GIC Account in Canada for International Students 2024

The full form of GIC is a Guaranteed Investment Certificate. GIC account Canada is a type of investment account that covers the annual expenses of international students studying in top Canada universities. Indian students who are planning to study in Canada must apply for a GIC account as a crucial part of their student visa application.

This Story also Contains

1. Is GIC Mandatory for Canada Student Visa?
2. How Much GIC in Canada for International Students?
3. GIC Account in Canada for International Students: Eligibility Requirements
4. Which Bank is Best for GIC in Canada for International Students?
5. How to Open a GIC Account in Canada from India?
6. Benefits of GIC Account in Canada

Here are generally three types of Canadian Guaranteed Investment Certificates: Non-Cashable GIC, Cashable GICs, and Equity Linked GIC or Market Growth GICs. Students can choose any of them as per their personal preferences. International students who wish to study in top Canada universities need to keep CAD 20,635 to get their Guaranteed Investment Certificate from the Canadian Financial Institutions. The GIC Canada amount in rupees is around Rs. 1253000 for Indian students.

A GIC account in Canada is a prerequisite for Indian students who are planning to study in Canada. This liquid investment scheme covers the living expenses in Canada for international students. Students can withdraw a fixed amount from their GIC account every month to manage their cost of studying in Canada. Also, the GIC account Canada for international students provides a fixed rate of return on the invested amount.

From January 1, 2024, the Canadian government has increased the minimum GIC amount to CAD 20,635 for international students. Earlier the minimum amount for a GIC account in Canada was CAD 10,000 for Indian students. Interested students can visit the official login page of different banks or proceed offline to apply for a GIC Canada from India. Read the complete article to learn more about GIC account in Canada for Indian students, their types, eligibility, benefits, and more.

Is GIC Mandatory for Canada Student Visa?

Yes, GIC is mandatory for Canada student visa for the Student Direct Stream Programme. International students must demonstrate their “proof of funds” to apply for the best colleges in Canada. Many regular programmes do not demand a mandatory GIC account to study in Canada. However, having a GIC account can strengthen your application as an international candidate.

Also Read: Documents Required for Canada Student Visa

How Much GIC in Canada for International Students?

On January 1, 2024, the Canadian government revised the minimum amount for GIC account in Canada for international students. Currently, the minimum amount of deposit for international students is CAD 20,635 which is Rs. 1253000 in Indian rupees. Students are advised to check the GIC amount in Canada regularly to not miss any latest updates.

Also Read: Part Time Jobs in Canada for International Students

GIC Account in Canada for International Students: Eligibility Requirements

International students must fulfill the following eligibility requirements to apply for a GIC account Canada from India:

• Candidates must be a permanent resident in India. For international students, permanent residency in one of the following countries is mandatory.

  • China, Morocco, Pakistan, the Philippines, Brazil, Colombia, Senegal, Vietnam, Peru, Costa Rica, Antigua and Barbuda, Saint Vincent and the Grenadines, or Trinidad and Tobago.

• The student must have an acceptance letter from a Post-secondary Designated Learning Institution (DLI) in Canada.

• Candidates must be at least 18 years old.

• Qualification for any English language proficiency test like IELTS, TOEFL, or other English tests is compulsory.

Documents Required to Get a GIC Account in Canada for Indian Students

Indian students must provide the following documents to apply for a GIC account in Canada.

• A valid student passport

• Pan card of the candidate

• University offer letter

• Government-issued ID card

• Proof of enrollment or admission.

Also Read: Study in Canada without IELTS for International Students

Which Bank is Best for GIC in Canada for International Students?

As per the latest report of Forbes on June 20, 2024, Oaken Financial offers the highest GIC rates in Canada for international students. However, multiple banks offer the best GIC account in Canada. A few popular banks for GIC account Canada for international students are as follows:

• Scotiabank

• CIBC

• ICICI Bank

• State Bank of India

• Bank of Montreal

• Simplii Financial

Also Read: Scholarships in Canada for Indian and International Students

How to Open a GIC Account in Canada from India?

Students can apply for a GIC account in Canada for Indian students through both online and offline channels. You can visit your nearest bank branch to open a GIC account from India.

How to Open a GIC Account in Canada from India Online?

• Visit the official website of the bank.

• Start the account opening process by registering as a ‘New User’.

• Fill out the necessary application details.

• Once you complete the registration process, the bank will send you a confirmation email attaching an activation link.

• Click on the activation link to open the application page.

• Complete the application process to get a mailbox for communication with the bank.

• Log in to your account using the username and password.

• Provide a copy of your passport and proof of your admission to continue the application process.

• After the application process is complete, students will get a new account number to deposit their GIC amount.

Benefits of GIC Account in Canada

The Guaranteed Investment Certificate offers multiple benefits for international students who are planning to study in Canada. A few significant benefits of GIC account in Canada for Indian students are as follows:

• A GIC account serves as proof of financial support for international students to study in Canada.

• Students can withdraw the required amount every month to manage their cost of living in Canada.

• GIC offers secure and fixed annual returns for overseas students.

• Students can get their debit cards authorised by the bank.

• Candidates can get the fastest way to get a student visa Canada.

• GIC account in Canada offers new user discounts to potential students.

Also Read: Pros and Cons of Study in Canada