EQ Bank Business GIC Features
All monetary amounts in this table refer to Canadian dollars.
| Feature | Fee/Details |
|---|---|
| EQ Bank Business GIC | No fee |
| GIC Terms and Interest Rates | The EQ Bank Business GIC terms and interest rates are the same as the EQ Bank Personal GICs (non-registered or registered). For more information, please refer to EQ Bank GICs. |
| GIC Features and Interest Paid | EQ Bank GICs are non-redeemable and cannot be redeemed before the maturity date. For GIC terms of less than one year, simple interest is calculated on a per diem basis and paid at maturity. For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. For GIC terms of over one year, not including 15 and 27 month terms, interest is calculated on a per annum basis and paid either annually (simple interest) or at maturity (compounded annually). For GIC terms of 15 and 27 months, interest is calculated on a per annum basis, compounded annually and paid solely at maturity. In all cases, interest is accrued for the entire GIC term. Business GICs are not available in Quebec. |
| Maximum Number of GICs held per customer | Maximum 20 GICs per customer. Each GIC purchase has a minimum purchase requirement of $100. The per GIC investment limit is $100,000. Aggregate GIC investment limit of $2,000,000 per business. |
| GIC Maturity | Once the GIC reaches the maturity date, the funds will be placed in the Business Account from which the initial investment was funded. |
| Option to Cancel | There is the option to cancel a GIC purchase within one day after the Effective Date without penalty. For more information, please refer to the EQ Bank Business GIC Agreement. |
| GIC certificate | No physical certificate. Current and previous GIC purchases can be viewed under the Business Account. |
