Know the simple steps to Open GIC for Canada in Scotiabank for International students. The Scotiabank Student GIC Program is the most popular among the students coming to Canada for study. The GIC program will help you to meet the study permit requirements of Citizenship and Immigration Canada faster by showing proof of funds. GIC is mandatory for International student want to study in Canada and Scotiabank provides easy access to your money to help pay for living expenses while you’re studying in Canada.

The Scotiabank GIC program 

Scotiabank is one of the affiliated bank for issuance of GIC as per Citizenship and Immigration Canada guidelines. It is one of the most popular bank in Canada and most preferable bank by Indian students for a Canada GIC account. Follow the below steps to Open GIC for Canada in Scotiabank with issuance of GIC for international students. Also Know – How To Open GIC with SBI Canada ?

Scotiabank GIC program Registration process

1. The registration process for GIC issuance is completely online. Visit the Scotiabank website for registration or Click Here
2. Bank charges CAD 200 as registration fees addition to living expenses of CAD 10,000. In order to get the Canadian VISA, the total amount to be deposited initially with the bank will be CAD 10,200.
3. Post successful validation of registration online, your GIC account login will be created and bank will send the Scotiabank Investment account number and wire transfer details to students on registered mail ID or can be checked through Portal.
4. Post creation of GIC account an Investment Directions Confirmation letter will be issued by Scotiabank to international students.
5. This letter can be submitted at the embassy by students at the time of their visa process.
6. Further, Scotiabank will deposit CAD 8,000 out of living expenses of Â CAD 10,000 into a non-redeemable GIC account.
7. A non-redeemable GIC account is also called as super savings account in which you are required to deposit a certain principal amount for a stipulated time period.

How to Activate Scotiabank GIC Account ?

A fixed amount can be withdrawn from the account every month for the purpose of Living expenses. Post completion of course period, the entire GIC amount can be encased by students. The bank account can be activated only after arrival to Canada. They need to physically visit the any of the branches of ScotiaBank and required to submit the following documents to activate their Canada GIC account.

1. The investment directions confirmation letter issued by bank after the registration process.
2. A valid passport.
3. The letter of enrolment from the college or university.
4. The study permit and welcome letter. 

How do I get a refund from Scotiabank GIC ?

Due to any valid reasons if you want the refund from the GIC account with Scotiabank, follow the below mentioned process and submit the following details and documents online.

1. Scotiabank Investment account number.
2. Wire return bank account details of beneficiary account
3. The original case number and a letter stating the reason for applying for a refund, if applicable.
4.  Post verification of all the details, Scotiabank will initiate the refund process.
5. Post refund, bank will send a confirmation email with ICN ( Internal Control Number).
6. The entire process may take up to 4 weeks time.
7. There may be charges for the refund process as per the Scotiabank GIC refund policy.
8. As per bank guidelines, If the refund request is made within 14 business days of the date your Investment Account was opened, you will be refunded $185 CAD of your $200 CAD Scotiabank administration fee in addition to the full amount of your funds transferred (principal plus any accumulated interest). ScotiaBank GIC Refund Process FAQs