ICICI Bank Canada, a full-service direct bank, has launched its new Canadian Dollar HiValue Chequing Account.

The Canadian Dollar HiValue Chequing Account offers 1% interest on balances between C$1,000 and C$2,500, and 1.5% interest on balances over C$2,500. The tiered interest is calculated daily and paid monthly.

In addition to the interest features, the new Canadian Dollar HiValue Chequing Account also offers additional value with no transaction fees. It offers free and unlimited in-branch debit transactions, Interac direct payments, online bill payments, and transactions conducted at over 2,200 ABMs on the Exchangenetwork.

The account requires no minimum balance and the first 50 checks are free. Until November 30, 2008, it also offers free money transfers to Bangladesh, China, Ghana, India, Nepal, Philippines, Sri Lanka or Vietnam.

Sriram Iyer, president and CEO of ICICI Bank Canada, said: 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. This account currently offers 3.4% on Canadian balances and 2.5% interest on US balances with no maintenance fees and no minimum balance required.