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GIC, stands for Guaranteed Investment Certificate, is a CANADIAN investment usually for a year which is offered by CANADIAN Banks. This offers a guaranteed return rate of return over a fixed period of time, most commonly issued by trusted companies or banks. The very renowned bank of Canada in which your account needs to be opened is Scotiabank. Scotiabank is one of the largest banks in Canada, serving over 21 million customers all over the world. When you bank with Scotiabank, you will have access to over 1,000 branches and nearly 4,000 Scotiabank ABMs across Canada, so it's easy to find one near your school or residence. A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time.

  • Each month, for 12 months, you'll receive a portion of your investment back, plus interest.
  • You can use these funds to help pay for living expenses while you're studying in Canada.
  • After 12 months, you'll have received your $10,000 CAD investment back.
  • The fee for this program is $200 CAD.
How to apply for GIC?
  • Student needs to download, fill, print & then sign the GIC Application Form
  • 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".
  • A scanned copy of below documents in the same e-mail must be sent as attachments:
    • Student's Passport Copy (First & Last Page - Self Attested by the student).
    • Copy of Admission Offer Letter from SPP Institution OR University in CANADA.
  • Scotiabank receives the documents and opens the GIC account for the student and notifies the customer (including IP reference number) to transfer $10,000.00 CAD to the account opened.
  • The transfer includes $50 CAD administration fee.
  • Scotiabank issues the Guaranteed Investment Certificate (GIC) for $10,000 CAD and sends a confirmation email to the customer within 7-8 working days.
  • Student will complete and submit Study Permit application with a copy of the GIC confirmation to visa office in India.
  • Upon arrival in Canada, the student will need to go to any Scotiabank branch to activate the GIC and open a deposit account. The Student will be required to bring an original, valid passport, letter of acceptance to a Canadian Educational Institution (or student ID) and Welcome Package (sent with GIC certificate) to the branch.
  • Once the account is opened, an initial amount of $2,000 CAD will be transferred to the student’s deposit account. The remaining amount of $ 8,000 CAD will be automatically transferred in equal installments every month to the student Account.
  • If student Study Permit/VISA application is declined or the student is unable to go to Canada for any other reason, the student should provide supporting documents from the Canadian Embassy to Scotiabank to apply for a GIC refund and account cancellation.
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 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 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 GIC.
  • If the student withdraws their admission from the Canadian educational institution after arriving in Canada.
  • Refund may take upto 8 weeks.

If the students meet any of the above criteria 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.