ICICI Bank Canada has launched its new HiVALUE chequing account, which offers up to 1.5% interest on a customer’s balance — one of the highest interest rates currently available in Canada for a comparable chequing account.

“This is a very competitive product for ICICI Bank Canada,” says Sriram H. Iyer, president and CEO. “With the HiVALUE chequing account, ICICI Bank Canada has further demonstrated our commitment to helping Canadians keep their money in their pockets while earning some interest as well.”

The Canadian dollar account offers 1% interest on balances between $1,000 and $2,500 and 1.5% interest on balances over $2,500.The tiered interest is calculated daily and paid monthly.

In addition to the attractive interest features, the new account also offers additional significant value with no transaction fees. It offers free and unlimited in-branch debit transactions, Interac direct payments, online bill payments, and transactions conducted at more than 2,200 ATMs on the Exchange network.

The account requires no minimum balance and the first 50 cheques are free. It also offers free money transfers to Bangladesh, China, Ghana, India, Nepal,Philippines, Sri Lanka or Vietnam until Nov. 30.

“ICICI Bank Canada offers a full suite of personal financial services, which includes our flagship online product, the high-interest HiSAVE Savings Account,” adds Iyer. “This account currently offers 3.4% on Canadian balances and 2.5% interest on U.S. balances with no maintenance fees and no minimum balance required.”

ICICI Bank Canada has experienced substantial growth since opening in December 2003. In the last five years, the Bank has acquired over 240,000 customer accounts through online, telephone and in-branch registrations across all provinces and territories in Canada.

The HiVALUE chequing account can be opened by downloading an application form from icicibank.ca to submit by mail or by visiting any of the bank’s nine branches in the Vancouver, Calgary and Toronto areas.