ICICI Bank Basic Chequing Account vs. Meridian Convenience Chequing Account
Let us begin with a comparison table between the ICICI Basic chequing and Meridian Convenience chequing.
| Benefits | ICICI Basic Chequing | Meridian Convenience Chequing |
| Type of account | Low Fee interest earning Chequing Account | Low Fee Chequing Account |
| Currency | Canadian Dollar Account | Canadian Dollar Account |
| Suitable for | Those who need few banking transactions every month | Everyday Banking |
| Monthly Fee | $4 | $5 |
| Monthly fee Waived | Senior, Student, Youth, RDSP Beneficiary | No |
| Access Funds via | Online, phone banking, in-branch. More than 3,600 ABMs you can find at the ICICI branches or on THE EXCHANGE® Network ABMs, | Access to online, mobile, in-branch & telephone banking. More than 43,000 surcharge-free ATMs. In North America with THE EXCHANGE® Network in Canada and the Allpoint Network in America. |
| Text Alerts | instant text messages on your mobile for every credit or debit transaction of $50 or more | Set up an alert to get Text Alerts notifications |
| International Money Transfers | Transfer money at a very low cost to India and abroad | Provides Foreign currency exchange services that you can use while abroad |
| Overdraft Protection | Apply for Overdraft Protection | Provide overdraft protection |
| Deposit Insurance | Via Canada Deposit Insurance Corporation (CDIC) | Via Financial Services Regulatory Authority (FSRA) |
| Free Debit Transactions | You get 12 free transactions | You get 15 each self-serve, personal, and cheque transactions every month |
| Free Debit Transactions | 12 per month | included transactions of 15 each of self-serve, personal and cheque transactions per month |
| Fees after free transactions | Refer to the Disclosure Statement of Fees and Charges for Personal Accounts | $1 for each transaction over included transactions/refer to the Meridian Accounts and Services. |
| ATMs | No surcharge for ABM deposits, withdrawals, and inquiries | ABM transactions via Meridian, THE EXCHANGE® Network, and Interac® in Canada and internationally through ACCEL® and Allpoint for U.S. only and Cirrus® networks |
| Deposits | Unlimited & Free | Unlimited & Free |
| Interac e-Transfers | No fees are charged for Interac e-transfers | 4 Free transactions/Meridian debit cards with Interac Flash® to make payments through Interac Debit® in Canada and ACCEL® in the U.S. |
| Transfer money online between your linked accounts | You can now ICICI Bank Basic Chequing with up to 3 chequing accounts outside ICICI at any Canadian financial institution and transfer funds quickly and easily. | Bank-to-bank transfers |
ICICI Bank Basic Chequing Account Features
ICICI Bank Canada offers a Basic Chequing Account is a low-fee chequing account. The basic chequing account is for you if you require a few monthly banking transactions. The account holder can enjoy all the essential banking features and services at a low fee while you earn interest.
The Basic Chequing Account comes to you at a $4 monthly fee.
You can even have this waived:
- Be a senior
- Enrolled full-time in a post-secondary program as a student
- Be a youth
- Be a beneficiary of the Registered Disability Savings Plan (RDSP)
Currency supported is in Canadian Dollars and you can earn interest in your ICICI Basic Canadian Dollar Chequing Account.
Withdrawal transactions: You can enjoy 12 free debit transactions
Deposit transactions: Free & unlimited
Paper statement: Free
Accessing funds: You can access your funds online, via phone, or in-branch. You can use over 3,600 ABMs at ICICI branches or on THE EXCHANGE® Network ABMs.
TEXT ALERTS
You can receive instant text messages on your phone when you have done a credit or debit transaction of a minimum of $50, but you first need to register for the facility.
International Money Transfers
Enjoy a low-cost money transfer to India and other countries. You can transfer money online between your linked accounts. You can connect your ICICI Basic Chequing Account with up to three external chequing accounts belonging to any Canadian financial institution and enjoy a quick and easy fund transfer.
Overdraft Protection
You may apply for Overdraft Protection on your ICICI chequing account.
Safe & Secure Deposit Insurance
ICICI Bank Canada comes under CDIC membership.
Open a Basic Chequing Account
Walk into an ICICI branches
Provide proof of eligibility
- You provide proof of age for seniors 60 years and above and for youth between 12 and 19 years).
- You furnish proof of full-time enrollment at a post-secondary institution for students.
- You provide proof of beneficiary status on an RDSP for RDSP beneficiaries.
Customers holding a Basic Chequing Account of ICICI can enjoy the benefit of 12 debit transactions using the Internet, mobile, in-branch, or at an ABM for free.
Any of the following transactions:
- Debit card purchases
- Cash withdrawals
- Bill payments
- Pre-authorized debits
- Account transfers
- Cheque issuance
Transactions over and above the first 12 debit transactions during a month will call for the charges in our Disclosure Statement of Fees. Charges for Personal Accounts will apply, plus an additional $1.00 fee. Refer to the detailed information on all services & charges. Read the Disclosure Statement of Fees & Charges for Personal Accounts.
No Surcharges on ATMs
You do not pay surcharges on your ATM transactions, like providers applying a surcharge for ABM deposits, withdrawals, and inquiries, neither on ICICI Bank Canada nor any of THE EXCHANGE networks.
All interest rates will accrue on a per-year basis. All interests are subject to change at the bank’s discretion anytime without prior notice.
ICICI Bank calculates the interest on the daily closing balance on a Basic CAD Chequing Account, ICICI Bank pays the interest monthly. Please note that the interest rates are subject to the account balance requirements, as mentioned above.
Meridian Convenience Chequing Account Features
The account comes with a $5 monthly fee and $1 for each transaction over included transactions.
It offers included transactions of 15 each of self-serve, personal, and cheque transactions each month and offers unlimited free deposits.
It comes with free Interac e-Transfer® per month. Meridian rebate the Interac® fees at the end of the month end.
Access more than Meridian’s 43,000 surcharge-free ATMs in North America with THE EXCHANGE® Network in Canada and the Allpoint Network in America.
Meridian is happy to provide more information on account if you speak to them directly and ask for the service fees or you can refer to the Meridian Accounts and Services online or at the branch.
Additional facilities
- Banking via online, phone, or in-branch
- Use the Meridian debit card with Interac Flash® for making payments through Interac Debit® in Canada and ACCEL® in America.
- ABM transactions via Meridian, leveraging THE EXCHANGE® Network, and Interac® in Canada globally through ACCEL® and Allpoint for U.S. only and Cirrus® networks.
