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Know More About The Student GIC Program

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 most 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 is.

What Is GIC? Is Student GIC Compulsory For Canada?

The student GIC program, or Guaranteed Investment Certificate, is an investment system that is suggested for overseas students who desire to study in Canada for study programmes covered by the Student Direct Stream (SDS). To be eligible for a student visa to study in Canada, all overseas students must deposit one year’s living costs into a Canadian bank. GIC accounts, as the name suggests, are essentially savings accounts that provide fixed returns to all qualifying candidates over a certain period of time.

This is a mandatory prerequisite that all students must meet if they intend to pursue a course through the student direct route. Three major banks provide these services to overseas students currently enrolled in Canadian universities/colleges. This post will explain in full how to obtain a GIC certificate from each of these lenders.

What Is The Recommended GIC Canada Amount For International Students?

The Canadian embassy has advised that the GIC amount for a Canada student visa be at least $10,000 CAD. The student GIC program amount is required for all candidates seeking a student visa to Canada. Students can deposit between $10,000 and $50,000 CAD in their separate savings accounts at one time. The standard Canada GIC process requires students to deposit a minimum of $10,000 CAD with any of the Canadian embassy-registered and accredited lenders.

These lenders deposit a portion of the GIC Canada amount into a savings account, and the remainder is used to construct a non-redeemable account from which students can collect a minimal sum plus any interest that may have accrued over the stipulated time term.

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The Process Of Opening A GIC Account

Candidates should start the process of obtaining a student GIC program account at least a month before applying for a student visa to Canada. Students can create a Canada GIC account with one of three major banks:

The overall method followed by all three institutions is nearly the same. The following is a general summary of how students can obtain verification of GIC amount for Canada student visa.

Registration Process:

Documents Required For GIC Account On Arriving In Canada:

Canada GIC Amount Refund Process:

Students may be eligible for a reimbursement of their GIC account balance from their individual banks under the following conditions.

The Canada GIC refund policy followed by all three banks is largely identical. Candidates must complete the processes outlined below in order to be repaid for their student GIC program amount.

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