How to Open GIC With SBI Canada ?

Steps to Open GIC With SBI Canada – As per Government of Canada’s student visa financial requirements for the students from India, China, Vietnam or the Philippines to pursue post-secondary studies in any Canadian province other than Quebec, are required to purchase a guaranteed investment certificate (GIC) through SBI Canada (SBIC). CAD 10,000 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.

Follow the step by step process for applying GIC through the State Bank of India, Canada Student GIC Program. What is GIC or Guaranteed Investment Certificate in Canada ?

Step 1 – Register for the program

1. Create an online profile with SBI Canada in the SBIC Student GIC Program Portal.
2. Click “Register” to access the new user registration screen.
3. Fill in your first name and last name. These must be identical to those shown in your passport. If you don’t have last name, please enter “No last name” in the respective field.
4. Fill in your email address. This email address will be your username in the portal.
5. Enter a password.
6. Retype your password to confirm it.
7. Select your country of residence.
8. Click “Register” button to complete your registration.
9. After you have successfully registered, you can access the online SBIC Student GIC Application Form.

Step 2 – Submission of Documents

After successful registration, You must complete the SBIC Student GIC Application Form online. This will also require uploading copies of documents. Incomplete application forms and missing documents will delay the application process.

You must sign and date each of these documents to confirm their authenticity. Ensure that all the documents are scanned clearly and are legible. Illegible documents will not be accepted.

1. Log in to the Student GIC program portal.
2. Click on the “My application” tab from the menu.
3. Click on “Create/Edit my SBI Canada Bank Student GIC Program Application Form”.
4. Follow the instructions and provide the required information.
5. Please ensure the name in the application form should match with the name in the passport and bank account.
6. Prepare the following documents in PDF format:
   • A copy of your passport identification page(s) (this must include your photograph, signature and address)
   • A copy of your admission, acceptance or offer letter from a Canadian post-secondary institution (optional)
   • In case if the applicant is Minor, copy of the passport or PAN card of the parent/guardian (If applicable)
7. Save the scan copy of accompanying documents to the portal as one document.
8. Upload the PDF document in the portal.
9. Click “submit” to submit your application.

Step 3 – Application review

State Bank of India, Canada will review the application. This process may take up to five business days. A confirmation message will be sent to the applicant if the application is in complete status with the following details.

1. Your SBIC Student GIC Investment Account number.
2. Fund transfer details.

Step 4 – Transfer funds to Canada

For transferring fund to SBI Canada account, the minimum requirement is of GIC investment account number and wire transfer details, The minimum amount to transfer is CAD10,000 (ten thousand Canadian dollars), excluding fees, to purchase your GIC through SBI Canada Bank. This is the mandatory requirement of Immigration Canada’s financial requirements for a student visa. The charges for remitting fund to SBI Canada are :

• A non refundable administrative fee of CAD150.
• SBI Canada Bank must receive CAD10,150 in full without any deductions to process your GIC request and collect the required administrative fees.
• If SBI Canada Bank receives less than the required amount, the funds will be returned to your bank account at the same bank where the original wire transfer was initiated and your GIC request will not be processed.
• If your money is returned, you are responsible for paying any money transfer fees and all of the intermediary bank or correspondent bank charges as a result of the decline.
• The wire transfer must be from a bank account in your country of residence that is exclusively in your own name or jointly held with your parent(s).
• Fund will be accepted only if the name of the sender and the beneficiary (i.e. the recipient) matches.
• Your bank must ensure that the wire transfer/MT103 should include the remitter/student name, account number and full address at Line 50 and the beneficiary/student name, account number and full address at Line 59. If the applicant/student doesn’t have a specific address in Canada, the student’s full address in the home country shall be provided in Line 59.
• In case of any mismatch, the wire transfer will not be accepted.
• The funds will be returned to your bank account at the same bank where the original wire transfer was initiated and your GIC request will not be processed at your own risk and responsibility.
• Once you have initiated the wire transfer, please notify the bank through a message.
• International wire transfers take about five business days.

Step 5 – Investment Confirmation

 The confirmation of opening the GIC will be provided to the student in two business days after receiving the required funds, SBI Canada Bank will issue an Investment Declaration Advice that can be downloaded from the portal.

The Investment Declaration Advice will include the interest rate on the issue date for a one-year Student Investment Account with Interest Rates. Print a copy of the Investment Declaration Advice and keep it for your records. You will need to submit a copy of this letter when you are applying for your study permit.

Step 6 – Apply for a study permit

When you apply for a study permit, you will need to show proof that you have a GIC of CAD10,000. The Investment Declaration Advice issued by SBI Canada Bank confirms that you meet this requirement. You will include this document when you apply to the Canadian High Commission for your study permit.

Step 7 – Confirm your KYC in Canada

After you arrive in Canada, you will need to confirm your KYC at an SBI Canada Bank branch or Canada Post location to activate your account and access your funds. Visit your closest SBI Canada Bank branch to open a personal account and activate the GIC by providing the following documents:

1. 1. Original passport.
   2. Original study permit (i.e. IMM 1442) issued by the Canadian High Commission.
   3. Original letter of enrollment issued OR Student ID card issued by your Canadian educational institution.
   4. A printout of the Investment Declaration Advice issued by SBIC.

Visit a Canada Post location

If you can’t visit an SBI Canada Bank branch, you can also verify your credentials at a Canada Post location. You must do this within 180 days of arriving in Canada.

1. 1. Original passport.
   2. DSS number and unique 2D barcode.
   3. Student GIC statement that shows your Canadian mailing address.

Canada Post will allow 3 attempts to verify the identity. Failing to do so would require you to visit the SBI Canada branch in person.

Step 8 – How Does SBI Repay the GIC ?

Once SBI Canada Bank has confirmed your KYC, either within a branch or at a Canada Post location, Bank will transfer the CAD10,000 originally deposited into the SBIC Student GIC Investment Account into two new accounts that we will open in your name: 

1. A Super Saver or Chequing account: SBI will credit CAD2,000 plus any accrued interest to  SBIC Student GIC Investment Account. You can access these funds right away.
2. A Non-Redeemable Student GIC account: SBI will invest the residual amount of CAD8,000 in a non-redeemable/non-renewable GIC account with a one-year term. These funds will be paid to the student in equal instalments over a 12-month period and credited to Super Saver or Chequing account.
3. Students are responsible for ensuring that they have adequate resources to meet their living expenses in Canada.

Step 9 – How To Claim GIC Refund From SBI Canada ?

Many a time, you no longer require your student GIC investment and you are eligible to request a refund of your CAD10,000 investment. Follow the below steps to generate refund of GIC.

1. The Canadian High Commission declined your application for a study permit. In this case, you must submit proof of the refusal issued by the Canadian visa office in your country along with your refund application.
2. The Canadian educational institution you applied to declined your admission. In this case, you must submit proof of the refusal issued by the Canadian educational institution along with your refund application.
3. The Canadian educational institution approved your admission, but you have decided not to pursue your studies and have withdrawn before arriving in Canada. In this case, you must submit a copy of your passport page showing the cancelled study permit issued by the Canadian visa office.
4. After making your Student GIC investment, you decided not to apply for a Canadian study permit. In this case, SBI Canada Bank will contact the Canadian visa office to confirm that your visa application was not filed. Your refund request will be subject to this confirmation.
5. After arriving in Canada, you withdrew your enrolment from the educational institution. In this case, you have to provide SBI Canada Bank with:
   • A copy of your passport showing the cancelled study permit issued by the Canadian visa office.
   • Proof that you have returned to your country, such as a self-attested copy of the passport page showing the entry date stamped by the immigration authorities at the airport as proof of your return.

How to claim your refund ?

1. Complete and print the refund application form from the portal
2. Sign and upload a scanned copy of the refund application along with any required document(s)
3. Your refund application must contain all the required documents/information to be processed.
4. If your refund application is incomplete, SBI will return it to you with an explanation to help you correct the mistake and provide the missing information or documents.
5. You must revise and re-submit the application after making the necessary correction(s) and attaching all the required documents.
6. SBI Canada Bank might contact the Canadian High Commission in your country to confirm your application status (for example, the refusal or the cancellation status of the study permit).
7. The refund process will be strictly subject of receiving this confirmation from the Canadian authorities.
8. It may take up to four weeks to process your refund request.
9. Once your request has been approved by the Canadian High Commission, SBI Canada Bank will cancel your investment.
10. SBI Canada Bank will redeem the outstanding balance from your SBIC Student GIC Investment Account, along with accumulated interest, and wire the funds to the same bank account and the same bank from which the wire transfer initially originated.
11. The original administrative fee of CAD150 is not refundable.
12. SBI Canada Bank will deduct a money transfer fee of CAD25 from the eligible refund amount.
13. Please note that additional fees may be charged by intermediary banks or correspondent banks during the wire transfer of the refund. You are responsible for paying any additional fees as charged by the intermediaries’ correspondents during the refund process.
14. SBI Canada Bank will notify you through a portal message confirming the transfer of funds and the closure of the accounts.