What is GIC?
GIC stands for Guaranteed Investment Certificate. We can judge by its name, it’s a kind of Student investment in Canadian Bank for their Further Studies with guaranteed Rate of Return (R.O. R). It is commonly issued by trusted companies and Banks. Gic Canada is used by international students to pay their Living Expenditures in Canada.
Why GIC is mandatory for International Students?
GIC is only mandatory for students under Student Direct Stream (S.D.S) Category, around $ 10,000 CAD. It’s compulsory because a Canadian institute requires assurity that international students should have sufficient funds for their living expenses after landing in Canada. The GIC is fixed For International students that are $ 10,000 CAD.
List of Eligible Countries for GIC Canada under SDS Category.
- India
- Pakistan
- China
- Morocco
- Senegal
- Philippine
- Vietnam
What are the Documents required for opening a GIC account?
- Passport copy (Front & Back) (pdf).
- A.O.L (Acceptance of letter) from Canadian College or University (pdf).
What is the GIC Certificate?
It is a legal certificate that confirms, you have opened a GIC Account in a Canadian bank. It is required during Withdrawal and for visa filing time.
List of Financial Banks that offer GIC.
- Scotiabank
- CIBC
- ICICI Bank
- SBI Canada Bank
- Bank of Beijing
- Bank of China
- Bank of Montreal
- Bank of Xian Co. Ltd.
- Canadian Imperial Bank of Commerce (CIBC)
- DesjardinsFootnote1
- Habib Canadian Bank
- HSBC Bank of Canada
- Industrial and Commercial Bank of China
- RBC Royal Bank
How can we withdraw GIC money after landing in Canada?
After reaching Canada, students require to personally visit their respective bank branch where they have opened a GIC Account and required documents must have to be carried for verification purposes. After verification or opening of a GIC account, you will get $2000 CAD initially and remaining after the prescribed time.
Points should be remembered before applying for GIC account:-
- Refund Policy
- Processing time.
- Rate Of interest.
- Account Opening Cost.
- Account Opening Cost.
- Banks branch or ATMs in your Province.
- Mode of Payments (RTGS/NEFT/ wire Transfer)
- Money must be received from your (Student) personal account.
- Credentials (name, address, etc.) should be the same in Passport, Bank (where you transferring your GIC), and GIC Account.
FAQ’s
- Can international students study without GIC in Canada?
No.
2. Can GIC be refunded?
Yes
3. GIC is mandatory for International Students?
Yes
4. Will GIC rates go up in 2021?
Maybe, not confirmed.
5. Is GIC requires after every year or once?
Once
6. Can we withdraw all GIC amount in one go?
No.
7. Can we use parent’s bank account for GIC Transfer?
No.
8. Can we take Loan for GIC?
Yes
9. Can we pay GIC in INR or Local Currency?
Yes
10. Is GIC same in one year course?
Yes.