Follow steps to open GIC account for study in Canada – GIC or Guaranteed Investment Certificate in full is an investment scheme which is a mandatory requirement for study in Canada. The GIC account is a short term liquid investment mainly for a year offered by Canadian Banks and few specified banks across the globe including India.

Still confuse, check out the requirements of Canadian GIC process, details and eligibility of opening bank accounts or block accounts. Know the process to get the details about GIC certificate from the Canadian bank.

What is GIC or Guaranteed Investment Certificate in Canada ?

As per the Citizen Immigration Canada (CIC) requirements under Student Partner Program (SPP) or SDS (Student Direct Stream), VISA will be issued to the students for studies in Canadian Colleges on full filling the requirement of investing CAD 10,000 in the form of GIC with Canadian Banks. All international students are required to deposit their one year’s living expenses into a Canada-based bank in order to qualify for a student visa to study in Canada. This is for students who choose to study in Canada under the SDS (Student Direct Stream) program. You will not require any extra financial documentation to demonstrate to the IRCC (Immigration, Refugees and Citizenship Canada) that you have sufficient cash to cover the tuition and living expenses.

Steps to open GIC account for study in Canada

1. How to Obtain a Guaranteed Investment Certificate (GIC) in Canada ?

GIC amount of approximately $10,000 CAD per year is the GIC requirement as per Citizenship and Immigration Canada guidelines. This amount doesn’t include tuition fees and only cover the living expenses.

This is also required to purchase the certificate through participating GIC, and evidence for paying the tuition fees.

2. Participating Banks to Issue GIC in Canada?

At present, following are the only participating Canadian financial banks issuing the Guaranteed Investment Certificate, GIC:

1. ICICI Bank Canada,
2. SBI Canada Bank,
3. HSBC,
4. Scotia Bank, and
5. The Canadian Imperial Bank of Commerce (CIBC)

Click on the Individual Bank for getting the details learn more about the GIC and to download the GIC Application form.

3. What is the GIC amount in Canada for International Students?

The recommended GIC amount as per advice of the Canadian embassy is CAD 10,000 for a Canada student visa. All students need to deposit this GIC amount for a Canada student visa.

The amount must be maintained in their saving account at the time of applying the VISA. There is no bar on maintain the higher amount but the minimum must be CAD 10,000 with any of the participating GIC banks in Canada.

GIC amount of CAD 10,000 covers the living expenses for first year in Canada. The money is released to student every month or every two months for the first 12 months after the confirmation of their identity.  The residual amount of $ 8,000.00 (CAD) will be invested in a Non-redeemable GIC account of one-year term.

An equated monthly installment (EMI of principal +interest) will be paid from this Non-redeemable GIC account and credited to student’s bank account each month for 12 continuous months.

Any one of the following must be provided by the bank where you have purchased the  Guaranteed Investment Certificate:

• a GIC certificate
• a letter of attestation
• a confirmation of Investment Balance
• a confirmation of Investment Directions

4. How To Open GIC Account in Canada From Banks in India ?

This is the mandatory requirement to open the Canadian bank account before arrival to Canada. The process of opening the account and issuing GIC is completely online. The procedure is pretty straightforward and time-efficient. While the process may vary slightly from one bank to another, here is typically what you need to do to open your GIC account: 

1. Choose your bank and register online
2. Submit application for GIC account
3. Pre fund the account
4. Receive GIC from the bank

5. How to Pay GIC Canada From India ?

1. Apply for Education Loan with listed banks in India
2. Submit application Form for GIC Program
3. Place a request to your bank to transfer fund in the block account or ‘Canada Student GIC Program’ account with CAD $10,000
4. Banks may charge service fees additionally.
5. This is to remember that the fund credited to your GIC account must be transferred from the student’s account or joint account held by the student in India.
6. An ‘Investment Balance Confirmation’ will be sent to you after receiving the CAD $10,000

6. Which are the banks eligible for granting Education Loan for Studying in Canada?

As per Citizenship and Immigration Canada guidelines, Education Loan must be provided by a bank governed by the Reserve Bank of India. All international banks operating in India also meet these criteria. Also Read – US L-1 Visa Holders Are Also in the Line of Fire