How to apply for GIC from India for a Canadian student visa?
GIC stands for Guaranteed Investment Certificate. It is a short-term liquid investment usually for up to a year given by Canadian Banks. Under the Student Partner Program (SPP) Visa, applicants must invest CAD 20,635 in a Guaranteed Investment Certificate (GIC) with an authorized Canadian bank. If the student is using a University Category Visa, then GIC is optional for them. These funds will be drip-fed to students’ Savings Bank Account in Canada once in two months with Canadian Dollar 2,000. Students can use it to meet their living expenses while studying in Canada. The students cannot withdraw the total amount from their GIC account at once.
How to apply for GIC from India?
Students required to download, fill, print, and then sign the GIC Application Form; after that, a scanned copy of the signed form needed to be emailed to Scotia Bank along with the below documents in a single PDF file:
- Student’s Passport Copy
- Copy of university offer letter
Rate of interest on GIC?
The interest paid by the banks on GIC is generally 0.1500% per annum. The interest rate is low as the primary purpose of this deposit is to secure students’ living expenses and not investment as such.
How can a GIC be refunded?
Once the GIC account is opened and funds have been deposited in this account. The student can only apply for reimbursement in the below-mentioned circumstances:
- When the study visa/permit is not approved?
- Students who do not meet all the conditions on the admission letter of the institution and their admission is not being fully approved by the Canadian educational institution.
- If the student cancels their admission from the Canadian educational institution after reaching Canada.
Suppose the student meets any of the above criteria. They can apply for a GIC reimbursement by completing and emailing the GIC Refund Form with Visa/Admission Refusal Letter and a copy of the original TT receipt for GIC.
