ICICI Bank offers new service to Canada emigrants 8/14/2004

Hyderabad: Indians going to Canada need not worry about opening bank accounts there. ICICI Bank, through its Canadian arm, has launched `Hello Canada New Comers Account' targeting people who plan on settling or have already been approved to reside, work or study in Canada.
Opened on August 11, 2004, the new service allows customers to open savings account before they arrive in Canada. The scheme is devised keeping in mind the requirements of new comers.

source : Asian Cerc

Thats good.

I think thats the best thing to have happened.

Atleast there will be no lock in period for the Settlement Funds carried by new immigrants as ICICI has few branches in GTA and Brampton as well.

But I have not utilised their services so far here ? Hopefully they should be good.

-----------------------------------------------------------------
Together, we shall make it happen !

That's really a wonderful svc for any newcomer. Well done ICICI Bank. All prospective immigrants, pl check follow link:

http://www.icicibank.ca/can_1.htm

My only worry is branch network. Right now they have only 4 branches in Canada. In GTA, only 2 branches. If you use ICICI Bank's convenience card at any other ABM, you'll end up paying NETWORK FEES.

One must open this acct, as it would help hassel free transfer of funds, but after landing here, you should open a ch acct with other bank for your daily banking needs.

The thing that I was impressed most, was abt getting a pre-approved credit card. That's awesome. I do not know how it works, but I am gonna enquire with them to find out.

Great svc, and good thread to begin with. Good work Val.

chow

-----------------------------------------------------------------
Let's help each other to grow & prosper in Canada

Guys,

This information is really helpful to all of the potential immigrants.

If we open this account in India and Deposit a major amount of settlement funds reqd. (Proof of Funds) as per the IRPA, which will be checked at the Airport by means of a Passbook.

Q. : Will the Immigration dept consider this amount already ( Making up the total funds reqd.) and let us pass through easily (by showing the passbook) or we might face some problems in showing the proof of funds..

I personally feel it should not be a problem, but still it is always advisable to check from our senior desis.

regards

Maverick

I am not sure if showing bank statement is approved for settlement funds. It can be contested though in this way. You can deposit settlement funds by borrowing, get a statement from bank, and then withdraw the money and return it in India itself.

Usually they ask only verbally as to how much funds you are carrying.

Basic idea of settlement funds is that you are able to sustain yourself for about 6 months (could be more or less) without any job or source of income.

With the job scenario in Toronto and GTA, I think new immigrants better come prepared with sufficient settlement funds.

-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||

Dear rajcanada,

Thanks for the input..therefore It is recommended that we should take proof of funds in either TC's or Bank Draft 's form to satisfy the immigration officers.

Could you please tell us that How many days does a Canadian Bank (Not Indian Bank's Branch) in giving you the credit of a darft made by a Indian Nationalised bank and payable in Canadian / US Banks 's (Toronto) branch ?;

As I had a slightly different experience in India when one of my friend's had sent a Demand Draft from Canada , payable in Delhi (Made by Scotia Bank, Canada and Payable at Scotiabank, New Delhi) the Nationalised bank took abnormally a long period of 20 days...Based on the input given by the naionalsied bank, I inquired from Scotia Bank, New Delhi branch why this delay took place, they informed that the draft had to be sent to Canada for the credit..and only after getting the approval, they will transfer credit further to the nationalised bank in Delhi..(Where the draft was deposited)

In my opinion...it is reasonably a much longer period when we get money from Canada....does it happen the other way round?

regards

Maverick