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SBI Canada Guaranteed Investment Certificate (GIC) guide. Learn how it can support your education in Canada, including eligibility, benefits, and more.
Want to study in Canada? Other than knowing all the information about the college admission process, education loans, visa process, etc., you should also know about the financial compliances compulsory to fulfill before going to study in Canada.
Here, we are discussing one such mandatory financial compliance- the Student Guaranteed Investment Certificate (GIC).
GIC account full form is a Guaranteed Investment Certificate which is an investment account recommended for international students who want to study in Canada for programs under the SDS (Student Direct Stream).
A Guaranteed Investment Certificate (GIC) from SBI Canada is one of the best ways to meet this requirement.
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Other banks that offer GIC account services usually charge 200 CAD to 300 CAD as processing fees. On the other hand, SBI Canada sets 150 CAD (if the funds are sent from any other bank) as the service charge. A very frequent question that comes to a students mind is how much time it takes to open GIC account? Generally it takes around 5-10 days to open a GIC account, depending on the bank.
Every month for 12 months, an equal monthly installment of principal and interest will be paid from the GIC account into your savings or chequing account. Therefore, at the end of the 12 months, you will have a balance of CAD 0 in the GIC account.
Available For | Students from India, China, Vietnam, or the Philippines. |
---|---|
Valid At |
Colleges in any Canadian province except Quebec. |
Amount to Invest |
CAD 150, if the funds are sent from a bank other than the State Bank of India. |
Interest Rates |
|
You can apply for your Student GIC through one of two online channels provided by SBI Canada Bank:
Download the YONO SBICA mobile application, post that:
In case you do not have access to a mobile device, you can also choose to apply through their web application-
(Follow the directions and supply the necessary data.)
(Must be accompanied by your picture, signature, and address)
The Investment Declaration Advice should be printed out and kept for your records. When applying, you must provide a copy of this letter for your student permit.
To activate your account and gain access to your funds after arriving in Canada, you must use their online KYC method (YONO SBICA), an SBI Canada Bank office, or a Canada Post station. Within 180 days of your arrival in Canada, you must complete this.
Through your mobile:
Please note that this feature is only applicable to students who have applied for Student GIC using the YONO SBICA Mobile application.
By visiting a Canada Post location:
Visit the closest SBIC branch (Toronto, Mississauga, Scarborough, Brampton, Vancouver, and Surrey) to open a personal account and activate the GIC by providing the documents:
By visiting the SBIC Branch
Verify the credentials through Canada Post. Fill out the application “Activate My Account” through the Student GIC portal and update your KYC information. Also, present the below documents to the staff at a Canada Post location for verification:
After the account activation is done, the bank will mail the welcome kit and debit card to your registered address in Canada and you will be ready to use the account with a debit card or internet banking /mobile banking.
To process the refund, you must print the refund application form from the portal, sign it, and submit a scanned copy along with the documents (as applicable) through the portal. The process may take about 6-8 weeks. The bank will deduct a money transfer fee of CAD 25.00 from the eligible refund amount.
GIC is one of the simplest ways to demonstrate financial stability when applying for a Canada Study Visa. Students will benefit from the yearly interest on the fixed sum as well as a monthly allowance for living expenses. A GIC account can be utilized to not only acquire a Canada Student Visa, but it can also be a prudent alternative for earning profit from a short-term investment while studying. You can also go through our blog on the Cost of Studying in Canada for a better understanding.
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The most significant risk associated with GICs is the possibility of capital erosion or the possibility that your GIC's interest rate would lag behind the current rate of inflation.
A GIC is most commonly rejected if the applicant is unable to provide a source(s) of funds (CAD 10,000+processing fees), such as from parents, guardians, scholarships, self-earned through a job, or send funds from a source, such as money exchange, that the Bank has made clear is not an acceptable source.
If you have a redeemable GIC, you can cash it in before maturity if certain conditions are met.
When you purchase a GIC, you are committing to lend money to a bank or financial institution for a set number of months or up to five years. Your money will earn interest in exchange. The longer the duration, the higher the interest rate. You will receive the amount you deposited plus interest at the end of the period.
Yes, GIC is now required in order to obtain a student visa to study in Canada. They normally do not examine applications that do not include a GIC because a GIC is a savings account that provides fixed returns to all eligible candidates over a certain length of time.
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