A premier study destination for international students, Canada is one of the most sought-after choices due to its High Academic Standards, Numerous Course Specializations, Research Options, Job Opportunities, and Diverse Cultural Environment. The country’s amazing education system, combined with its emphasis on research and development, attracts students from all over the world in large numbers every academic intake. However, to ensure financial stability and compliance with visa requirements, students need to secure a Guaranteed Investment Certificate (GIC) before their arrival.
You might be wondering what GIC is, well that’s what our latest article is about. Keep reading to get all the necessary information regarding the GIC Account for Canada.
GIC Account for Canada: Why is it Important?
A Guaranteed Investment Certificate (GIC) is a vital requirement for students applying for a study permit in Canada. It is also applicable to students who are applying under the Student Direct Stream (SDS) for their quick visa applications. At present, international students need to show CAD 20,635 in their GIC accounts.
The GIC proof serves multiple purposes, and they are given below in detail.
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Financial Stability:
It proves to the Canadian Government that the student has sufficient funds to cover their living expenses for the first year.
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Visa Requirement
It is a mandatory part of the student visa applications, which aims to streamline and expedite the visa process for eligible students.
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Controlled Disbursement:
The GIC amount is disbursed in regular intervals, ensuring students have a steady income to manage their living expenses without financial strain.
By securing a GIC, students not only comply with visa regulations but also benefit from financial planning and management assistance during their initial months in Canada. Now let’s have a look at the documents required to open this GIC account.
Documents Required to Open a GIC Account
Opening a GIC account requires the submission of specific documents, and it includes the following.
- Valid Passport
- An Official Acceptance Letter from a Recognized Canadian Institution.
- Applicants Identification Documents as Required by the Bank.
- Completed GIC Application Form provided by the Bank.
Apart from this, it is also important to verify the exact document requirements on the bank’s official website as they may vary slightly. There are many leading banks that provide the facility to open a GIC account in India to study in Canada. But for this article, let’s keep our focus on SBI & ICICI Bank.
Steps to Open a GIC Account with SBI
SBI is a leading Nationalized bank that offers an extensive international network that ensures reliable service and support for students abroad. Additionally, it provides competitive interest rates on the GIC amount, which is added to the monthly disbursements.
If you are planning to take an SBI education loan for abroad studies, then make sure that you have received the loan sanction before you commence the GIC process. Let’s discuss the process of opening the GIC account with SBI.
- Step 1 – Visit the official SBI Canada GIC account portal.
- Step 2 – Register and complete the online registration form with your personal details, including name, address, and contact information.
- Step 3 – Upload the necessary documents, such as your passport and letter of acceptance from the Canadian Institution.
- Step 4 – After successful registration and submission, you will receive an email with your GIC account details and payment instructions, including the bank’s SWIFT code.
- Step 5 – Transfer CAD 20,835 to your SBI GIC account. This amount includes CAD 20,635 for the GIC and CAD 200 as a processing fee. Ensure the transfer is made from a bank account in your name.
- Step 6 – Once the funds are received, SBI will issue a GIC certificate within a few days. This certificate is ready to be submitted with your study permit application to prove financial stability.
Steps to Open a GIC Account with ICICI Bank
One of the top private banks in India, ICICI Bank offers excellent customer support to assist applicants with any queries or issues during the process. The bank has collaborated with the Royal Bank of Canada (RBC) for GIC.
Just like other banks, if you are planning to take an ICICI bank education loan, then be certain that your process is completed well in advance. Follow the given instructions and steps to have a successful GIC application process.
- Step 1 – Go to the official ICICI Bank Canada GIC account portal.
- Step 2 – Create an account by registering and providing your personal information. You will then get a secured login ID.
- Step 3 – Fill out the GIC application form online by providing accurate details.
- Step 4 – Upload and submit scanned copies of your passport, letter of acceptance, and other required documents.
- Step 5 – ICICI Bank will send you an email with detailed instructions on how to transfer the GIC amount, including their SWIFT code and bank details.
- Step 6 – Transfer CAD 20,835 to your ICICI Bank GIC account. This amount includes CAD 20,635 for the GIC and CAD 200 as a processing fee. Ensure the transfer is made from a bank account in your name.
- Step 7 – After receiving the funds, ICICI Bank will issue a GIC certificate in a few days. You can now start your study permit application process.
Steps after Opening a GIC Account
After successfully opening a GIC account and transferring the funds, students need to follow these steps.
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Apply for Study Permit:
Submit the GIC certificate along with other required documents in your study permit application to the Canadian immigration authorities.
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Arrive in Canada:
Once you arrive in Canada, visit the respective bank branch (SBI or ICICI) to activate your GIC account. This can be done by verifying your identity and providing your Canadian address and contact information.
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Receive Initial Disbursement:
After activation, the initial amount (usually CAD 2,000) will be transferred to your Canadian bank account. This initial disbursement helps cover immediate expenses.
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Regular Instalments:
The remaining GIC amount will be disbursed in regular monthly or bi-monthly instalments over the year, ensuring a steady income stream to manage living costs.
Wrapping up this article, as you have read securing a GIC account is a mandatory step for international students planning to study in Canada as it ensures compliance with the student visa requirements and provides financial stability during the initial year of study. Whether you choose SBI or ICICI Bank, both financial institutions offer streamlined processes and strong support to help you open a GIC account.
To avoid delays in your study permit application, it is essential to start the GIC process well in advance. Additionally, if you plan to fund your higher education with a study loan for Canada, we recommend you to apply early to ensure all financial arrangements are in place before your visa application. Good luck for your future endeavours!