All international students who intend to study in Canada under the SDS (Student Direct Stream) programmes approved by the Canadian government must complete the Canada GIC procedure. However, many students are still perplexed about the precise Canada GIC Process. This article sheds light on the student GIC program of the three major banks that provide this service. The complete process of obtaining a GIC certificate from some of the most notable lenders is detailed here. Before we get into the specific steps that students must do to complete the Canada GIC process, let us first define what a GIC account
Importance Od GIC
GIC is an investment scheme that requires international students to deposit a specific amount of money into a Canadian bank account. This deposit serves as proof of funds for their living expenses while studying in Canada and is a mandatory requirement for obtaining a Canadian student visa. The minimum recommended GIC amount by the Canadian embassy is CAD 10,000.
Recommended GIC Amount For International Students
The Canadian embassy suggests a minimum GIC amount of CAD 10,000 for a student visa. Students can deposit between CAD 10,000 and CAD 50,000. This GIC process involves depositing a portion into a savings account and the rest into a non-redeemable account, which students can access for living expenses during their stay.
Opening GIC Account
Students should initiate the GIC account opening process at least a month before applying for a Canada student visa. Three major banks offer GIC accounts for international students:
- Scotiabank, Canada
- SBI, Canada
- The ICICI Bank, Canada
Let’s take a closer look at the GIC processes of these banks.
GIC Programs By Major Banks
| Bank | Registration Process | GIC + Processing Fee | Confirmation Document | Mode of Transfer | GIC Lock-in Period | GIC Refund Processing Fee |
|---|---|---|---|---|---|---|
| Scotiabank | Online | CAD 10,200 | Investment Directions Confirmation | Wire Transfer | Minimum 12 months. Can be extended | Disclosed at the time of refund |
| SBI, Canada | Online | CAD 10,100 (If depositing through SBI, India) | Investment Declaration Advice | Wire Transfer | 12 months | CAD 25 |
| ICICI Bank, Canada | Online (Similar to others) | CAD 10,150 | Investment Balance Confirmation | Wire Transfer | 12 months | CAD 10 |
Activating GIC Accounts In Canada
Upon arriving in Canada, students must visit the respective bank branch or designated location to activate their GIC accounts. They need to provide documents like their passport, study permit, letter of enrollment, and confirmation documents from the bank.
GIC Refund Policies
Each bank has its own GIC refund policy, so students should familiarize themselves with the specific requirements and procedures for refunds.
Other Funding Options
Aside from GIC, there are three primary ways to fund higher education in Canada: scholarships, self-funding, and education loans. Many students opt for education loans to cover their expenses. However, securing a pre-visa disbursement for the GIC account can be challenging.
List Of Popular GIC Programs
Here’s the list of popular GIC programs for students:
| Program Name | Description |
|---|---|
| AIESEC Global Talent Program | Offers a wide range of global internships in various fields |
| IAESTE | Provides technical internships in engineering and science |
| CIEE Global Internship Programs | Offers internships in various countries and fields |
| ISA Internships | Provides internship programs in numerous locations |
| IES Abroad Internships | Combines academic coursework with international work |
| CEA Internships | Offers internship opportunities for students studying abroad |
| GoAbroad.com | A comprehensive directory of international internships |
Please note that the availability and popularity of these programs may vary, and it’s essential to research each program thoroughly to find the one that best suits your needs and goals.
FAQs
1.What is a GIC account?
For international students who want to enrol in study programs covered by the Student Direct Stream and study in Canada, the student GIC program, also known as a Guaranteed Investing Certificate, is a recommended investment method. GIC accounts are merely savings accounts that offer set returns to all eligible applicants over a specific period.
2.What is a GIC account for a student visa?
Opening GIC accounts or savings accounts is a prerequisite for students who want to study the programs covered by the Student Direct Stream. All international students must deposit one year’s worth of living expenses into a Canadian bank to be eligible for a student visa to study in Canada.
3.How can I open a GIC account?
You can open your GIG account with Scotiabank, SBI, and ICICI Bank in Canada. The application method followed by all three institutions is nearly the same. You can register online for a student GIC program account with any of the Canadian banks listed above. The account opening process can take anywhere from 10-15 days.
4.How much money should I put into a GIC?
The Canadian embassy has recommended that the GIC amount be at least CAD 10,000 for a Canada student visa. The standard Canada GIC process requires students to deposit the above-mentioned amount with any Canadian embassy-registered and accredited lender.
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