# Anybody ever deal with ICICI?



## Lephturn (Aug 31, 2009)

A friend is looking at a residential mortgage and a broker found the best offer from ICICI - apparently an Indian company? Anybody ever deal with them?

CIBC = 3.34 5 year fixed
ICICI = 3.24 5 year fixed

Huh. Thoughts?

What's the best rate anybody has gotten recently on a variable? I got a smoking rate on a property I just closed that I had locked in this summer - .9 below prime. Seems the banks have increased rates on the variables, what's the best variables you are seeing?


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## humble_pie (Jun 7, 2009)

ICICI is one of india's biggest banks w multinational presence. Their ADRs trade on ny. BMO's all-india etf includes them.

a couple years ago Icici had better CDIC-insured hisa rates than ing or even ally & they were quite nice to approach (phone em in canada & they answer in india) but there was an extra little bureaucratic/administrative step in opening an account that caused me to just stick w ing ... what Icici wanted was a proper prudent procedure, something like photocopy of passport sorry i can't exactly remember, which is a good thing not a bad thing, so i shouldn't really mention it.

here in canada they have a low-profile retail banking profile, we hardly hear about them. I would imagine their principal mandate in canada is to serve international business & also to serve the retail banking needs of the large south asian-canadian community.

it would be worth checking this bank further but to best of my knowledge it is a giant well-run international banking operation.


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## HaroldCrump (Jun 10, 2009)

humble_pie said:


> I would imagine their principal mandate in canada is to serve international business & also to serve the retail banking needs of the large south asian-canadian community.


Their main thing is commercial loans and small business banking.
They are one of the largest partners (relative to size) of the BDC when it comes to commercial loans.
They also serve as an originator for the BDC.
I believe they provide small business consulting as well.
They don't attempt to (and can't) complete in the retail banking space against the Big 5 nor in the online banking space with ING & PCF.
So they have carved out this niche instead.

P.S. I have no direct experience or association with them.


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## CanadianCapitalist (Mar 31, 2009)

I haven't dealt with ICICI Canada but I heard reports a few years back about glitches in their high interest savings accounts. I don't know if it is still an issue.

http://www.canadiancapitalist.com/icici-bank-hisave-accounts/

I do have long experience with the parent bank. But that may not be relevant to this discussion.


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## Lephturn (Aug 31, 2009)

CanadianCapitalist said:


> I haven't dealt with ICICI Canada but I heard reports a few years back about glitches in their high interest savings accounts. I don't know if it is still an issue.
> 
> http://www.canadiancapitalist.com/icici-bank-hisave-accounts/
> 
> I do have long experience with the parent bank. But that may not be relevant to this discussion.


Very interesting - thank you for the feedback.

In this case a friend is thinking of them for a residential mortgage, so it's good to know this is a major firm even if this may be a new area for them to get into.


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## gibor365 (Apr 1, 2011)

Any one had experience with ICICI lately? They offer 3% 5 y GIC within TFSA and I may transfer TFSAs there from PT... 
Also, do they have all transfers free like other online banks like ING or PT?


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## Davis (Nov 11, 2014)

Lephturn, I signed up for a high interest savings account with ICICI years ago when they had the best rates, and had no problem with them. I closed it only when I wanted to consolidate my accounts. I now have one with Oaken, because they are courting that business. I would have no hesitation in signing up for a mortgage with ICICI. 

In Toronto, they have storefront locations in areas with large Indo-Canadian populations, and also one on Bay St in the financial district.


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