In Canda Study Visa

If you are a student looking to study in Canada, then you should be aware that you need to get a GIC certificate that acts as a ‘proof of funds’ for a year. It is compulsory for all international students who have applied under the SDS or the Student Direct Stream to get a GIC since it is a prerequisite for studying in Canada.

Here is everything you need to know about GIC Canada, the banks which provide a GIC, and how to open GIC accounts to complete the visa application.

What is GIC Canada?

GIC full form is the Guaranteed Investment Certificate. To be qualified for a study visa in Canada, all international students must provide ‘proof of funds‘ of one year’s worth into a Canadian bank account. A GIC is an investment scheme that lasts for a year and is suitable for students eligible under the SDS program.

Is GIC Mandatory for Canada?

Individuals require a GIC Canada certificate since

  • An investor visa for Canada or a study permit is processed faster with a GIC certificate. Students have to provide a valid bank statement for it.
  • It guarantees the Canadian government that individuals have enough money to cover their living expenses for one year in Canada.

What is the GIC Amount for Canada Study Visa?

Students must deposit a minimum amount of money with one of the approved lenders listed with the Canadian embassy as part of the GIC certificate procedure. Deposit amounts for international students requesting a GIC range from CAD 10,000 to 50,000 (about INR 6 lakhs to 30 lakhs). The balance is then used to create a non-redeemable account, from which students can withdraw the nominal sum plus interest after a specified time.

What is a Non-Redeemable GIC Account?

Overseas students can store certain funds for a specified period in a non-redeemable GIC account and earn a set interest rate. After the validity has passed, students can withdraw the remaining amount of their GIC along with the accumulated interest.

Banks Offering GIC for Canada Study Visa

A GIC account should be opened by students at least a month before the visa application. Students can choose one of these three:

  • ICICI Bank, Canada
  • SBI, Canada
  • Scotia Bank, Canada
Bank Scotiabank, Canada ICICI Bank, 




Registration Mode Online Online Online
GIC + Processing Fee CAD 10,200 (Rs. 6,20,542) CAD 10,150 (Rs. 6,17,500) CAD 10,150 (Rs. 6,17,500) CAD 10,100 (SBI India) (Rs. 6,08,375)
Confirmation Document Name Investment Directions Confirmation Investment Balance Confirmation Investment Declaration Advice
Transfer Mode of GIC Amount Wire Transfer Wire Transfer Wire Transfer
Refund Processing Fee of GIC Mentioned during refund CAD 10 (Rs. 608.38) CAD 25 (Rs. 1,520.94)
GIC Redeem Period Minimum 12 Months (Can be extended) 12 Months 12 Months
Monthly Interest on GIC Amount Depends on the chosen program 1.0% (p.a) 1.15%

How to Open a GIC Account Through Scotiabank?

Scotiabank is regarded as the ideal choice for overseas students wanting to open a GIC Canada account. The Scotia bank GIC program provides international students with a valid GIC certificate. The steps for opening an account are as follows:

  • Complete an online registration to join Scotia Bank.
  • Deposit a GIC of CAD 10,000 (6 Lakhs + INR) plus a CAD 200 (12,000+ INR) processing fee.
  • After successful registration, you will receive your login information, wire transfer, and account number details.
  • Scotia Bank will now send you an “Investment Directions Confirmation” letter as a confirmation.
  • You should submit the confirmation letter to the embassy when applying for a visa.
  • Out of the CAD 10,000, the bank deposits CAD 8000 (4.86 Lakhs INR) into a non-redeemable account, from which you can withdraw a fixed amount each month to cover your living expenses.

The documents needed for submission during the registration process are

  • Investment Directions Confirmation letter
  • Study permit and offer letter
  • A valid passport
  • University’s letter of enrolment

How to Open a GIC Account Through SBI/ICICI Bank?

The procedure to open an ICICI or SBI Canada GIC account is more or less the same as that of Scotia Bank. Some differences in the steps include

  • Open an ICICI/SBI GIC account.
  • To complete the registration procedure, you must upload a copy of your Passport ID page and academic transcripts. Self-attest each document before scanning and uploading any.

The documents needed for submission during the registration process are

  • Investment Declaration Certificate
  • Study permit
  • A valid passport
  • Letter of enrolment

What Is a Canadian Guaranteed Investment Certificate?

Investors get guaranteed investment certificates (GICs) from Canadian financial institutions, place funds in the bank for a predetermined period, and earn interest on the funds’ principal amount until the investment matures. Due to their low risk and fixed rate of return, the Canadian government partially insures the certificates. People frequently buy them for retirement planning.

It is similar to the American Certificates of Deposit and gets promoted as a GIC certificate in Canada.

Understanding Canadian Guaranteed Investment Certificates

With GICs, you deposit cash into a bank and receive interest. The required deposit period is fixed, and the interest rate depends on the commitment’s length. In essence, when you get a GIC, you are lending your money to the bank and receiving interest in return.

Since the banking firms that sell GICs are required by law to repay investors’ principal and interest, they are regarded as safe investments. Investors are covered up to CAD 100,000 by the Canadian Deposit Insurance Corporation even if the bank fails.

How do Banks Profit from Guaranteed Investment Certificates?

The banks profit from the difference between a bank’s lending rate and its rate on GICs. If 8% is the mortgage interest and 5% is the GIC rate, the bank will profit by the 3% difference.

GICs are a great choice to diversify a stream of liquid, stable securities in a portfolio because they provide a higher return than Treasury bills. Several banks and trust firms in Canada offer GICs. A trusted firm may claim some legal responsibility to look after its clients’ assets even though it does not own them. Trust corporations then represent a person or corporate entity as agents, fiduciaries, or trustees.

As custodians, they must protect the money and only choose investments that benefit the outside party.

Income-producing bonds include

  • Treasury bonds
  • GICs
  • T-bills
  • T-bonds

These are great options as they are safe, typically liquid, and generate income streams. This is especially true for older investors who may be retired and no longer have a reliable source of income.


For more information on the GIC certificate and assistance in moving to Canada, you can reach out to Croyez Immigration Services, as they are one of the best Canadian immigration consultants and also help people migrate to Canada from India smoothly.

Frequently Asked Questions about GIC for Canada Study Visa.

How much GIC is required for Canada?

Students need a GIC worth one year-long living expenses. It ranges from CAD 10,000 to 50,000 (about six lakhs to 30 lakhs INR).

Can I study in Canada without GIC?

No. GIC is compulsory for international students and is a prerequisite for student visa application.

How much money do we get from GIC every month?

CAD 2000 gets deposited from your GIC account to your student bank account once you arrive in Canada. You will receive a monthly payment of around CAD 667 plus any interest for 12 months from the remaining CAD 8000 in your GIC Account.

Does a 5-year GIC pay interest annually?

It depends on the term of the GIC. Interest on a GIC might be paid monthly, semi-annually, yearly, or at maturity.

Can I withdraw all money from the GIC account?

If your GIC is redeemable, you may, under certain circumstances, withdraw your money before it matures. Otherwise, you will have to wait until the investment matures if you have a non-redeemable GIC.

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