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.
So, as an aspiring international student, you must be wondering what GIC is all about and
Here, we will address all these questions One by one and throw light on these questions from the prospective of International student.
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.
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.
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.
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.
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.
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.
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:
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