Steps to Open GIC Account in ICICI Bank Canada for International students. Canadian High Commission has authorized ICICI Bank Canada to open and accept GIC, Guaranteed Investment Certificate from Indian students. Follow the step by step process to register, activate and apply for the student account and issuance of GIC with ICICI.
Also Know – What is GIC or Guaranteed Investment Certificate in Canada ?
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Application process for Students GIC program
1. Register for the Student GIC Program Via ICICI Bank Canada
To initiate the application process to Open GIC Account in ICICI Bank, please register for the ICICI Bank Canada Student GIC Program as follows:
- Visit the ICICI Bank Canada website or Click register link here
- Provide your details like name, username and personal email address.
- You also need to select your own password and a security question for resetting your password in case you forget it.
- An email with the activation link to complete your registration will be sent to the email address you have provided.
- As soon as you click on the activation link, you will receive a registration confirmation on screen.
Note: If you do not receive the email with the activation link after 5 minutes, please click the ‘Re-send Activation’ link on the login page.
2. Submit an application
Post submission of successful application, an automated link will be sent to your email address with the following details. Simply login with your username or email address and password.
- Complete the application form online
- Submit it along with a scanned copy of your passport and proof of enrollment.
- An account number will be generated and provided instantly on screen.
- A confirmation of the same will be sent to Inbox or registered mail ID.
Note: If there are any discrepancies observed in your application, a notification will be sent to your personal email address.
3. Deposit Funds into the Account
Applicant needs to transfer the total amount of CAD 10,175 into Student Account as per the following breakdown.
CAD 10,000 – to be deposited into Student Account or the amount specified by Immigration, Refugees and Citizenship Canada for the province of arrival
CAD 150 – to cover the non-refundable account processing fee;
CAD 25 – to cover any other corresponding bank charges, if applicable.
International wire transfers may take approximately 5 business days (or more) to reach ICICI Bank Canada.. This is also to ensure that the funds are transferred from student bank account in one single transaction. Upon receipt of funds, an Investment Balance Confirmation will be sent to accent holder via our secure mailbox.
NOTE : It is recommend to store a copy of confirmation for future records. When you are applying for a student visa / permit, it is important to attach a copy of the Investment Balance Confirmation with your application when submitting it to the Canadian Visa office in your home country.
How to Activate the ICICI Canada Student Account
- Download the ‘ICICI Bank Canada SPP App’ from the Android or Apple app stores.
- While you are in India – Confirm receipt of your debit card and update us with your travel plans.
- Upon your arrival in Canada –
- Complete the activation form online or through the mobile app and upload the required identification documents,
- Complete your in-person verification by visiting any ICICI Bank Canada branch or any of our authorized partner’s across Canada,
- Upon completion of verification, student account will be converted to a personal chequing account
- Open a new GIC account to transfer the money, as follows:
- $8,000 will be invested in a 1-year fixed term GIC. (The principal amount and interest earned will be deposited into your personal chequing account automatically in 12 equal monthly installments.)
- The balance amount available will be retained in your personal chequing account
For any support about or contacting customer care Canada of ICICI Bank
- Email at customercare.ca@icicibank.com.
- Call 24-hour Customer Contact Centre, toll-free:- In Canada: 1-888-424-2422
