Introduction
Planning to study in Canada? Then understanding the GIC for Studying in Canada—Guaranteed Investment Certificate—is absolutely essential. This financial document is not just a visa requirement; it also proves your financial readiness to support yourself during your first year in Canada.
As of 2024, the GIC amount for Canada has been updated to CAD 22,895 (approximately INR 14.36 lakhs), a significant increase from the previous CAD 20,635 (INR 12.34 lakhs). This adjustment reflects the rising cost of living in Canada and ensures international students are adequately prepared.
A Guaranteed Investment Certificate (GIC) is a secure and liquid investment product offered by designated Canadian financial institutions. It comes with a guaranteed rate of return for a fixed period and is a key financial requirement under Canada’s Student Direct Stream (SDS) visa program.
Understanding how the GIC for Studying in Canada works is crucial because it assures Immigration, Refugees and Citizenship Canada (IRCC) that you have sufficient funds to manage your living expenses while pursuing education in Canada. Without a valid GIC, your Canadian student visa application may be delayed or even rejected.
What is GIC for Canada?
GIC for Canada, or Guaranteed Investment Certificate, is a mandatory financial requirement for international students—especially those applying through the Student Direct Stream (SDS) program. It is a secure investment product offered by Canadian financial institutions that provides a guaranteed rate of return over a fixed period, usually one year.
For Indian students planning to study in Canada, the GIC acts as proof of sufficient funds to cover their living expenses during the first year of stay. The Immigration, Refugees and Citizenship Canada (IRCC) requires students to purchase a GIC before their study permit (student visa) can be approved.
As of 2024, the minimum GIC amount for Canada is CAD 22,895 (approx. INR 14.36 lakhs), revised upward to reflect the increased cost of living.
Key Features:
- Mandatory for SDS Visa Process
- Refundable in Installments during your stay in Canada
- Purchased Before Visa Application
- Proof of Financial Stability
In simple terms, a GIC for Studying in Canada ensures both the Canadian government and educational institutions that the student is financially prepared for life in Canada.
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Types of GICs for Indian Students
If you’re an Indian student preparing to study abroad, understanding the types of GIC for Studying in Canada is essential. The Guaranteed Investment Certificate (GIC) is not only a student visa requirement under the Student Direct Stream (SDS) but also a reliable way to manage your living expenses once you arrive in Canada. Canadian financial institutions offer different types of GICs based on features such as interest rates, flexibility, and disbursement timelines.
Here are the main types of GIC for Studying in Canada that Indian students should consider:
1. Fixed-Term GIC
- Description: Offers a fixed interest rate over a defined term (usually 1 year).
- Best for: Students who want guaranteed returns without any market risks.
- Repayment: Funds are disbursed monthly or quarterly after arrival in Canada.
2. Redeemable GIC
- Description: Offers flexibility to cash out the investment before maturity.
- Best for: Students who might need early access to funds (not usually accepted for SDS visa).
- Note: Not commonly recommended or accepted under the Student Direct Stream.
3. Non-Redeemable GIC (SDS-Compliant)
- Description: Cannot be cashed out before the term ends. Specifically structured for SDS visa applicants.
- Best for: Indian students applying through the SDS category.
- Repayment: Initial CAD 2,000 (approx.) paid upon arrival, with the remaining amount disbursed monthly.
4. Escrow GICs (Specialized)
- Description: Offered by select banks with escrow arrangements to release funds in stages.
- Best for: Students enrolling in specific partner colleges/universities.
- Features: Offers better control and documentation for visa approval.
Choosing the Right GIC Type:
- Always choose a non-redeemable, fixed-term GIC if you are applying via SDS.
- Ensure the GIC is from an IRCC-approved Canadian financial institution like:
- Scotiabank
- ICICI Bank Canada
- SBI Canada Bank
- CIBC
- HSBC Canada
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Top Banks Offering GICs for Indian Students
| Bank Name | Processing Time | GIC Amount (CAD) | Refund Policy |
|---|---|---|---|
| Scotiabank | 5–7 business days | 20,635 | Full refund if visa is refused |
| ICICI Bank Canada | 3–5 business days | 20,635 | Full refund |
| HSBC Canada | 7–10 business days | 20,635 | Refundable |
| SBI Canada | 5–8 business days | 20,635 | Refundable |
| CIBC | 3–5 business days | 20,635 | Full refund |
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Documents Required to Open a GIC for Studying in Canada
Before applying for a GIC for Studying in Canada, keep these documents ready:
- Passport
- Letter of Acceptance from a Designated Learning Institution (DLI)
- Valid email ID
- Proof of Admission Fee Payment (in some cases)
- PAN Card (for Indian banks if required)
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Step-by-Step Process How to Apply for a GIC for Studying in Canada
- Step 1: Choose a Participating Bank: Compare interest rates, refund policies, and processing time.
- Step 2: Register Online: Create an account with your selected bank via their GIC portal.
- Step 3: Fund the GIC Account: Wire CAD 20,635 from your Indian bank account.
- Step 4: Receive the GIC Certificate: Once payment is verified, you’ll get a GIC Investment Confirmation Certificate.
- Step 5: Submit GIC Certificate with Visa Application: Upload it during your SDS visa application process.
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How to Purchase a GIC for Studying 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 authorised 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.
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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.
Prepare your Application GIC for Studying in Canada
While a GIC is not required for a study permit application, it is one of the strongest proof of funds you can provide. Please check the Government of Canada’s website for the most recent list of financial institutions with eligible GIC for Studying in Canada Once you purchase your GIC, you’ll need one of the following to show as proof:- A letter of attestation
- A GIC certificate
- An Investment Directions Confirmation
- An Investment Balance Confirmation
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Common Mistakes to Avoid GIC for Studying in Canada
- Using an unapproved financial institution
- Transferring funds in incorrect currency
- Providing incomplete KYC documents
- Waiting too close to the visa application deadline
Conclusion
In conclusion, the GIC for Studying in Canada plays a pivotal role in securing your Canadian student visa and planning a financially stable study experience. It acts as proof that you can support yourself during your first year in the country, a key requirement under the Student Direct Stream (SDS).
As of 2024, the GIC amount has been revised to CAD 22,895 (approx. INR 14.36 lakhs), reflecting Canada’s rising cost of living. This update ensures that international students, including those from India, are better equipped to manage initial expenses without financial strain.
Choosing a GIC from an IRCC-approved bank not only speeds up your visa process but also guarantees a safe return on your investment. So, if you’re planning to study in Canada, understanding and securing the right GIC for Studying in Canada should be one of your first and most important steps.
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Q1. What is a GIC for studying in Canada?
A GIC (Guaranteed Investment Certificate) is a mandatory financial document required by Indian students applying under the Student Direct Stream (SDS) to study in Canada. It assures the Canadian government that you have sufficient funds to support your first year of living expenses.
Q2. What is the GIC amount for Canada in 2024?
As of 2024, the GIC amount for studying in Canada is CAD 22,895 (approximately INR 14.36 lakhs). This is a revised amount to reflect the increasing cost of living in Canada.
Q3. Is GIC mandatory for a Canadian student visa?
Yes. A GIC is mandatory for students applying under the SDS (Student Direct Stream) category. Without a valid GIC, your visa application may be delayed or rejected.
Q4. Which Indian banks help with GIC for Canada?
Several Indian banks in partnership with Canadian financial institutions facilitate GICs for studying in Canada. Popular options include ICICI Bank Canada, Scotiabank, and SBI Canada.
Q5. Can I withdraw the GIC amount after arriving in Canada?
Yes. Once you land in Canada and open a student bank account, a portion of the GIC is provided upfront, and the remaining is given in monthly instalments to cover living expenses.
Q6. How long does it take to get a GIC certificate?
The process usually takes 5 to 10 working days, depending on the bank and documentation submitted.
