New GIC FAQs; What is New GIC? How to apply for New GIC?

Scotia Bank is offering New Guaranteed Investment Certificate (GIC) w.e.f. May 1st 2014.

What is New GIC?

New GIC is a customizable investment plan 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 not mandatory for them. CA$ 666 will be drip feed to student's Savings Bank Account in Canada every month for 12 months from GIC account, the students can use these funds to meet their monthly living expenses while studying in Canada. The students cannot withdraw the full amount from GIC account at once. For more details, you can refer to this GIC Application Guide

How to apply for New 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 - New Application - [your full name]" & below documents in a single PDF file:

Student's Passport Copy (First & Last Page - Self Attested by the student)
Copy of Admission Offer Letter from SPP Institution OR University in Canada

What is the rate of interest on New GIC?

The interest paid by bank on GIC is 0.200% 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 New GIC be refunded?

Once New 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 study visa/permit is not approved
If student did not meet all the conditions on the Offer Letter of the institution & their admission is not fully approved by the Canadian educational institution for which the student had applied for New GIC.
If the student withdraws their admission from the Canadian educational institution after arrving in Canada.

f the student meet any of the above criterias then they can apply for a New GIC refund by completing & emailing the New GIC Refund Form with Visa/Admission Refusal Letter & copy of the original TT receipt for New GIC.