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Email this9:28 pm
August 5, 2014
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I just was browsing for GIC rates and noticed that State Bank of India(Canada) has 2.85% 5 year non-registered GIC's and 5 year 3.00% RRSP's and 5 year 3.00% TFSA's.
They increased rates for other terms as well but these are what I noticed most as I glanced over their rates.
It looks like they are trying to match their rates with ICICI Bank Canada. Their rates are since September-2-2014, http://www.sbicanada.com/Pdfs/.....ntrate.pdf.
8:00 pm
August 5, 2014
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Another thing I noticed in the last few years is most financial institutions that had $2,500 or $5,000 minimum deposit amounts for GIC's are now accepting lower minimums of $1,000.
State Bank of India (Canada) has $1,000 minimums as well as Oaken Financial has $1,000 minimums for GIC's. RRSP's and TFSA's were always $1,000 minimums as long as I can remember.
8:09 pm
August 5, 2014
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State Bank of India (Canada) actually pays the correct interest for each leap year on their GIC's which the next one is February-29-2016.
For their full disclosure, go to http://www.sbicanada.com/forms.....losure.pdf.
9:56 pm
October 21, 2013
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It is interesting to note that these rates are ALL higher than what they were offering at the beginning of June this year - up to 30 basis points, depending on category.
No RRIFs though.
8:53 am
December 23, 2011
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Oaken has 1000 minimums except for RRIFs are 10000. I assume the latter is because of the annual payments required.
9:43 pm
August 5, 2014
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Loonie, State Bank of India (Canada) does not have RESP GIC's either so like ICICI Bank Canada they also have no RRIF's which I don't have the slightest clue why would they avoid two big depositor bases.
Retirees with RRSP's converted to RRIF's and for those that have grandchildren plus younger families that need RESP's for their children or nieces, nephews etc. education.
As for RRSP's and TFSA's with 3.00%, 5 year rates. This would most likely make more sense for larger deposits of $20,000 to $50,000 and more because there is probably some transfer fees but I don't know what they are. They are probably $50.00 plus H.S.T.
9:52 pm
August 5, 2014
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Brian, you obviously have not been tracking 5, 10, 20, 30 year Canada, U.S. bond yields lately which are up between 15 to 20 basis points in the last 2 weeks.
I would not be surprised if interest rates, bond yields more specifically rise like they did last year by 75 basis points. The problem is will they stay up and not come back down like they did in 2014. The Bank of Canada could be 1 year or more until they raise their interest rates.
PIMCO thinks there will be much higher government bond yields in the coming years, http://www.business.financialp.....ets-pimco/.
If this website does not work go to http://www.financialpost.com and on the main page scroll down to Big Bear Market for Canadian bonds? Don't be on it, says bond giant Pimco. It is also in the Investing section.
We will see if higher interest rates, bond rates come and stick this time.
12:17 am
August 5, 2014
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Loonie, it looks like Manitoba credit unions have GIC's, RRSP's and RRIF's for 5 years at 3.00%. If anyone wants to see info about Crocus Credit Union, http://www.crocuscu.mb.ca.
Who knows if their membership is open to all Canadians but it looks like they want retiree's deposits.
11:08 pm
August 5, 2014
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Brian, if Canadian, U.S. real estate markets start to decline and stock markets fall 10% to 20% then bond rates would decline and it would look like 2012 where they hit all time lows.
The last time there was a 4% GIC was I believe in 2009 or 2010. We would need a full 1% point increase from top, competitive financial institutions that have 3.00%, GIC, RRSP, RRIF, RESP, TFSA rates to get to 4.00%.
This would require a 33.33% increase. I don't see that coming anytime soon.
8:30 am
February 20, 2018
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Non-reg ok (website may say for registered)
1yr 1.95
2yr 2%
Good in-branch service
11:22 am
April 14, 2021
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12:12 pm
November 3, 2022
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Does anyone in this forum have direct personal experience dealing with SBI Canada's Vancouver branch? My initial attempts have not been encouraging.
I have tried to engage SBI Canada's Vancouver branch on two occasions, and through two different channels, without success.
I left a voice mail, after calling during business hours and no one picked up.
A week later, not hearing back by phone, I sent them an email query.
Both of my messages requested information about what would be needed to purchase a USD GIC.
It's a long trip for me to go to their bank in person, and I want to make sure that I have all the needed documents to set up the GIC once I get there.
But I'm now wondering whether it's worth the hassle of dealing with a bank that does not pick up the phone, or answer voice mails or emails?
7:03 pm
November 25, 2019
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I've communicated your experience to the branch manager of SBI Vancouver branch. I'm sending you a private message with the branch manager's details. Please reach out to him and he will answer all your questions and help you in opening a USD GIC.
Here's what you will need to open a USD GIC:
1) A valid photo ID (check out their acceptable IDs at https://ca.statebank/how-to-open-an-account)
2) SIN (No need to show the SIN card. Just remember your SIN so you can mention it on the application form)
To fund your USD GIC, you need to:
1) provide a USD cheque of a Canadian bank and payable in Canada (not in the US)
or
2) open their USD chequing or USD savings account and transfer USD funds from your bank or broker through EFT or wire transfer
Note that they charge monthly fee or else you will have to maintain a minimum balance. Also, there's an account closing fee of USD 50 if you close the account between 14 days and 1 year.
I funded my USD GIC by a USD cheque of a Canadian bank. They told me that they would still need to open my USD chequing or savings account to deposit my cheque. I told them to close the account within 14 days and signed the account closure form the same day so they can close the account after my USD GIC is opened.
Hope this helps and good luck!
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