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:
- Scotiabank, Canada
- SBI, Canada
- ICICI Bank, Canada
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.
- Register for a student GIC program account with any of the Canadian banks listed above. This process is available online.
- When students successfully create their GIC account login, the separate banks transmit the investment account number and wire transfer data to them via their own secure email services.
- Candidates may submit the Canada GIC sum through wire transfer from their home country to the bank with which they registered for a GIC account once they get their GIC account number and wire transfer information from their respective lenders. This procedure might take between 10 and 12 days.
- For their GIC services, all three banks impose a separate service fee. This charge is included in the total amount allotted to applicants. The first set-up price is $2000 CAD, which is deducted from the $10,000 CAD. The remaining $ 8000 CAD is sent to the investing account. Students will receive a monthly payment of $667 CAD, plus any applicable interest, to cover their expenditures for the remainder of their stay in Canada.
- Once the GIC money has been successfully paid, banks send an email to the affected students verifying receipt of the GIC amount payment. Candidates may send this letter while applying for a visa.
Documents Required For GIC Account On Arriving In Canada:
- When students arrive in Canada, they must physically visit the banks where they created their Canada GIC account, together with appropriate documentation, for a final verification step and to activate their student GIC program account.
- Following the bank’s verification of appropriate papers, a personal deposit account in the student’s name will be established, and the first set-up costs of $2000 CAD will be put into this account. The remaining $8,000 CAD will be transferred into an irredeemable GIC account. Once the students have used up all of the initial set-up costs, they will be able to take their monthly stipend from this non-redeemable GIC account.
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.
- Their research authorization has been revoked.
- Admissions applications have been turned down.
- If the student dropped out of the respective university before or after arriving in Canada.
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.
- Students will be expected to produce supporting documentation for their request for a refund.
- The list of documentation that candidates must give varies depending on the lender.
- Banks will begin the return procedure after all of the papers have been satisfactorily validated. As soon as the return procedure is finished successfully, the various banks send a confirmation email.
- The complete Canada GIC refund procedure might take up to four weeks.
- Banks may assess additional fees for this. As a result, students must account for this when requesting a refund.
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