Demonstrating “Proof of Funds” to cover your total cost of living is one of the most important prerequisites for studying in Canada.
International students must purchase a Guaranteed Investment Certificate or GIC for Canada Study Visa to do so. All overseas students applying under the Student Direct Stream (SDS) category must meet this mandated requirement.
This write-up explains what GIC Canada is, the three major banks that provide this service, and how to open a GIC account to complete your Study Visa application.
Check Your Eligibility for Canada Study Visa
The Guaranteed Investment Scheme, or GIC, is a 1-year investment scheme available to international students. It is recommended for students who wish to study in Canada under the SDS program. All international students must showcase proof of 1 year's living expenses into a Canadian bank account to be eligible for a Study Visa in Canada.
GIC for Canada Study Visa is required for the following reasons:
The GIC process requires students to deposit a certain minimum amount with one of the Canadian embassy’s registered and recognized lenders. International students applying for a GIC can deposit anywhere between $10,000 CAD to $50,000 (≈ 6 Lac – 30 Lac). The remaining account is used to open a non-redeemable account from which students will be able to receive the nominal amount plus the interest within a set period of time.
A non-redeemable GIC account is one in which international students can deposit a specific amount of money for a specific period of time and receive a fixed rate of interest. Students can take the remaining amount of GIC along with the relevant interest for the same term after the validity period has expired.
How to open a GIC account?
Students must apply for a GIC account at least a month before applying for a visa. Candidates can open a GIC Canada account through one of three major Canadian lenders:
Banks | Scotiabank, Canada | SBI, Canada | ICICI Bank, Canada |
Registration Mode | Online | Online | Online |
GIC + Processing Fee | $10,200 CAD (INR 6,16,341) | $10,150 CAD (INR 6,13,319) $10,100 CAD (SBI India) (INR 6,10,246) | $10,150 CAD (INR 6,13,319) |
Name of the Confirmation Document | Investment Directions Confirmation | Investment Declaration Advice | Investment Balance Confirmation |
GIC Amount Transfer Mode | Wire Transfer | Wire Transfer | Wire Transfer |
GIC Refund Processing Fee | Disclosed at the time refund | $25 CAD (INR 1,509.91) | $10 CAD (INR 603.96) |
GIC Redeem Period | Minimum 12 Months (Can be extended) | 12th Months | 12 Months |
Monthly Interest on GIC Amount | Depends on the chosen program | 1.15% | 1.0%(p.a) |
Scotiabank is one of Canada's greatest banks and is considered the best option for international students looking to open a Canadian GIC account. For international students seeking to purchase a GIC for Canada Study Visa, the Scotiabank Student GIC program involves the following steps:
STEP 1: Register yourself with Scotia Bank through an online medium.
STEP 2: Deposit a GIC of $10,000 CAD (≈ 6 Lac) and a processing fee of $200 CAD (≈ 12,000) for Scotia Bank’s services.
STEP 3: Once you have successfully registered, you will receive your login credentials such as account number and wire transfer details.
STEP 4: Scotia Bank will now send you a confirmation letter titled, “Investment Directions Confirmation”.
STEP 5: You will need to send the confirmation letter to the embassy at the time of visa application.
STEP 6: Scotia Bank will deposit $8000 CAD (≈ 4.75 Lac) out of the $10,000 (≈ 6 Lac) into a non-redeemable account, from which you can further withdraw a fixed amount on a monthly basis to support your daily expenses.
Here are the documents you are required to submit during your registration process:
The basic process remains the same as that of Scotia Bank, however, the process to open a GIC account through SBI/ICICI is relatively new. International students seeking to purchase a GIC for Canada Study Visa under SBI/ICICI bank involve the following steps:
STEP 1: Create an SBI/ICICI GIC account.
STEP 2: You will need to upload a copy of your Passport ID page alongside a copy of your academic transcripts to complete the registration process. Make sure you sign each and every document before scanning and uploading them.
Here are the documents you are required to submit during your registration process:
Also, Read Relevant Quora:-What is GIC for international students in Canada? Are all the students required to have a GIC account?
Related Posts
Enquire Now
How to Bring your Parents to Canada?
02 Feb, 2023 | 04:57 PM 2990049
Is Canada a Better Place to Live than the UK?
08 Sep, 2022 | 03:50 PM 131099
What's the next step after biometrics for Canada Study Visa?
16 Jun, 2022 | 05:44 PM 108272
How much funds are required for a Study Visa in Canada?
11 May, 2022 | 11:43 AM 101314
How to get a job in UK from India?
03 Jun, 2022 | 12:31 PM 97006
Canada Demand for Indian Talent: Key Industries to Watch
07 Dec, 2024 | 12:01 PM 307
Top 5 Pathways for Skilled Professionals to Immigrate to Canada
06 Dec, 2024 | 03:50 PM 584
Apply for Ireland Work Permit from India
04 Dec, 2024 | 05:44 PM 1289
Apply for Switzerland Work Permit from India
03 Dec, 2024 | 05:27 PM 2168
Apply for Netherlands Work Permit from India
02 Dec, 2024 | 05:57 PM 1734
Stay up to date with latest news
Comments
We welcome your feedback
Your email address will not be published. Required fields are marked *