1

In this link: http://www.icicibank.ca/personal/Investments/termDeposits.htm They outline interest rates for various GICs. When you invest in GIC, is your money locked for the term? If a person wants to withdraw for emergency, that will be subject to some clauses of penalty?

2

From here (accessible from your link above):

Early redemption is available only on GICs/Term Deposits with terms of 1 year and above at 0.75% (interest is paid only if early redemption is made at least 6 months after opening the GIC/Term Deposit). No interest is paid for early redemption on GICs/Term Deposits with terms of 1 year and above if the redemption is made within 6 months of opening the GIC/Term Deposit. No interest is paid for early redemption on 1 month, 3 month and 6 month GICs/Term Deposits.

So no penalties, just less interest paid. Note that this policy is specific to ICICI Bank and GIC redemption policies vary between institutions.

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