GIC Canada: an Introduction
Every year more than 5 Lac international students go to Canada to pursue their higher studies. In order to streamline the study visa applications, Canada Government introduces one scheme. And, the scheme is Student Direct Stream (SDS) program in 2018 to allow students from the four countries. They are India, China, Vietnam and Philippines to opt for faster process. Consequent upon the success of this program, it has, now, been applicable to 14 countries. One of the conditions under this scheme is to purchase or invest in GIC Canada (Guaranteed Investment Certificate). Here, we are going to discuss in the impending paragraphs as a step by step guide to GIC Canada Account.
What Is GIC Canada (Guaranteed Investment Certificate) Account?
So, as an aspiring international student, you must be wondering what GIC is all about and
- How much to invest in the certificate,
- What is the process to open a GIC Account,
- Which bank to contact for it and
- Whether it is compulsory or not.
Here, we will address all these questions One by one and throw light on these questions from the prospective of International student.
GIC Canada Account:
It is a type of saving account which an international student is need to open. And, with the Canada Government prescribed banks by investing a minimum amount. Clearly, the international student use this amount to support his or her monthly living expenses on reaching to Canada.
Is Opening a GIC Canada Account Compulsory for International Students?
Here, it is necessary to be clear about it that Opening a GIC account is compulsory only for the international students of those 14 countries where the SDS scheme has applicable to. And, even in these countries, this condition is applicable to only those study abroad aspirants who opt for SDS Scheme. It means opening GIC account is a mandatory condition only for those international students who are eligible to and opt for SDS scheme.
What IS GIC Amount?
If, it is compulsory for the SDS scheme, then the next question that bothers candidate is how much money he or she needs to invest in these certificates? Now, as per the rules, an applicant under SDS scheme is need to invest minimum 10,000 Canadian Dollar and the maximum limit under this account is 50,000 CAD.
With Which Bank I should open my GIC Canada Account:
Though, there are quite a large number of banks that Canada Government authorize, yet the major banks of the Indian Students are these three one:
Accordingly, before apply for student visa; an international student is need to open an account with any of these major banks by depositing the minimum amount. The choice of the bank depends mostly on the Student who is planning study abroad in Canada.
What is the Process of Opening GIC Canada Account?
The process of opening a GIC account with an authorized bank in most of the banks is more or less the same. Here, you may have a fair idea of opening and transferring of amount.
- Decide the bank with which we want to open an on line account. Remember, the process is only available though ONLINE.
- Registered in the chosen bank by filling all the necessary information. This will lead to gaining login id and password.
- On successful completion of registration, the concerned bank would send investment number and the WIRE details though a secured email system on our given mail id.
- After receiving these details what we need to do is to transfer the amount to the bank via Wire transfer
- Do remember to account for the bank charges that range from CAD 150 to CAD 200.
- As the transfer of GIC amount complete, the bank send the letter of confirmation on the same mail id. The applicant send this to IRCC as a proof of GIC purchase for the process of study visa application.
- On arrival, the international student need to visit the bank for activating the GIC account.
How to use the GIC money?
Next, the international student should know how to use the money once he or she reaches the desired location in Canada. The following steps should keep in mind.
- Once the student arrives in Canada, the first thing he/she should do is to visit the nearest branch of the bank with which the GIC account was opened. The student is need to be personally present for the verification and help in activating the account. He/she is expected to reach in the bank along with the following documents.
- Letter of Confirmation
- Valid passport
- Letter of enrollment
- Copy of Study permit
2. Once the account is verified, the bank will open a separate saving account for you and CAD 2000 would be transferred to that account which you can use to meet your first month expenses. The rest CAD 8000 would be transferred to another non-redeemable account from where CAD 667 plus interest would be transferred to the student’s saving account on the monthly basis.
How to get refund of GIC?
There may be some cases when a student face with a situation where he/she is compelled to seek withdrawal of deposited GIC amount. Yes, there a provision that GIC amount once deposited may be refunded on the following conditions:
- On declining of the study visa by the embassy
- On declining of the admission by the educational institution
- And, when the student withdraw his/her enrollment
If a student faces any of above mentioned condition, may proceed for the withdrawal of GIC money. For this, the candidate may apply to the concerned bank and submit the application along with the required documents.
Hence, on submission of application and the reasons for the refund of GIC amount, bank does proceed with the refund of GIC amount. Do bear in mind that, the bank may deduct some amount as the refund charge. The amount of the charge varies from bank to bank.
Cosmo Consultants is the leading study visa and study abroad consultant firm of the country which has over ten years of experience in successfully guiding overseas education aspirants. If you are planning to pursue your higher education from Canada, New Zealand, Australia or UK, You may login to our website www.cosmoconsultants.in or we would be more than happy to reply you on our official number +91-9876291190