A closer look at Indian banks in Canada

Piyush Singh

17.04.24

8 minute read

Are you an Indian national who’s recently moved to Canada and wondering which Indian banks have branches there? In this article, we will look at the State Bank of India, ICICI Bank, and HDFC Bank—three established Indian banks operating in Canada. With their vast international network and expansive presence in both countries, these financial institutions provide a variety of cross-border services that facilitate banking beyond borders for foreign nationals.

We will also examine Wise, a modern alternative for international money transfers that can support both your personal and business financial needs.

Indian Banks Present in Canada

While all three banking giants offer standard fund transfer opportunities, SBI and ICICI Bank provide Student GIC accounts in addition to other services like investments. On the other hand, HDFC Bank provides all NRI services, from banking to investments and loans.

The State Bank of India has branches in most major provinces in Canada, such as Toronto, Scarborough, Vancouver, Calgary, etc.
ICICI Bank is headquartered in Toronto. The latter also has offices in Alberta, British Columbia, Ontario, Nova Scotia, and Manitoba.
Lastly, HDFC Bank does not have any branches in Canada, but it is affiliated with the Bank of Nova Scotia and Toronto-Dominion Bank.

State Bank of India in Canada

SBI Bank Canada provides complete control over your financial transactions, making money transfers to India convenient anytime, anywhere. From offering one of the best rates for fund transfers to charging zero fees and ensuring instant credit, SBI has you covered with its online banking portal and on-the-go mobile banking app, YONO SBICA.

For business banking needs, SBI Canada has a wide range of corporate services that can be customized based on your organization's financial needs, from commercial mortgages to trade finance and a wide range of borrowing products and treasury services.

SBI Canada offers international students from India, China, Vietnam, and the Philippines a Student GIC account. By transferring 20,635 CAD plus a 150 CAD processing fee to your SBI Canada bank account, you can show proof of funds for studying in Canada before you arrive in the country.¹

This amount is divided into a Savings or chequing account, where you can access 4135 CAD upon activation, and a Non-Redeemable Student GIC account, where the rest of your 16500 CAD will be invested for one year, and you will receive monthly payments of principal, (i.e. CAD 1,375 + Monthly Accrued Interest) to your savings / chequing account.¹

Services Offered to Canadian Consumers and Businesses

Personal Finance²:

Account Type	Monthly Fees	Currencies Offered
Savings Account	10 CAD (waived if the minimum monthly balance is maintained above 200 CAD)	CAD
Premium Savings Account	15 CAD / 15 USD (waived if the minimum monthly balance is maintained above 25,000 CAD / 25,000 USD)	CAD and USD
Super Saver Account	12 CAD / 12 USD (waived if the minimum monthly balance is maintained above 2,000 CAD / 2,000 USD)	CAD and USD
Chequing Account	4 CAD / 4 USD (waived if the minimum monthly balance is maintained above 1,000 CAD / 1,000 USD or if you are above 65 years of age)	CAD and USD

You can easily open an SBI Savings, Chequing, or Super Saver account from the comfort of your home using the new Online Account Opening platform and any of the designated acceptable IDs³, including the Canadian passport, Indian passport, US passport, Canadian driver’s license, or the permanent residence card / provincial card issued in Canada. ID verification can be done through an SBI bank branch visit or a Canada Post outlet visit.

Businesses⁴:

Account Type	Monthly Fees	Currencies Offered
Super Saver Account	15 CAD / 15 USD (waived if the minimum monthly account balance is maintained above 5,000 CAD / 5,000 USD)	CAD and USD
Premium Savings Account	4 CAD / 4 USD (waived if the minimum monthly account balance is maintained above 1,000 CAD / 1,000 USD)	CAD and USD

SBI Canada Bank offers business term deposits in the form of Redeemable and Non-redeemable GICs, for periods ranging from 6 months to 5 years in both Canadian and US dollars.

Money Transfers⁵: SBI Canada allows customers to transfer money for free to any bank in India in the following ways —
internet banking (available in CAD / USD)
using the YONO SBICA app (available in CAD / USD)
visiting an SBI Canada bank branch
using Interac e-Transfer through net banking
direct bank transfer (from other banks into the YONO SBICA app)

The exchange rate⁶ for Internet banking and YONO SBI is as given below:

Amount (CAD)	Rate^#(INR)
0-1000	60.55
1000-10000	60.40

This is SBI's Exchange rate as seen on 27th March, 2024 at 17: 46 PM IST

ICICI Bank in Canada

ICICI Bank in Canada provides consumers with seamless banking facilities through its multiple accounts, investments, mortgages, and services like credit cards, debit cards, banking for senior citizens, and Interac e-Transfer.

It also offers special services for Indian students in Canada, like the Unifee portal that allows students / payers to pay their academic tuition directly to their university’s bank account in three easy steps online, and the Student GIC Program (affiliated with RBC Canada) where you can transact money using the 1200+ branches of Royal Bank of Canada.

To open and activate your account, you must sign up online using the ICICI Bank Canada SPP app and deposit 10,000 CAD (+175 CAD processing fee)⁷. Out of this, you will receive 8,000 CAD in your student account, invested in a 1-year fixed-term GIC, while the remaining 2,000 CAD will be awarded to you through a credit card limit. Students from India, China, Vietnam, Senegal, Morocco, and the Philippines can participate in this program.

ICICI Bank Canada offers a wide range of business products, including commercial banking services like lines of credit and operating and term loans, trade finance, and treasury services.

Services Offered to Canadian Consumers and Businesses

Personal Finance⁸:

Account Type	Monthly Fees	Currencies Offered
HiSAVE® Savings Account	Zero	CAD and USD
Premium Savings Account	Zero	CAD and USD
Basic Chequing Account	4 CAD	CAD
HiSAVE® Chequing Account	9.95 CAD / 9.95 USD	CAD and USD
HiSAVE® Plus Chequing Account	21.95 CAD (if the account balance is less than 1,000 CAD) \ 15.95 (if the account balance is between 1,000-2,000 CAD) \ 12.95 (if the account balance is more than 2,500 CAD)	CAD and USD

Businesses⁹:

Account Type	Monthly Fees	Currencies Offered
Savings Account	Zero	CAD and USD
Chequing Account	5 CAD / 5 USD	CAD and USD

Money Transfers: ICICI Bank provides instant money transfer services from Canada to any bank in India within minutes, using its Money2India feature. The transactions are securely encrypted, and you can perform them in three easy steps, by logging into your account from the iMobile app, adding a new receiver, and sending the money!

ICICI Bank Canada offers competitive exchange rates that change based on market conditions. The current FX rate¹⁰ for money transfers to India is as given below:

Amount (CAD)	Rate^#(INR)
1	60.8936

This is ICICI Bank's exchange rate as seen on 27th March, 2024 at 17: 50 PM IST

HDFC Bank in Canada

HDFC Bank offers global banking facilities and priority investment solutions through its NRI services. You can conveniently transact funds using Online Banking, Mobile Banking, and WhatsApp banking functions.

With HDFC Bank, you can pay, save, invest, borrow, and insure money with a wide range of custom-made tools for NRIs. For example, if you want to trade in the Indian stock market, you can invest via the NRI Portfolio Investment Scheme. HDFC Bank also covers trading in mutual funds and investing in offshore accounts. Additionally, the web portal also offers a number of calculators for estimating your interest amounts on home, car, or personal loans.

Services Offered to Canadian Consumers and Businesses

NRI Accounts ¹¹: These account can hold money in INR

Account Type	Minimum balance to waive monthly fees
NRE / NRO Savings Account (Regular)	Urban Branches: INR 10,000 monthly or Fixed Deposit of INR 100,000 for at least 1 year 1 day \ Semi-Urban Branches: INR 5,000 monthly or Fixed Deposit of INR 50,000 for at least 1 year 1 day \ \ Rural Branches: INR 2,500 or Fixed deposit of INR 25,000 for a minimum 1 year 1 day period
NRE / NRO Elite Savings Account	INR 100,000 quarterly or a fixed deposit of INR 500,000 for a minimum 1 year 1 day period (Applicable across all branches)
NRE / NRO Savings Account (Regular)	Urban Branches: INR 10,000 monthly or Fixed Deposit of INR 100,000 for minimum 1 year 1 day period \ Semi-Urban Branches: INR 5,000 monthly or Fixed Deposit of INR 50,000 for a minimum 1 year 1 day period \ Rural Branches: INR 2,500 quarterly or Fixed deposit of Rs 25,000 for a minimum 1 year 1 day period
NRO / NRE Premium Salary Account^a	Zero
NRE Seafarer Account^b	Zero

a: The NRO / NRE Premium Salary account is a zero-balance account. You get a free-for-life Platinum debit card for the primary applicant (NRE only), a RuPay NRO debit card issued to the NRO Premium Salary Account, and Anywhere banking across HDFC Bank’s extensive Branch and ATM network

b: The NRE Seafarer account is a zero-balance account specially designed for mariners or crew members working for foreign shipping companies. It offers preferential conversion rates on foreign currency salary credit and allows you to transfer funds from abroad in freely convertible foreign currency. You can also enjoy anywhere banking using HDFC Bank’s MobileBanking, NetBanking, and PhoneBanking facilities and their extensive Branch and ATM network.

Money Transfers¹²:

HDFC Bank allows customers to perform hassle-free money transfers from Canada to India in two ways —

Remittance Type	Monthly Fees	Currencies Offered
Outward - Wire Transfer	For up to 500 USD or equivalent - INR 500 \ For above 500 USD or equivalent - INR 1000	USD, GBP, EUR, CAD, SGD, AUD, NZD, HKD, CHF, SEK, NOK, AED,SAR, ZAR
Outward - Cheques	Cheque Collection: \ For transaction value up to 500 USD - Rs 200 per transaction + Courier charge INR 50 per cheque For transaction value more than 500 USD or equivalent - 0.25% of INR value (Minimum INR 250 per transaction) + Courier of INR 50 per cheque Cheque Return: 10 CAD per cheque	USD, GBP, EUR, CAD, SGD, AUD, NZD, HKD, CHF, SEK, NOK, AED,SAR, ZAR
Outward - Demand Drafts	Demand Draft Issuance: \ Upto 500 USD or equivalent - INR 200 flat \ More than 500 USD or equivalent up to 10,000 USD - INR 300 Above 10,000 USD or equivalent - INR 500 Demand Draft Cancellation: INR 50 per demand draft	USD, GBP, EUR, CAD, SGD, AUD, NZD, HKD, CHF, SEK, NOK, AED,SAR, ZAR
Inward	Zero	USD, GBP, EUR, CAD, SGD, AUD, NZD, HKD, CHF, SEK, NOK, AED,SAR, ZAR

HDFC Bank offers competitive exchange rates on international transactions that change based on market conditions. The current FX rate¹³ for money transfers is as given below:

Amount (CAD)	Rate^#(INR)
1	58.62 (Cash - Buying)
1	64.53 (Cash-Selling)

This is HDFC Bank's exchange rate as seen on 27th March, 2024 at 09: 05 AM IST

Meet Wise - Manage Your Money Easily and Efficiently

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Then, we suggest you take a look at Wise. This money services business helps you move your money across borders at the mid-market exchange rate and doesn’t charge you any hidden fees! With a vast network of local banks and partners to help move your money across borders, it can be perfect for both personal as well as business money management.

**For Personal finance: **

Wise allows consumers to send, hold, and receive money in multiple local currencies, such as INR, EUR, GBP, USD, and more, in just a few simple steps, without markups or commissions. You can move money across 160 countries in 40+ currencies and pay around the world with one universal Wise card. Wise also offers a pay-as-you-go pricing structure that gives consumers more freedom over their financial transactions.

For Businesses:

The Wise platform is the perfect financial services provider for businesses too. Companies of all sizes can use Wise to perform global fund transactions at nominal fees without worrying about the presence of a local bank in Canada.

Moreover, the Wise API can help you automate your international payment services. Need to send money overseas to your staff or suppliers in India, the US, Poland, and more? Do it with Wise!

Wise also lets you process up to 1000 payments at once and conduct international money transfers with local account details in CAD, EUR, INR, USD, and GBP, like a regional banking institution. Lastly, Wise integrates seamlessly with globally recognized accounting software like Xero and QuickBooks, helping you streamline financial data for your business.

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Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Sources:

1 - Student GIC - SBI Canada Bank
2 - Accounts - SBI Canada Bank
3 - Open a new account - SBI Canada Bank - SBI Canada Bank
4 - Accounts - SBI Canada Bank
5 - Transfer Money - Lowest cost in Canada - SBI Canada Bank - SBI Canada Bank
6 - Exchange Rate - SBI Canada Bank
7 - ICICI Bank
8 - Accounts (icicibank.ca)
9 - Accounts (icicibank.ca)
10 - FX Rate - ICICI Bank Canada
11 - NRI Accounts: Open NRI Bank Account in India at HDFC Bank
12 - Wire Transfer from Canada | HDF Bank - International Wire Transfer | HDFC Bank - Bank Wire Transfer Service, Telegraphic Transfer
13 - Card rates base file revised_NEW with SOFR.xlsx (hdfcbank.com)

Sources checked on 17 April 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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