ICA Council can advise you which type of bank account you need open according to your needs and profile. There are various types of accounts and loans and credit cards available in Canada that can suite your requirement in respective Province/State, as applicable.

Apart from helping for Bank account opening in Canada, the council also helps in NRI Banking services of India (NRE / NRO accounts and deposits) through our empaneled Indian Banks. Entire process is on-line and can be initiated from Canada itself.

There are many different types of bank accounts available in Canada. Banks will offer advice to find a bank account which suits a person’s requirements. However the most common two are:

• 1. Chequing account  (sometimes called a banking or transaction account): These accounts are for day-to-day banking purposes. Interest rates are low but many have low (or no) monthly fees. Chequing accounts usually come with a bank (debit) card.
• 2. Savings account: This type of account normally provides higher interest rates but may have a limit on the minimum amount of money allowed in the account. They may also limit how many withdrawals are allowed each month, so for day-to-day banking a chequing account is more efficient.

Another type of account offered is a  US account. This is aimed at people who do a lot of transactions in US dollars or who travel to other countries where US dollars are used.

Transaction fees and the number of transactions allowed per month vary according to the bank and type of account, so it is necessary for a person to decide what their requirements are before choosing an account.

Monthly fees for banking transactions will depend on the type of bank account chosen. However, some banks do offer no-fee bank accounts.

We at ICA Council organize FREE Webinars on multiple topics and options to educate the immigrants on the Banking services available in Canada. Our guidance seminars and webinars covers topics like:

• What kind of Banking account shall I open?
• How do I connect my Canada Bank account with India Bank account?
• Which Bank is better in terms of lower account maintenance charges?
• Which Bank will provide me good interest per month?