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 12.34 Lakhs).
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 12.34 Lakhs).
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, eligibility to apply, and the process to buy including the top Indian banks for purchasing a Guaranteed Investment Certificate.
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.
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The new GIC amount for international students is CAD 20,635 (INR 12.34 Lakhs)). 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 pages 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 that offers 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 |
CAD 150 |
CAD 200 |
| 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.
Q: Â What is GIC in Canada?
Q: Â How to pay a GIC in Canada from India?
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: Â What is GIC amount to study in Quebec?
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
The canadian government is the authority who can change the amount of guaranteed investment certificate.
Q: Â What is the processing time for the application process at Northern College, Canada?
Northern College can take up to 6 weeks to provide an offer letter to international students. Since thousands of applications are enrolled at the college for programs under different specializations, the college reviews each application and segregates them. The whole process is quite time-consuming. The segregation of applications is done based on the student’s academic performance, English language scores, extracurricular activities, and relevant experiences.
Q: Â What IELTS score is required for UCW Canada?
Yes, the minimum English proficiency requirements for admission in the University of Canada West are:
| TEST | MINIMUM OVERALL SCORE | MINIMUM WRITING SCORE |
|---|---|---|
| IELTS – Academic | 6.5 | 6.0 |
| IELTS – Indicator | 6.5 | 6.0 |
| CAEL | 70 | 60* |
| CAEL Online | 70 | 60* |
| CAE* | 176 | N/A |
| Duolingo* | 110 | 100* |
| Password | 6.5 | 6.0 |
| PTE – Academic | 61 | 60 |
| TOEFL – iBT | 88 | 20* |
*The minimum writing score is also applicable to all assessed components of the test.
*May be either of the following three tests; Cambridge B2 First; Cambridge C1 Advanced; or Cambridge C2 Proficiency
*After July 31, 2023, UCW will only accept Duolingo from applicants from Ukraine, Russia, Iran and Belarus. However, UCW may accept Duolingo from applicants in other countries where no other English proficiency test is available. If an applicant is submitting a Duolingo test score from any country other than Ukraine, Russia, Iran or Belarus, they must send it along with an explanation letter, but acceptance is not guaranteed. All other applications with a Duolingo result submitted after July 31, 2023 will be returned.
*Writing is assessed as the average score for achievement in both Literacy and Production.
Q: Â How to apply in Royal Roads University Canada?
International students can apply for Royal Roads University admissions by following the below steps:
Step 1: Find your programme from Royal Roads University courses
Step 2: Check programme specific deadline and admission requirements
Step 3: Now, fill your Royal Roads University admission application online as early as possible
Step 4: Pay non-refundable Royal Roads University application fee
Step 5: Submit all your supporting documents
Step 6: Once submitted, check the status of your application online to see how it's progressing
Q: Â Is Canada or USA cheaper to study?
International students are more likely to receive financial help or scholarships from Canadian universities than from American ones, which is quite uncommon. Furthermore, tuition at Canadian institutions is typically 27% less expensive than that of US universities. However, some United States universities offer international students Financial aid and other scholarships that help them to study in the United States.
Q: Â How do I get admission in Humber College, Canada?
Humber College Canada requires international students to apply through the international college portal and view the programme and term in take availability as the admissions are offered based on programme space availability. Every programme has its own requirements and eligibility criteria. International students are also required to submit English Language tests such as IELTS, TOEFL, PTE, or Duolingo. Humber College application deadline is Feb 01,2025 for equal consideration. Post this date, admissions are offered on the space basis available. Therefore, students are required to apply as early as possible.
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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 12.34 Lakhs) for Indian students. Earlier, it was CAD 10,000.