State Bank of India (Canada) offers local deposit products to
residents and Non-resident Canadians. |
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| CDIC Brochure |
| Formalities for opening Individual's deposit account: |
Two pieces of identification from the list in Part A or B mentioned below of which at least one must be from the Part A:
PART A:
- A valid driver's license issued in Canada
- A current Canadian Passport
- A certificate of Canadian citizenship or a certificate of naturalisation
- A Permanent Resident card or Citizenship and Immigration Canada Form IMM 1000 or IMM 1442
- A birth certificate issued in Canada
- A Social Insurance Number (SIN) card issued by the Government of Canada
- An Old Age Security Card issued by the Government of Canada
- A certificate of Indian Status issued by the Government of Canada
- A permitted health insurance card, as permitted to be used for identification purposes under provincial law (not permitted in Ontario)
- A document or card, bearing the individual's photograph and signature issued by Insurance Corporation of British columbia
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PART B:
- An employee identity card issued by an employer well known in the community bearing the individual's photograph
- A signed automated banking machine (ABM) card or client card, issued by a member of the Canadian Payment Association
- A signed credit card issued by a member of the Canadian Payment Association
- A signed Canadian Institute for the Blind (CNIB) client card with a photograph
- A current foreign passport
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Insurance: State Bank of India (Canada) is a member of Canada Deposit Insurance Corporation. Saving Bank and Term Deposits are eligible for deposit insurance from the Canada Deposit Insurance Corporation. Saving Bank and Term Deposits are eligible for deposit insurance from the Canada Deposit Insurance Corporation, subject always to maximum coverage limitations as outlined in their brochure "Protecting Your Deposits" and provided they are in Canadian dollars, are payable in Canada and have a term of no more than 5 years.
Hold period for deposits: All deposits are subject to a hold period of 5 business days for Canadian funds payable at a Bank within the province and 10 business days for Canadian funds payable outside the province. Hold period for US Dollars funds payable within Canada will be 15 business days and 20 business days if the funds are payable in USA. All funds payable in other currencies are subject to relialization.
With-Holding Tax: In respect of accounts maintained by non-residents the applicable with-holding tax is deducted from the interest paid on Canadian dollar deposits.There is no withholding tax in respect of non-Canadian dollar deposits made by non-residents.
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