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Know More About The Student GIC Program

About The Student GIC Program

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:

  1. Scotiabank, Canada
  2. SBI, Canada
  3. The ICICI Bank, Canada

Let’s take a closer look at the GIC processes of these banks.

GIC Programs By Major Banks

BankRegistration ProcessGIC + Processing FeeConfirmation DocumentMode of TransferGIC Lock-in PeriodGIC Refund Processing Fee
ScotiabankOnlineCAD 10,200Investment Directions ConfirmationWire TransferMinimum 12 months. Can be extendedDisclosed at the time of refund
SBI, CanadaOnlineCAD 10,100 (If depositing through SBI, India)Investment Declaration AdviceWire Transfer12 monthsCAD 25
ICICI Bank, CanadaOnline (Similar to others)CAD 10,150Investment Balance ConfirmationWire Transfer12 monthsCAD 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 NameDescription
AIESEC Global Talent ProgramOffers a wide range of global internships in various fields
IAESTEProvides technical internships in engineering and science
CIEE Global Internship ProgramsOffers internships in various countries and fields
ISA InternshipsProvides internship programs in numerous locations
IES Abroad InternshipsCombines academic coursework with international work
CEA InternshipsOffers internship opportunities for students studying abroad
GoAbroad.comA 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.


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.

PS: If there’s anything more you’d like us to know about. Add it to the comments section!

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About The Student GIC Program

Know More About The Student GIC Program

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