GIC Account in Canada for International Students 2025

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 require 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?

Currently, the minimum amount of deposit for international students is CAD 20,635 which is Rs. 12,53,000 in Indian rupees. However from September 1, 2025, the minimum amount is expected to increase to CAD 22,895. Students are advised to check the GIC amount in Canada regularly to not missing any latest updates.

Also Read: Part Time Jobs in Canada for International Students

Eligibility Requirements for GIC Account in Canada

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

• Candidates must be permanent residents of 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, 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 your 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 a 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 a 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