GIC Canada For Indian Students? How to Apply, Eligibility & Benefits
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A complete guide is about GIC Canada for Indian students who are planning to study in Canada. It is a liquid investment which is popularly known as a Guaranteed Investment Certificate that covers the annual expenses of a student studying in a Canadian university. The increased GIC amount for Canada is 20,635 (INR 12,75,878 Approx).
GIC Canada is also known as the Guaranteed Investment Certificate. It is a secure investment for a fixed period with a guaranteed rate of return. GIC is mandatory for getting a Canada student visa under the SDS program. So, if you want to study in Canada then getting a Guaranteed Investment Certificate is important for you. The IRCC has set the GIC Canada amount CAD 20,635 (INR 12,75,878 Approx).
It is a deposit investment certificate sold by the Canadian Financial Institutions to international students. The objective of a Guaranteed Certificate is to assure the Canadian Government that students have sufficient funds for annual expenses. The IRCC approves a study visa in Canada for an International student after getting a Guaranteed Investment Certificate. In this article, students will learn what is GIC Canada, its benefits, eligi3bility to apply, and the process to buy including the top Indian banks for purchasing a Guaranteed Investment Certificate.
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What is GIC Canada?
The GIC is a prerequisite for Indian Students to study in Canada. This investment covers annual living expenses in Canada for a student. This liquid investment scheme offers double benefits to international students. The first advantage is, that students can withdraw a fixed amount every month to cover the expense. The second benefit is that students will get a fixed rate of return on the rest invested amount. The GIC Canada rate of return is not the same in every bank.
The new GIC amount for international students is CAD 20,635 (INR 12,75,878 Approx). Earlier, the required GIC amount for Canada was CAD 10,000. Raising living expenses in the country and the increasing inflation rate are the reasons behind this decision. Now, you have got the answer to What is GIC Canada for Indian students, so let’s explore the different types of GIC.
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Types of GICs for Indian Students
There are three types of Canadian Guaranteed Investment Certificates. Students can choose a GIC according to their preferences, to get their study visa approved.
- Non-Cashable GIC- Students who can lock funds in for a specific period should choose this type of GIC. Here, you will be getting the highest rate of return but your funds are not accessible till they mature.
- Cashable GICs- No lock-in period and you can withdraw your money anytime. It is an ideal investment for the short term. There will be a monthly limit for withdrawal.
- Equity Linked GIC or Market Growth GICs- This GIC offer returns according to market growth. International students can get both a minimum guaranteed return and a potential bonus return based on market performance.
Now, you have some information about the types of GIC Canada. This information will help you to choose the ideal Guaranteed Investment Certificate for you.
How to Purchase a GIC for Study in Canada?
Indian students can purchase a Canadian GIC to study in Canada by using online or offline methods. Students who want to buy online, need to visit the official website of authorized banks like ICICI Bank Canada. Also, they can purchase a Guaranteed Investment Certificate by visiting the bank branch.
How to Apply for GIC Canada from India?
To get a GIC, students need to open a bank account in a Canadian bank. This is an online process, so students can apply from anywhere. Check out the step-by-step process to apply for a Canadian Guaranteed Investment Certificate.
- Visit the official login page of different banks, such as ICICI Bank Canada and SBI Canada.
- SBI Canada GIC Login link - https://studentgic.sbicanada.com/Login?
- ICICI Canada GIC login link- https://cadigital.icicibank.com/SPPIndia/apps/services/www/SPP/desktopbrowser/default/index.html#/login
- Now register as a new user
- Fill out the required details such as name, username, personal email id and more.
- The Bank will send you an activation link on your email id. You'll be redirected to the application page.
- After completing the application process, you'll get a secure mailbox for communication with the bank.
- Use the username and password to log in.
- The bank will ask for a copy of your passport and proof of your admission to process your application.
- In the next step, you’ll get your new account number and you are all set to deposit the GIC amount for Canada.
After completing all the above-mentioned processes, students need to keep a copy of their investment details. This copy will be asked at the time of your study visa application. Keep in mind that you cannot do regular banking transactions until you arrive in Canada for your study.
Note: Please keep in mind that, you need to pay a bank processing fee for the GIC Canada application process. This fee will be between CAD 150 to CAD 200 (INR 9,222 to INR 12,200 Approx).
Eligibility for Canadian Guaranteed Investment Certificate
- Students must be a permanent resident of the following countries: India, China, Morocco, Pakistan, the Philippines, Brazil, Colombia, Senegal, Vietnam, Peru, Costa Rica, Antigua and Barbuda, Saint Vincent and the Grenadines, or Trinidad and Tobago.
- Must have an acceptance letter from a Post-secondary Designated Learning Institution (DLI) in Canada.
- Proficiency in the English language is mandatory. IELTS Score should be 6.0 or above.
Required Documents for GIC Canada
- Copy of Student’s passport
- Pan card
- University offer letter/acceptance letter
- Proof of enrollment or admission.
Benefits of Guaranteed Investment Certificate
The benefits of GIC Canada depend on the type of GIC and the Bank who offered the certificate. We have mentioned some advantages of getting a Canadian Guaranteed Investment Certificate for Indian Students.
- Secure and fixed annual returns without extra effort.
- The bank will offer a debit card customized according to the needs of students.
- Financial security throughout the year.
- The fastest way to get a student's Visa in Canada.
- GICs are insured by the CDIC for up to CAD 100,000
Top Banks to Offer GIC Canada in India
Here are the details about the top banks to offer GIC Canada in India. We have mentioned every required detail about the student's GIC scheme offered by these banks.
- ICICI Bank Canada
- SBI Canada
- Scotiabank
- HSBC Bank of Canada
How to Compare Banks to Purchase GIC Canada
This information will be helpful for comparison.
|
|
ICICI Bank Canada |
SBI Canada |
Scotiabank |
|---|---|---|---|
| Serving Countries |
India, China, Philippines Morocco, Vietnam, Senegal |
India, China, Vietnam, Philippines |
China, India, Morocco, Pakistan, Vietnam, the Philippines, Brazil, Peru, Colombia, and Senegal. |
| Investment Amount |
CAD 20,635 to CAD 30,000 |
CAD 20,635 to CAD 75,000 |
CAD 20,635 to CAD 50,000 |
| Online Application |
Available |
Available |
Available |
| Processing or Program Fee |
CAD 175 (INR 10,700 Approx) |
CAD 150 (INR 9,222 Approx) |
CAD 200 (INR 12,296 Approx) |
| Interest Rate |
1% |
1.05% |
0.1% – 1% |
| Mobile App |
ICICI Bank Canada app |
YONO SBI Canada Bank app |
Scotiabank App |
Tips to Choose the Right Canadian GIC
You are going far away from your home and loved ones to study. Money is your only friend at the new location. Canadian Guaranteed Investment Certificate covers your overall expenses and supports you financially. Here are the tips to select the right GIC Canada
- Check the presence of banks in Canada.
- Check the availability in India.
- Make sure you know about the maximum Investment limit.
- Having an attractive interest rate on your investment is a great option.
- Check the types of GICs offered by the Bank.
Getting a GIC Canada is an important step for your studying in Canada dream. This article covered all important info related to the Guaranteed Investment Certificate including What is GIC Canada, its benefits, the application process and more. We have compared the top two Indian banks offering GIC in Canada. We hope that this article was helpful for you and now you can choose an ideal bank or financial institution to get a GIC and apply for a study visa in Canada.
Candidates looking for assistance with GIC Canada or universities in Canada can get in touch with our Shiksha Study Abroad Counsellors on our website. Readers with queries can get in touch with us in the comments section below.
GIC Canada FAQs
Q. What is GIC in Canada?
A. The full form of GIC Canada is Guaranteed Investment Certificate. It is a liquid investment in banks in Canada. It is one of the important parts of required documents to study in Canada. The GIC amount is CAD 20,635 (INR 12,75,878 Approx) for Indian students.
Q. How to pay a GIC in Canada from India?
A. The process to pay or buy GIC Canada from India is very easy. Here is the step-by-step process:
- Visit the official website of banks.
- Fill out the required details such as (name, username, and personal email id).
- Bank will send you a URL and secure mailbox for communication with the bank.
- Bank will need a copy of your passport copy and admission letter.
- You’ll get a new account number and all set to pay the GIC amount.
Q. What is GIC amount to study in Quebec?
A. The GIC amount to study in quebec is as mentioned below:
- One person under the age of 18: CAD 7,541
- One person aged 18 and over: CAD 15,078
Q: Â Is Cambrian College in Canada a good option for international students?
Cambrian College in Canada is largely recognised as a prestigious institution, making it an attractive option for overseas students. The college provides a wide choice of programmes, and its accreditation guarantees respect to academic standards. Prospective students should carefully assess Cambrian College's suitability in terms of individual programme offers, campus facilities, location, and foreign student support services. The total cost of education, including tuition and living expenses, should also be considered, as well as any available financial help or scholarships. For the most up-to-date and accurate information, check Cambrian College's official website, contact international student services, and speak with current or former international students for firsthand experiences.
Q: Â What is the University of Canada West acceptance rate?
As per some unofficial sources, the University of West Canada acceptance rate is 80%, which means out of every 100 applications, around 80 are selected, which makes it fairly easy to get selected into the university.
The university gives preference to students having higher grades or have exceptional academic or research experience. Hence, having higher grades increases your chance of getting selected at University of West Canada.
Here is the list of eligibility requirements to get into Canadian Universities.
Q: Â How much are Selkirk College tuition fees for international students in Canada?
The Selkirk College tuition fee for international student ranges between INR 7L-INR 12L for Diploma program, INR 8L-INR 11L for the UG program, and INR 9L-10L for PG programs. The tuition fee for popular programs at Selkirk College is given below:
Courses | 1st Year Tuition Fees |
|---|---|
UG Diploma (23 courses) | INR 7 L - 12 L |
BBA (1 course) | INR 8 L |
BSc (4 courses) | INR 8 L - 11 L |
UG certificate (21 courses) | INR 4 L - 11 L |
BA (10 courses) | INR 7 L - 9 L |
PG Diploma (5 courses) | INR 9 L - 10 L |
B.Pharma (1 course) | INR 8 L |
BEd (1 course) | INR 9 L |
Q: Â What are Algoma University Canada MBA fees?
The Algoma University Business Administration programme fees is around INR 17.5 L for international students. We have mentioned below the complete segregation of Algoma University fees for MBA:
| Tuition Fees | International Students |
|---|---|
| Full-Time Tuition* | INR 16.6 L |
| Required Fees | INR 82k |
| Total | INR 17.4 L |
Q: Â How is studying at Mount Allison University in Canada?
Mount Allison University is one of the reputed universities in Canada that provides excellent programs and follows a brilliant academic culture. It ranked #1 for reputation and library expenses and second for student awards and faculty awards. Mt A is primarily an undergraduate Liberal Arts and Sciences university with over 2,300 students. Students from all over the globe are attracted to the university for its high-quality academic experience, hands-on learning opportunities, rankings, and small class size. The average class size at the university is 41 with student to faculty ratio of 16:1.
Q: Â How much time is required for an offer letter by St. Clair College, Canada?
International students can apply for St. Clair College admission through the college official portal and submit the required application material before the equal consideration deadline. As application received after the deadline are considered on a first-come, first-serve basis. The admission decision on acceptance to the college can take anywhere between 2-6 weeks. However, there is no special mention about admission decision timeline, it is recommended to reach out to the college for further clarity.
Q: Â What are the requirements for Prince Edward University in Canada for international students?
International students must meet the Prince Edward University admission requirements to apply. Mentioned below are the admission requirments for undergraduate and graduate admission at the University of Prince Edward Island:
UPEI UG admission requirements:
- Must hold a high school Diploma in a relevant discipline
- An overall average of at least 70% score in high school
- Submit a final official high school transcript
- Upload a current Curriculum Vitae (CV) or resume
- An official English language proficiency test result
UPEI PG admission requirements:
- Must hold a four-year honours or majors baccalaureate or its equivalent in a relevant discipline
- Must achieve a minimum GPA of 3.0 or an average of 70% or higher in a bachelor’s degree
- Submit two letters of recommendation
- Meet the English language requirements
- Provide additional test score of GMAT/GRE (if required)
- Provide personal statement
- A current resume
UPEI Executive MBA admission requirements:
- Complete an UG degree in any discipline
- An UG degree in the sciences or a degree in any discipline plus considerable work experience in a Science is required for the Biotechnology Management and Entrepreneurship Stream graduates
- Must achieve a minimum average of B (70% or higher) in the last four semesters or last two years of UG study
- Must meet the English language requirements
- Submit additional test score of GMAT (if required)
- Provide personal statement
- A current resume
Also read: Eligibility Criteria to Study in Canada for Indian Students
Q: Â How is ICM Canada UTP Stage 2 Business Programs?
ICM Canada UTP Stage 2 Business programme equivalent to the first year of an undergraduate Business degree from the University of Manitoba. After completing the first year at ICM, students can complete their second year of the degree from the University of Manitoba. The intakes of this degree are Jan, May, and Sep. Pursuing this course will lead to opening of career opportunities in various fields such as:
- Financial sector
- Industry and trade
- International commerce
- Not-for-profit sector
- Government
- Health care and Technology
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