What is GIC and how to apply for it?
Are you aspiring to pursue higher studies in Canada?
Numerous career opportunities are available in Canada for students from all across the globe. A GIC or Guaranteed Investment Certificate is like an investment account which provides a guaranteed interest rate. This interest rate is applied for a fixed time period. This investment is very secure with very less chances of any risk. Generally, GIC is a liquid investment for the duration of one year. Scotiabank Student GIC Program (SSGP) is offered by one of the largest banks of Canada-Scotiabank to help international students to meet guidelines for their student visa. Moreover, it can help students to pay for their expenses while studying in Canada.
GIC is an important document to meet the requirement of fund proof for getting Canadian study visa. As an initial investment, students have to submit GIC amount in their account.
Application process to apply for GIC in Scotiabank
If you have decided to pursue your studies in Canada, then you have to invest in GIC. Website of the Scotiabank has an application form which works according to following process:
- Guidelines are like an introduction of the program. It provides the answers of the questions that students may have. So, download the guide in PDF format to get full introduction of the program.
- Then, fill your application form. Don't spend too much time to fill the form. If application gets approved, then student will get revert within 24 hours.
- Then student will receive an email from Scotiabank after the successful receiving of application. Then, students can register to secure their email services.
- Student will receive an approval email (if approved) with their account details.
- Then students have to transfer $10,200 CAD as an initial investment money and process fee in their new account.
- Student will get a confirmation email after the successful fund transfer. It can take upto 5 days. Then, Take a print out of this email for further procedure.
- Now, students become eligible to apply for study permit. Include the fund transfer slip of Scotiabank with other documents.
- After arriving Canada, student should visit nearby Scotiabank to open their personal account which is the last step for the enrolment completion.
Application process to apply for GIC in ICICI Bank
- Students have to register for GIC program by clicking on the 'Register/Login' button in the application form.
- Fill the required details and submit your application. Then, student will receive a confirmation mail on the successful submission of application form.
- Finally, deposit the required GIC amount into the account to support your stay in Canada.
Is GIC refundable in any circumstance?
Yes, students can apply to refund GIC by submitting an application for account cancellation and refund application (only in some conditions).
As per the recent survey conducted by the German Academic Exchange Service