ICICI Bank increases
interest rate to 3.50%
Toronto, March 23, 2006
ICICI Bank Canada increases interest rate to 3.50%
p.a. on its Canadian and US Dollar HiSAVE Savings
Account
TORONTO, March 24 /CNW/ - ICICI Bank Canada, known
for its "best-in-
class" interest rates, today announced changes
to its personal savings
accounts.
Effective March 27, 2006, the Bank will offer HiSAVE
Savings Account
exclusively to its online customers and increased
interest rates on this
online product to 3.50% p.a. The new interest rate
of 3.50% p.a. applies to
both Canadian and US Dollar HiSAVE Savings Accounts,
and extends to new and
existing HiSAVE customers using online channels. Hereafter,
the HiSAVE Savings
Account will be available to customers through the
internet and phone banking
and not as a full-service savings product at the Bank's
five branches.
ICICI Bank Canada has concurrently renamed the full-service
savings
account offering in its branches as the "Premium
Savings Account". The Bank
confirmed to all its full-service branch customers
that they will continue to
earn its prevailing interest rate of 3.00% p.a. on
the newly renamed Premium
Savings Account.
The interest rate difference between online and full-service
suite is
indicative of the low servicing needs of its online
segment. HiSAVE Savings
Account and Premium Savings Account will continue
to be available in both
Canadian and US Dollars, with no changes to great
features like no account
charges and no minimum balance requirements.
Since inception, ICICI Bank Canada has consistently
offered one of the
highest interest rates in Canada and with the latest
increase, the Bank leads
the full-service & other direct banks in Canada.
About ICICI Bank Canada: ICICI Bank Canada, a wholly-owned
subsidiary of
ICICI Bank Ltd., is a member of Canada Deposit Insurance
Corporation (CDIC)
and is a full-service direct bank offering a comprehensive
suite of personal
and commercial banking, trade finance and non-resident
Indian services. The
bank is supported by a state-of-the-art electronic
banking platform
(www.icicibank.ca), a 24-hour toll-free customer contact
centre and
proprietary ABMs. ICICI Bank Canada branches are currently
located in the
Greater Toronto Area and Downtown Vancouver
