without any monthly fees, making it ideal for those with heavier transaction requirements.

HiVALUE Chequing Account

ICICI Bank Canada HiVALUE Chequing Account

ICICI Bank Canada HiVALUE Chequing Account

N/A
Bonus Offer
$9.95
Monthly Account Fee
unlimited
Free Transactions
The HiVALUE Chequing Account from ICICI Bank Canada is tailored for comprehensive everyday banking, offering both Canadian and U.S. Dollar options. It comes with a minimal monthly charge of $9.95, which can be waived by maintaining a minimum daily closing balance of $3,000. This account grants you unlimited and the ability to earn interest on your balance. Access your funds easily online, in-branch, from over 3,600 ABMs or via phone, all without additional surcharges for basic services.
  • unlimited
  • Pays interest on balances
  • Free initial chequebook
  • Fee waived with minimum balance
  • Available in CAD and USD
  • $9.95 monthly fee if balance requirement is not met
  • Interest rates subject to change
  • Fees for additional chequebooks after 20 free cheques
Monthly Account Fee $9.95
Free Transactions unlimited
Bonus Offer No offer available

This account suits those who manage a higher daily balance and seek more from their chequing account, such as the ability to earn interest and make up to unlimited transactions per month.

If maintaining a high balance is not feasible or if you’re looking for unlimited transactions without a balance requirement, the EQ Bank Personal Account could be a preferable option. It offers unlimited transactions and no monthly fees and is well catered to those who desire straightforward, accessible banking without the need to manage minimum balance conditions.

HiVALUE PLUS Chequing Account

ICICI Bank Canada HiVALUE PLUS Chequing Account

ICICI Bank Canada HiVALUE PLUS Chequing Account

N/A
Bonus Offer
$21.95
Monthly Account Fee
unlimited
Free Transactions
The HiVALUE PLUS Chequing Account is designed for those who desire the utmost in banking convenience without the restrictions of minimum balance requirements. This account features tier-based monthly fees, which decrease as your balance increases, starting at $21.95 for balances under $1,000. It offers unlimited access to ATMs both domestically and internationally as well as unlimited transactions, bill payments and direct deposits. Additionally, account holders benefit from unlimited Canadian Dollar money transfers to India, making this an excellent option for frequent spenders and those who conduct international transactions.
  • Unlimited ATM transactions
  • Unlimited cheque issuance
  • No minimum balance required
  • Pays interest on balances
  • unlimited bill payments and transfers
  • Tier-based fees can be high
  • Fees up to $21.95 for low balances
  • Interest rates can change
Monthly Account Fee $21.95
Free Transactions unlimited
Bonus Offer No offer available

This account is perfect for individuals or businesses that frequently use various banking services and can maintain higher balances to minimize monthly fees. It’s particularly suited to those who engage in numerous monthly transactions and need extensive banking capabilities.

If the tiered fee structure seems daunting, especially at lower balance levels, the Simplii Financial No Fee Chequing Account may once again be a better fit for those who want simplicity and predictability in their banking without the need to maintain a specific balance.

Compare ICICI Bank with other chequing accounts

Logo

8.7 Great

Go to site

Monthly Account Fee

$17.95

Free Transactions

unlimited

e-Transfer Fee

$0

Bonus Offer

Earn up to $1,100

Logo

7.7 Great

Go to site

Monthly Account Fee

$0

Free Transactions

unlimited

e-Transfer Fee

$1.50

Bonus Offer

Earn up to $350

Logo

9.4 Excellent

Go to site

Monthly Account Fee

$0

Free Transactions

unlimited

e-Transfer Fee

$0

Bonus Offer

Earn 3.00%

ICICI Bank Canada savings account options

HiSAVE Savings Account

ICICI Bank Canada HiSAVE Savings Account
8.4 Great

ICICI Bank Canada HiSAVE Savings Account

1.25%
Interest Rate
$0
Account Fee
N/A
Transaction Fee
The HISAVE Savings Account Online offers attractive interest rates with 1.25% on Canadian Dollar accounts and 1.25% on U.S. Dollar accounts, making it a fair choice for saving money effectively. This account comes with the convenience of no monthly fees and no minimum balance requirement, allowing you to start saving regardless of your current financial situation. You can link up to three of your existing chequing accounts from any Canadian financial institution, facilitating easy transfers between your accounts as needed.
  • No monthly fees
  • No minimum balance required
  • Can link to three external chequing accounts
  • Convenient online and phone banking
  • Interest rates subject to change
  • Low interest rate compared to other savings accounts on the market
  • Fees for some transaction types
Ongoing Interest Rate 1.25%
Promotional Interest Rate No promotional rate available
Monthly Account Fee $0
Minimum Balance $0
CDIC Deposit Insurance $100,000

This account is ideal for savers looking for a flexible savings account that allows you to link and transfer between your existing chequing accounts seamlessly.

However, the ATB HiSAVE interest rate isn’t as competitive as other high-interest savings accounts on the market. If you’re looking for a savings account with higher interest rates, you can look into accounts like the EQ Bank Notice Savings Account, which pays 2.5% interest, or the PC Money Account, which has a 2.2% rate.

Premium Savings Account

ICICI Bank Canada Premium Savings Account

ICICI Bank Canada Premium Savings Account

N/A
Interest Rate
$0
Account Fee
N/A
Transaction Fee
While the annual interest rates offered by ICICI Bank Canada's Premium Savings Account—1.15% on Canadian Dollar accounts and 1% on U.S. Dollar accounts—may not be competitive compared to savings accounts on the market, they provide a dependable return that is complemented by no monthly maintenance fees. This combination enhances overall savings potential by minimizing costs. This account has fees ranging from $0 for online bill payments and POS transactions.
  • Dependable interest rates for reliable savings growth
  • No monthly maintenance fees to maximize your savings
  • Convenient access to in-person branch services
  • Ability to link up to three external chequing accounts for easy fund transfers
  • Protection through CDIC
  • Fees for some transaction types
  • Interest rates are subject to change
  • Interest rates are not competitive
Ongoing Interest Rate 1%
Promotional Interest Rate No promotional rate available
Monthly Account Fee $0

This account is a fair choice for savers who value the security and personal service of a traditional bank, along with a steady return on their savings. It’s especially suited for those in Calgary, the Greater Toronto Area or the Greater Vancouver Regional District, offering easy access to branches for personal account management.

For those outside these areas or those who prefer an entirely online banking experience, the EQ Bank Savings Plus Account might be a better fit. It provides more attractive interest rates (2.50% - 3.00%) and the advantage of full online management and no geographic restrictions, allowing for greater flexibility with how and where you manage your finances.

Compare ICICI Bank with other savings accounts

Logo

9.5 Excellent

Go to site

Interest Rate

1.50% - 3.00%

Transaction Fee

$0

Monthly Account Fee

$0

Minimum Balance

$0

Logo

7.5 Great

Interest Rate

0.40%

Transaction Fee

varies

Monthly Account Fee

$0

Minimum Balance

$0

Logo

8.2 Great

Go to site

Interest Rate

4.50% for 5 months, then 0.30% thereafter

Transaction Fee

$0

Monthly Account Fee

$0

Minimum Balance

$0

Is ICICI Bank available in Canada?

Yes, ICICI Bank is available in Canada. ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited, which is headquartered in Mumbai, India. ICICI Bank Canada operates as a full-service direct bank and is a member of the Canada Deposit Insurance Corporation. The bank has branches in several Canadian provinces including Alberta, British Columbia, Ontario, Nova Scotia and Manitoba.

Can I use the Indian ICICI Bank in Canada?

Yes, you can access online banking and make international transactions from Canada with an Indian ICICI Bank account. However, for regular daily banking services like withdrawals and deposits, you’ll need to use ICICI Bank Canada.

This requirement is due to Canadian banking regulations that ensure financial stability and consumer protection.

Banks operating in Canada must adhere to local standards and requirements set by the Office of the Superintendent of Financial Institutions (OSFI). These regulations are designed to maintain the integrity of the financial system and protect account holders.

If you’re moving from India to Canada or frequently manage transactions between the two countries, opening an account with ICICI Bank Canada is highly advisable. This step will help you avoid international fees and gain easy access to essential banking services like chequing and savings accounts.

ICICI Bank Canada offers tailored services for newcomers and has features that facilitate seamless international banking.

How can I open an ICICI Bank account in Canada?

Opening an account with ICICI Bank Canada is straightforward. Follow these simple steps to get started:

  1. Decide which account type you want by reviewing the options online or visiting a branch.
  2. Gather necessary documents, such as a valid ID, proof of address and your Social Insurance Number.
  3. Apply for the account either online or in person at a branch.
  4. Gain online access within 24 hours of setting up your account.
  5. Make the initial deposit via transfer, in-branch deposit or another deposit method.

Where does ICICI Bank have bank branches in Canada?

Here’s every city where you can currently find an ICICI Bank branch in Canada:

  • Edmonton, Alberta
  • Calgary, Alberta
  • Delta, British Columbia
  • Surrey, British Columbia
  • Brampton, Ontario
  • Brampton (The Gore Road), Ontario
  • Kitchener, Ontario
  • Mississauga, Ontario
  • Scarborough, Ontario
  • Bay Street, Ontario
  • Malton, Ontario
  • Ottawa, Ontario
  • Halifax, Nova Scotia
  • Winnipeg, Manitoba

What ICICI Bank customer care options are available?

There are several methods you can use to contact this bank. ICICI Bank customer care can be accessed through email, phone or by visiting a local branch.

Does ICICI Bank Canada offer a mobile banking app?

Yes, ICICI Bank Canada offers a mobile banking app called iMobile, which is available for download from the Apple App Store and Google Play. The app provides a wide range of services, including account management, bill payments and loan applications. It can be used by both ICICI Bank account holders and those who don’t hold an account. It features secure login options like face ID and fingerprint authentication, making banking convenient and secure.

ICICI app reviews and ratings

Check the table below for a summary of ICICI Bank’s iMobile app reviews from both Android and iOS users:

Apple App Store 3.9 – ★★★★★
1.8K reviews
Google Play 4.4 – ★★★★★
1.77K reviews

The iMobile app by ICICI Bank has millions of reviews between the Apple App Store and Google Play Store. Naturally, it has a mixture of positive and negative reviews, with positive reviews praising its ease of use and comprehensive features.

Negative reviews report slow loading times and pop-up messages asking users to rate the app, which interferes with the app’s smooth experience.

What is ICICI Bank Canada’s transit number?

The ICICI Bank Canada transit number is 80002. The institution number is 340. Together, these are used to correctly route funds for processing payments and transfers.

How does ICICI Bank Canada compare to other banks in Canada?

ICICI Bank has been on the rise in popularity among Canadians over the past few months, and for good reason. It offers robust everyday banking solutions, including chequing and savings accounts that cater to a variety of customer needs.

Additionally, ICICI Bank provides a comprehensive suite of financial services, such as mortgages and investment products, establishing itself as a one-stop shop for financial needs in Canada.

As for drawbacks, ICICI Bank Canada does fall short in some areas. Its savings accounts offer lower interest rates compared to competitors like Tangerine or EQ Bank. Also, its presence is not as widespread across Canada, being limited to select provinces.

If you’re considering online banks with broader availability across Canada, you can learn more in our guide to the best banks currently in Canada to find the best financial solution for your specific needs.

Pros and cons of banking with ICICI Bank Canada

Pros

  • Comprehensive mobile banking app
  • Offers both personal and business banking
  • Supports international transactions
  • Competitive loan and credit options
  • Fee-free access to over 3,600 ABMs across Canada
  • Offers family accounts

Cons

  • Only available in select Canadian provinces
  • Complex fees for certain services
  • Low interest rates compared to other savings accounts on the market

Bottom line

ICICI Bank Canada offers a wide range of financial services for both personal and business banking, from chequing and savings accounts, to mortgages and investment products. Its top-notch mobile app and access to a hefty network of over 3,600 ABMs across the country via THE EXCHANGE Network make it super convenient for daily banking.

Compared to competitors like Tangerine and EQ Bank, ICICI Bank offers less competitive interest rates with its savings accounts at 1%. Plus, ICICI’s presence is only in select Canadian provinces, so it might not be the best fit if you’re after a bank with branches everywhere you go.

ICICI Bank Canada is a fair choice for your banking solutions if you live in a Canadian province where its services are offered. However, if you’re looking for simple chequing accounts with no fees or online savings accounts with competitive interes rates, you may want to look elsewhere.

Frequently asked questions about ICICI Bank Canada

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To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.
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Gabriel Vito is a freelance personal finance writer for Finder. With over four years of experience, he has crafted helpful guides and articles covering various personal finance topics, including credit cards, investing and banking. Gabriel's work has been featured on Yahoo Finance, NASDAQ, GoBankingRates, and more. He has a Bachelor's Degree in English and is passionate about helping others navigate their financial journey. See full bio

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