The Canada GIC procedure is a mandatory requirement for all overseas students who wish to pursue studies in Canada under the Student Direct Stream programs suggested by the Canadian government. Still, many pupils are confused about the exact Canada GIC program. This writeup throws light on the Canada GIC program of the three most prominent banks (Scotia Bank, CIBC, ICICI Bank Canada) which offer this particular service. The complete details of getting a GIC certificate from some of the most prominent leaders are explained in detail here.
Before we look at the exact procedure that pupils need to follow regarding the Canada GIC process, let us know the concept of a GIC account.
What is GIC? Is GIC Compulsory in Canada?
GIC, an abbreviation of Guaranteed Investment Certificate, is an investment scheme recommended for international students who wish to study in Canada for programs under the SDS (Student Direct Stream). All international students must deposit their one year’s living expenses into a Canada-based bank to qualify for a student visa to pursue higher studies in Canada.
As the name goes, GIC accounts are savings accounts that offer fixed returns to all eligible candidates over some time.
It is a compulsory requirement that all students must fulfill if they pursue a course under the direct student stream. Three central banks (Scotia Bank, CIBC, ICICI bank Canada) offer these services to international students currently enrolled in Canadian universities.
What is the suggested GIC Canada amount for overseas students?
The Canadian embassy has suggested a minimum of USD 20,635 CAD as the GIC amount for a Canada student visa from January 2024.
