GIC Business Banking
Business Term Deposits (Guaranteed Investment Certificates)
SBI Canada Bank offers term deposits in the form of Redeemable and Non-redeemable GICs.
- GICs are available both in Canadian Dollar (CAD) and US Dollar (USD).
- Our GICs offer attractive rate of interest for various maturities. Get updated with Latest Interest Rates
- Interest on the GICs is compounded annually and paid out at the end of the term
- Non-Redeemable GICs are available for periods ranging from 6 months to 5 years. Non-Redeemable GICs may not be redeemed before maturity.
- If the GIC is for a term of less than one year, simple rate of interest calculated on the entire term of the investment shall be paid.
- Redeemable GICs are available for periods ranging from 1 year to 5 years.
- Redeemable GICs - If redemption is made within 29 days of opening the redeemable GIC, No Interest will be paid. Refer to Redeemable GIC disclosures and Interest Rates table for complete and updated information.
- Non-Redeemable GICs will not be redeemed before the maturity date and the funds cannot be accessed before maturity.
- Non-Redeemable GIC - If the Bank permits early redemption of non-redeemable GIC at its sole discretion for reasons of financial hardship: (i) No Interest will be paid on the non-redeemable GIC; and (ii) An administrative fee of $25.00 will be charged. This administrative fee will be deducted from the principal amount at the time of making the pre-mature payment of the non-redeemable GIC. (Please refer to non-redeemable GIC disclosures available on our website - ca.statebank)
- Safety of Deposits: SBI Canada Bank is a member of CDIC. (To find out information about deposit insurance from the Canada Deposit Insurance Corporationincluding what instruments and/or products are eligible for deposit insurance, visit their website www.cdic.ca. Information on deposit insurance is also available in the CDIC brochure entitled "Protecting Your Deposits" )
- USD deposits are not eligible for deposit insurance
For detailed disclosures on Redeemable GICs click here
For detailed disclosures on Non Redeemable GIC click here
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