GIC FAQs; What is GIC? How to apply for GIC?About Canada | Facts | Education System | Why Canada? | Cost | Colleges | Universities | Student Partner Program (SPP) |
What is GIC? GIC stands for Guaranteed Investment Certificate, it is a short term liquid investment usually for upto a year offered by Canadian Banks. As per the Citizen Immigration Canada (CIC) requirements under Student Partner Program (SPP) Visa, the students applying under SPP Visa Category are required to invest CA$ 10,000 in GIC with Scotia Bank in Canada. If the student is applying under University Category Visa then GIC is optional for them. These funds will be drip feed to student's Savings Bank Account in Canada once in TWO months with CA$ 2,000 which the students can use to meet their living expenses while studying in Canada. The students cannot withdraw the full amount from GIC account at once. How to apply for GIC? Student needs to download, fill, print & then sign the GIC Application Form, then a scanned copy of the signed form needs to be emailed to Scotia Bank on newaccount@scotiabank.com with subject line "Scotiabank Student GIC Program" & below documents in a single PDF file:
What is the rate of interest on GIC? The interest paid by bank on GIC is 0.1500% per annum. The interest rate is low as the main purpose of this deposit is to secure student's living expenses & not investment as such. How can a GIC be refunded? Once GIC account is opened & funds have been deposited in this account then the student can only apply for refund in below mentioned THREE circumstances:
If the student meet any of the above criterias then they can apply for a GIC refund by completing & emailing the GIC Refund Form with Visa/Admission Refusal Letter & copy of the original TT receipt for GIC. |
About Canada | Facts | Education System | Why Canada? | Cost | Colleges | Universities | Student Partner Program (SPP)