Understanding GIC (Guaranteed Investment Certificate) for International Students

What is GIC? 

GIC stands for Guaranteed Investment Certificate. One of the eligibility to keep in mind to get the student visa is to have a GIC. As its name indicates, GIC is a kind of investment which helps to pay for your living expenses on your initial stay in Canada. 

Currently, there are two Canadian banks which have a GIC program for International Students. One is Scotiabank and other is ICICI bank. Check the link below for full details on the program: 

1. Scotiabank GIC program 

2. ICICI bank GIC program

Amount of funds required for GIC:

In order to show that you will be able to pay for the first year living expense, you will have to purchase a GIC of $10,000. The administrative fees is extra is usually depends on the bank. Scotiabank charges an administrative fee of $200 while ICICI bank charges $150. Which bank to choose depends on you and there is hardly any difference but we do suggest that you go with Scotiabank as they have many branches across Canada compared to ICICI that means you don't have to travel hours for any of the banking related work. 

How to open a GIC? 

It is recommended that you read through all the details from above link before starting to open the GIC so that you have an idea of the whole procedure.

The first thing you need to do is start the application by giving consent to application disclosure. You can start your application from below links: 

1. Apply for Scotiabank GIC 

2. Apply for ICICI GIC 

Next, once all the details are submitted you will receive instruction regarding secure email service from the respective banks. Follow those instructions and log in to your secure email service. You will see a confirmation email from the bank saying that your application for GIC has been received. 

Next, you either have to open a Student Investment Account Application online (for ICICI) or you will receive Investment Account Number and wire transfer details in your secure email (for Scotiabank). 

Once, you have got all the wire transfer details and the investment account number, you can proceed to send the funds. One of the most important things to keep in mind is to use the bank account which is registered under the same name as the one opened under GIC application. Otherwise, the transfer will be rejected. 

After the fund has been transferred, it might take 5 business days (or even more) before the receiving bank gets it. So, don't panic. Have patience. Once, the bank receives the funds, it will transfer it to your investment account and you will receive a confirmation email in your secure email box regarding the acceptance of the funds. This means that your GIC is approved. 

Make sure to print the Investment Direction Confirmation for your records. The emails in the secure email box will be deleted after 180 days. 

That's it. Next step is to print your GIC certificate or save it as PDF and attach while applying for the study permit. Hopefully, your study permit will be approved and you will fly to Canada. 

Once you land in Canada, you can go to the respective banks and let them know all your details (bring all the bank and study permit related print copies) and they will open a new personal account for you and they will transfer the money from the Investment account to your personal account. 

Good Luck with everything. WTG!