Institution profile · Foreign bank subsidiary (Schedule II)
ICICI Bank Canada
ActiveICICI Bank CanadaCDIC
ICICI Bank Canada is a Schedule II subsidiary of India’s ICICI Bank. It describes itself as a full-service direct bank and signed the federal low-cost account commitment.
Profile facts checked October 30, 2026
Mitey files the ICICI Bank Canada index card: cheapest everyday account $66 a year.
Is ICICI Bank Canada a good bank for everyday banking?
ICICI Bank Canada’s cheapest chequing account open to anyone, Basic Chequing Account, costs $66 a year for a typical household (25 debit purchases, 6 bills and 5 e-Transfers a month), $293 below the national median of $359. Eligible deposits are CDIC-insured to $100,000 per category.
At a glance
- Legal name
- ICICI Bank Canada
- Type
- Foreign bank subsidiary (Schedule II)
- Owner / parent
- ICICI Bank Limited (Mumbai, India)
- Head office
- Toronto, ON
- Founded
- 2003 — Established in December 2003.
- Regulator
- Office of the Superintendent of Financial Institutions (OSFI) for safety and soundness; Financial Consumer Agency of Canada (FCAC) for consumer protection
- Cheapest everyday account
- Basic Chequing Account — $66 a year for the Everyday example
- OBSI banking cases
- 1 opened in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025)
- Website
- www.icicibank.ca
Is my money safe at ICICI Bank Canada?
CDIC member.
What do ICICI Bank Canada’s chequing accounts cost?
ICICI Bank Canada lists 1 chequing account with FCAC. For our “Everyday” example (25 debit purchases, 6 bills, 5 e-Transfers and a $1,000 low balance a month), the cheapest account open to anyone is Basic Chequing Account at $66 a year. Accounts limited to a group are marked.
| Account | Monthly fee and waiver | Included | Fees a year |
|---|---|---|---|
| Basic Chequing Account | $4.00/mo, no balance waiver | Unlimited | $66 |
What would ICICI Bank Canada cost a typical household?
The cheapest ICICI Bank Canada account open to anyone for each of our four usage profiles, against the cheapest account in Canada for the same banking. Profiles are defined in the finder.
| Profile | Cheapest at ICICI Bank Canada | Fees/yr | Cheapest in Canada | Fees/yr |
|---|---|---|---|---|
| Light Mostly card and app, small balance | Basic Chequing Account | $48 | PC Money Account PC Financial | $0 |
| Everyday Household account, a few e-Transfers | Basic Chequing Account | $66 | Personal Account EQ Bank | $0 |
| Heavy Lots of card, bill and e-Transfer payments | Basic Chequing Account | $84 | Personal Account EQ Bank | $0 |
| Branch and cheques Teller visits, cheques, paper statement | no account can serve it | — | Basic Bank Account Scotiabank | $134 |
Worked example — Basic Chequing Account (ICICI Bank Canada), Everyday profile
| Monthly fee × 12 | $48 |
| Transactions beyond the included number (0 a month) × 12 | $0 |
| Other-bank ATM access fees (1 a month) × 12 | $18 |
| Paper statements × 12 | $0 |
| Fees a year | $66 |
Our take
ICICI Bank Canada is competitive: its cheapest open account costs less than the median Canadian account for everyday use. The cheapest account in Canada would save another $66 a year.
Is ICICI Bank Canada on the official lists?
| Legal entity | OSFI list | CDIC member |
|---|---|---|
| ICICI Bank Canada | OSFI — Schedule II foreign bank subsidiary | Yes |
What else should you know about ICICI Bank Canada?
- Wholly owned subsidiary of ICICI Bank Limited, headquartered in Mumbai.Source: icicibank.ca
- Established in December 2003; describes itself as a full-service direct bank.Source: icicibank.ca
- Listed by FCAC among the signatories of the low-cost and no-cost account commitment.Source: canada.ca
Your own pattern can change the order. Put your numbers into the true-cost finder to rank ICICI Bank Canada’s accounts against everyone else’s.
How many ICICI Bank Canada complaints reached the ombudsman?
OBSI, the ombudsman for banking, opened 1 banking case about ICICI Bank Canada in fiscal 2025 (Nov 1, 2024 – Oct 31, 2025), closed 1, and resolved 0 to the complainant’s satisfaction. Across all banks and credit unions, OBSI opened 5,438 banking cases that year (+113% on the year before) and 25% of closed cases ended with money paid.
Counts aren’t adjusted for size, so bigger banks have more cases. A complaint reaches OBSI only after the bank’s own process (up to 56 days). Source: OBSI Annual Report 2025, released March 13, 2026. How to complain.
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