How to open GIC for Canada in SBI, Scotiabank, and ICICI bank

The Canada GIC process is a compulsory requirement for all international students who wish to study in Canada under the SDS (Student Direct Stream) programs recommended by the Canadian government. However, a lot of students are still confused about the exact Canada GIC process. 

This article throws light on the Canada GIC process of the three most prominent banks which offer this particular service. The entire details of how to get a GIC certificate from some of the most prominent leaders are explained in detail here.

Before we take a look at the exact procedure which students need to follow regarding the Canada GIC process, let us understand the concept of a GIC account.

What is GIC and how is it important?

Before going further first understand “what is GIC” and “What is the full form of GIC”. So, GIC stands for Guaranteed Investment Certificate. It’s like a special savings account designed specifically for international students who want to study in Canada. When you open a GIC, you deposit a certain amount of money with a recognized Canadian bank. The bank guarantees that your money will grow over time, and you’ll get it back along with some interest.

If you want to know “Is GIC mandatory for Canada student visa?” So yes it is mandatory,  the Canadian government requires international students to show that they have enough money to cover their living expenses while studying. A GIC serves as proof that you can afford basic expenses for at least a year. Having a GIC expedites the visa process, showing that you’re financially prepared for your stay in Canada. With a GIC, you know you’ll have the necessary funds to pay for tuition fees, accommodation, and other essentials.

Let’s say you open a GIC with $10,000 CAD. The bank puts $2,000 CAD into your regular savings account immediately. The remaining $8,000 CAD is invested in your GIC program account. Over the year, you’ll receive the full investment amount plus interest in 11 equal payments. So, GIC ensures both financial security and peace of mind during your study journey in Canada

What is the recommended GIC amount for Canada?

The Canadian embassy/government advises students to maintain a minimum of $20,635 in their GIC account (except for the province of Quebec). This amount serves as a financial safety net during their studies. Here’s how it breaks down:

Initial Deposit: When you open a GIC account, you’ll receive an initial deposit of approximately $6,190.50. Consider this your starting capital.
Monthly Support: Beyond the initial deposit, you’ll receive around $1,204 every month. This money covers essential expenses such as food, rent, transportation, and day-to-day costs.
Why the Increase? In the past, students needed only $10,000 in their GIC account. However, due to the rising cost of living in Canada, the recommended GIC amount was raised to $20,635. This ensures that students have sufficient financial support for a year, allowing them to focus on their studies and enjoy their Canadian experience without financial worries.

How to open a GIC account in Canada?

Candidates need to begin the process of opening a GIC account at least a month before they apply for a Canada student visa. There are three major banks that allow students to open a Canada GIC account:

1. Scotiabank, Canada
2. SBI, Canada
3. The ICICI Bank, Canada

Comparing the Features of Major Banks Offering GIC Account Service

This table will give you an idea of services provided by the major banks. Whereas, we will learn more about the application process and other important details in further sections:

Banks offering GIC Account Services	Scotiabank	SBI Canada	ICICI bank Canada
Mode of Registration	Online	Online	Online
GIC + Processing Fee to be deposited	CAD 20,635 - CAD 50,000	CAD 20,635	CAD 20,635 - CAD 50,000
Name of The Confirmation Document	Investment Directions confirmation	Investment Declaration Advice	Investment Balance Confirmation
Mode of Transfer of GIC Amount	Wire Transfer	Wire Transfer	Wire Transfer
GIC Lock-in period	12 months	12 months	12 months
GIC Refund processing fee (non-refundable)	200 CAD	150 CAD	200 CAD
Interest benefits on top of monthly GIC amount	Varies (0.1% - 1%)	1.15%	1.0%

How to Open GIC Account in Scotiabank

Scotiabank is one of the premium banks in Canada and it happens to be one of the top choices of Indian students for a Canada GIC account. The Scotiabank student GIC program for international students who wish to study in Canada involves the following process:

Registration Process

Eligibility:

• You must be an individual planning to study in Canada.
• Minimum age requirement: 13 years ( Applicants residing in Quebec must be of legal age).
• You should not be entering Canada on a tourist/visitor visa.

Application Steps:

• Submit Your Application
• Complete the Scotiabank Student GIC Program Application online.
• Ensure accurate information and follow the guidelines provided in the Program Guide.

Transfer Funds to Your Scotiabank Investment Account:

• Upon approval, Scotiabank will open a Scotia Investment Account for you before your arrival in Canada.
• You’ll receive a secure email with wire transfer instructions.
• Wire a minimum of $20,835 CAD (for study outside Quebec) or $14,549 CAD (for study in Quebec, including the $200 administration fee) to Scotiabank.
• No interest is earned on the administrative fees.

Apply for Your Study Permit:

• Submit a copy of the Investment Directions (details of your Scotia Investment Account) along with your study permit application to the Canadian Visa Authorities in your country.

Actions to be taken by students to activate their Scotiabank GIC accounts upon arriving in Canada

On arriving in Canada, students are required to submit the following documents at their nearest Scotiabank branch in order to activate their Canada GIC account.

• Present your study permit and other identification documents.
  
  • The investment directions confirmation letter
  • A valid foreign passport.
  • The letter of enrolment from the students’ respective universities.
  • The study permit and welcome letter.
• Open a student bank account.
• Access your funds from the Scotia Investment Account.
• Receive a portion of your investment back each month (approximately $1,376 CAD) for 12 months.
• Over this period, you’ll receive your initial investment back, plus interest.

(Out of the total GIC amount deposited to this account, students get to withdraw fixed amounts every month to support their daily living expenses. Once the promised duration is over, the entire GIC amount can be encashed by students entirely if they choose to discontinue their stay in Canada.)

The Scotiabank GIC refund policy

If your study permit is declined or cancelled, you can request a refund. The Scotiabank GIC refund policy is pretty straightforward. In order to get a full refund of your GIC account opened with Scotiabank, the following details and documents are to be submitted online.

1. Scotiabank Investment account number.
2. Wire return bank account details
3. The original case number and a letter stating the reason for applying for a refund, if applicable.

Once all of the above details have been verified, Scotiabank will initiate the refund process. Once this is done, Scotiabank sends a confirmation email that will include the ICN ( Internal Control Number). The entire process may take up to 4 weeks. Extra charges are applicable for the refund process as per the Scotiabank GIC refund policy.

How to Open GIC Account in State Bank of India (SBI)

The Canada GIC process offered by SBI Canada is a relatively new concept to Indian students who wish to study in Canada. The basic process remains the same. However, certain features of the GIC process which are specific to SBI Canada will be explained here.

Registering for the SBI Canada GIC process

1. Students can create their respective SBI GIC account login online by registering on SBI Canada’s website. The scanned copies of the following documents have to be uploaded on the website in order to complete the registration process. 
   -A copy of the passport ID page.
   -A copy of the college/university offer letter
2. The investment account created by SBI for the purpose of depositing the Canada GIC amount is called a super saver/chequing account. Post this step, the remaining steps are similar to that of the Scotiabank registration process.

Application review process

1. This step is an extra addition to the SBI Canada GIC process. Once students submit their duly filled application form along with the scanned copies of the relevant documents on their portal, SBI Canada will take another 5 days to review a candidate’s application.
2. Once the application has been reviewed and confirmed, candidates will receive a letter of confirmation or the Investment Declaration Advice from SBI Canada, along with their Canada GIC account details and wire transfer details. Post this, the Canada GIC amount can be deposited into their super saver account by students.
3. The Investment Declaration Advice can be submitted by candidates at the time of applying for a Canada study permit/ student visa.

Transferring the Canada GIC amount to SBI Canada

1. SBI Canada does charge additional fees for the Canada GIC account services being rendered by them.
2. SBI Canada charges CAD 150 if candidates send their GIC amount of CAD 20,635 through any lender other than the State Bank of India. For students who send the GIC amount through any of the Indian branches of the SBI, the processing fees are CAD 150.
3. SBI Canada will credit $4,135 CAD (plus accrued interest) to your high-interest-bearing Super Saver Account during your first in-person branch visit. The remaining $16,500 CAD will be invested in a non-redeemable GIC account for one year. Each month, an equated monthly installment (EMI) of principal (CAD 1,375) plus accrued interest will be transferred to your chequing/savings account.
4. SBI Canada will not accept wire transfer of the GIC Canada amount through service providers such as money exchange houses, money transfer services, money services businesses, or any third-party services (such as parents, relatives, or friends).

NOTE- Important information regarding their Canada GIC process with SBI Canada will be available only on the online portal. Hence, it is highly essential that they check the portal from time to time for any information related to the same.

Actions to be taken by the candidates on arriving in Canada

All candidates who have opened their GIC accounts with SBI Canada are required to visit the SBI Canada branch nearest to their location and submit the following documents in order to activate their accounts.

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.

If students are not able to find the nearest SBI Canada branch, they can also visit any of the Canada post locations near them. You can find the details of the same on the official SBI Canada website.

SBI GIC Canada amount refund policy

Eligibility for Refund:

• Declined study permit by the Canadian High Commission
• Declined admission by the Canadian educational institution you applied to
• Withdrew from your studies before arriving in Canada
• Withdrew from your enrolment after arriving in Canada and pursuing your education in a country other than Canada

How to Claim Your Refund:

• Log in to the Student GIC Portal using your existing username and password
• Complete and print the refund application form
• Sign the form and upload a scanned copy of it along with the required documents
• Ensure that your refund application contains all the necessary information and documents to be processed
• Revise and re-submit the application after making the necessary corrections and attaching all the required documents

Refund Process:

• SBI Canada Bank may contact the Canadian High Commission in your country to confirm your application status
• It may take up to four weeks to process your refund request
• Once approved, SBI Canada Bank will cancel your investment, redeem the outstanding balance from your SBIC Student GIC Investment Account, and wire the funds to the same bank account and bank from which the wire transfer initially originated
• The original administrative fee of CAD 150 is not refundable
• SBI Canada Bank will deduct a money transfer fee of CAD 25 from the eligible refund amount
• Additional fees may be charged by intermediary banks or correspondent banks during the wire transfer of the refund, and you are responsible for paying any additional fees
• SBI Canada Bank will notify you via email once the transfer of funds is complete and the accounts are closed.

How to Open GIC Account in ICICI Bank

In addition to the Scotiabank and SBI, Canada, the ICICI Bank also offers Canada GIC services. Since Scotiabank and SBI are more known to students, the GIC process of both the banks has been explained in detail. 

ICICI Bank, Canada conducts a typical Canada GIC process, you can visit their official website to know the Canada GIC process which is more or less similar to the aforementioned explained GIC process.

Registration Process

• Visit the official ICICI Bank Canada Student GIC Program website: ICICI Bank Canada Student GIC Program.
• Click on the “Register” button to create your account.
• Provide the necessary details, including your name, username, and personal email address.
• An activation link will be sent to your email address.
• Click on the activation link to complete your registration. You’ll receive an on-screen confirmation.

Application Review Process

• Log in to your secure mailbox using your username and password.
• Complete the online application form.
• Upload scanned copies of the following documents:
• Passport: Ensure it is valid and clearly scanned.
• Proof of Enrollment: If available, provide documentation from your educational institution confirming your enrollment.
• Upon submission, an account number will be generated instantly on-screen.
• You’ll receive a confirmation through the secure mailbox.

Actions to be taken by the candidates on arriving in Canada

Upon arrival in Canada, you can activate your account by completing the online activation form and uploading the required identification documents. Here are your options:

• Open an account with Royal Bank of Canada (RBC)
• Continue with your activation application with ICICI Bank Canada

If you choose RBC, you will need to:

• Complete the form and submit the activation application with ICICI Bank Canada
• Receive instructions for opening an account with RBC in your secure mailbox
• Follow the steps carefully to link your ICICI Bank Canada GIC with your RBC account

If you choose ICICI Bank Canada, you can:

• Complete the KYC process online or in-person at any ICICI Bank Canada branch or authorized partner
• Have your student account converted to a Basic Chequing Account or Remittance Account
• Have a new GIC account opened to transfer the money

(A portion of the funds will be invested in a 1-year fixed-term GIC, with the principal amount and interest earned deposited into your account in 12 equal monthly installments. The remaining balance will be retained in your account or sent to your RBC account, depending on your preference.)

ICICI GIC Canada amount refund policy

If your study permit is declined or cancelled, you can request a refund of the remaining balance in your account, excluding non-refundable fees like the processing fee.

• All paid fees, including the processing fee, remain non-refundable.
• The bank is not liable for any fees or charges related to foreign currency exchanges or transfers made by itself or third parties.
• The final amount remitted to you might differ from the initial deposit due to foreign currency conversions and associated costs.

Requesting Refund:

• To request a refund, submit proof confirming your visa/study permit decline or cancellation.
• Additional documentation or information may be required at the discretion of the institution.
• Initiate the refund process through the Student GIC Program's online portal while logged into your profile.
• Upon approval, expect to receive the refund within eight weeks.

Refund Process Security Measures:

• For security purposes, the refund will only be transferred back to the original account where funds were first received.
• Following successful processing of the refund request, the account will be closed, and no further transactions will be allowed.

Types of funding accepted by the embassy to study in Canada

There are three different ways of funding your higher education in Canada. 

• The first involves winning fully or partially funded scholarships to study in Canada for reputed institutions. 
• The second method is self-funding. Very few students who wish to study in Canada can afford to self-fund their entire expenses in Canada. Although a lot of public universities offer courses at zero tuition fees, the living expenses can be quite high for candidates who wish to study in Canada. 
• Hence, a majority of these students opt for the third source which is borrowing an abroad education loan. 

Now, one of the major problems of borrowing a Canada education loan from any of the prominent government banks is that many students are not able to secure a pre-visa disbursement to transfer the Canada GIC account amount in time. 

This is where the assistance of the WeMakeScholars team comes in handy. The financial team of WeMakeScholars is well-versed with the financial requirements that are to be fulfilled by students who wish to study in Canada. Our team will also help you in GIC creation along with helping you in getting the education loan at the best deal possible.

If you are looking to fund your higher studies in Canada with the help of an education loan, do get in touch with our team today.