What is a Guaranteed Investment Certificate (GIC), and how to open a GIC in India?

What is a Guaranteed Investment Certificate (GIC), and how to open a GIC in India?

Canada is a dream STUDY ABROAD destination for international students. Reasons like accessible immigration pathways, friendly, diverse population, world-class universities and colleges education, and promising employment opportunities make Canada an excellent destination for study-abroad aspirants.

On the other hand, it takes immense planning and perseverance to land in Canada and begin your higher education. To make the process more streamlined, quick, efficient, and smoother, the Canadian Government has put some mandatory requirements for students to study in Canada through the SDS visa stream. One such requirement is the GIC. Banks in Canada offer GICs as short-term investments with a guaranteed rate of return for a year.

The article aims to explain the significance of GIC, where to buy it, the GIC application process, and how to apply for it. The experts of IBSAR have well illustrated this article. IBSAR is the central education consultancy agency in India. IBSAR stays with you during your entire journey from Canada to India.

What is a GIC (Guaranteed Investment Certificate)?

GIC (Guaranteed Investment Certificate) stands for assured funding certificate and serves as proof of finances to make you eligible for applying for a Canadian Study Permit in the SDS (Student Direct Stream) category.   Students who want to study in Canada via the Student Direct Stream (SDS) must pay C$10,000 to cover their living expenses for one year in Canada, according to CIC (Citizenship and Immigration Canada) requirements.

What is the Purpose of a GIC? Why is it required?

The GIC is needed for the following reasons and requirements:

  •  By having a GIC, you are ensuring the Canadian Government that you have sufficient funds to afford to pay your living expenses when you live in Canada for a year.
  • This is necessary to apply for and process a Canadian visa/study permit easily and quickly under the SDS category.

All students looking to study in Canada must submit proof of sufficient funds to obtain a Canadian study permit/visa. For a Canadian study permit or visa, you need a GIC of C$10,000, issued by an approved Canadian bank.

Investment accounts are called GICs.

Focus on the GIC account for international students in Canada.

 A Canadian Bank offers this account, which requires students to deposit a fixed amount of money (usually CAD 10,000 + CAD 200 = CAD 10,200).

From where can you buy GIC? Designated GIC banks in India

You cannot purchase your GIC at simply any financial institution in India. You must buy your GIC from the list of Indian banks accredited to provide GIC for Canada. These consist of:

  1. Scotiabank
  2. ICICI Bank
  3. Royal Bank of Canada
  4. HSBC Bank of Canada
  5. SBI Canada Bank

GIC Application Process

The application process for GIC is not very difficult and straightforward.

First Step: Set up a secure email account with the bank

Students must register online through an authorized Canadian bank, such as ICICI, Canada, Scotiabank, or RBC.

https://secureemail.icicibank.ca/SGP_Secure_Email/ or 

Fill out the information at Scotia Bank Canada online at www.scotiabank.com/ca/en/0,,2,00.html.

Sign up for any of the Canadian bank’s secure email services. 

Your secured email account is accessed after you register using a password. 

GIC Application Forms are delivered by secure email to your email account.

Second Step: Complete the Student GIC Program Application

The application form for the Student GIC Program will be sent to you via email after you register for a secure email account. Online or offline applications are accepted for the Student GIC Program.

If you choose the online mode, you should complete the form and submit it with the scanned copy of your admission letter and passport online through their secure email account.

For offline mode, the bank has designated several branches where you can submit the form offline in person by downloading it from a secure email account, printing it, filling out the form with your signature, and handing it in—http://www.icicibank.ca/managed-assets/docs/spp-designated-branch.pdf, together with your letter of admission from a Designated Learning Institution (DLI) in Canada.

Third Step: Fund your account

After submitting the Student GIC Program Application, you will receive a unique investment account number, along with details about funding, on a secure email address.

Use any Indian bank account to deposit C$10,000 into the Canada Student GIC Program account, plus C$150 as a processing fee.

* These funds must be sent from the student’s account or a joint statement with the student’s parent in India to fund the GIC account with the ICICI Bank in Canada.

You will receive an ‘Investment Balance Confirmation‘ in your Investment account after depositing the C$10,000 into your GIC account with the Canadian bank.

Fourth step: The 4th step is to apply for your study permit/visa

The Canadian visa office in India can assist in obtaining the Canadian study permit/visa. 

Your ‘Investment Balance Confirmation’ must be included with your Application for Study Permit/Visa. It will be a quick and easy visa application process.

Fifth Step: Completing the Canadian documentation formalities is step 5 How does GIC work in Canada?

How does GIC work in Canada?

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