The Canada Deposit Insurance Corp. announced today that ICICI Bank Canada’s application for deposit insurance was approved, effective September 24.

With the addition of ICICI Bank Canada, CDIC membership (banks, trust companies and loan companies) totals 87.

ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank Ltd., India’s second largest commercial bank. Together with its subsidiaries, ICICI Bank Ltd. provides a variety of banking and financial services to individuals and corporations through a multi-channel access network which includes branches, ATMs, call centres and Internet banking. ICICI Bank Canada will establish a retail banking operation in Canada.

CDIC, a federal Crown corporation, provides insurance to depositors against the loss, in whole or in part, of deposits made at member institutions in the event of their failure. Eligible deposits are insured up to $60,000 per person at each member institution.

The list of member institutions is available on CDIC’s Web site at www.cdic.ca. Depositors can also call CDIC directly at 1-800-461-2342 to find out if a financial institution is a CDIC member.