GIC Canada For Indian Students - How to Apply, Eligibility, Benefits

A complete guide is about GIC Canada for Indian students who are planning to study in Canada. It is a liquid investment which is popularly known as a Guaranteed Investment Certificate that covers the annual expenses of a student studying in a Canadian university. The increased GIC amount for Canada is 22,895 (INR 14.36 Lakhs). Earlier it was 20,635 (INR 12.34 Lakhs). 

GIC Canada is also known as the Guaranteed Investment Certificate. It is a secure investment for a fixed period with a guaranteed rate of return. GIC is mandatory for getting a Canadian student visa. So, if you want to study in Canada, then getting a Guaranteed Investment Certificate is important for you. The IRCC has set the GIC Canada amount CAD 22,895 (INR 14.36 Lakhs). 

💡GIC Amount Increased

GIC Amount Increased by IRCC. To apply for a Canadian study permit from Sept 1, 2025, Indian students now need CAD 22,895 (up from CAD 20,635) plus tuition/travel, a CAD 2,260 increase.

It is a deposit investment certificate, sold by Canadian Financial Institutions to international students. The objective of a Guaranteed Certificate (GIC) is to assure the Canadian Government that students have sufficient funds for annual expenses. The IRCC approves a Canadian student visa for an International student after getting a Guaranteed Investment Certificate.

In this article, students will learn what is GIC for Canada, its benefits, eligibility to apply, and the process to buy, including the top Indian banks for purchasing a Guaranteed Investment Certificate.

What is GIC for Canada?

The GIC is a prerequisite for Indian students to study in Canada. This investment covers annual living expenses in Canada for a student. This liquid investment scheme offers double benefits to international students. The first advantage is that students can withdraw a fixed amount every month to cover the expenses.

The second benefit is that students will get a fixed rate of return on the rest amount invested. The GIC Canada rate of return is not the same in every bank. The new GIC amount for international students is 22,895 (INR 14.36 Lakhs). 

In easy words, we can describe Guaranteed Investment Certificate (GIC) in three important points:

• GIC is an important eligibility criteria for pursuing higher education in Canada 
• A GIC is a type of fixed-term investment offered by banks in Canada.
• It offers a fixed ROI for a certain period.

Now, you have understood GIC Canada for Indian students, so let’s explore the different types of GIC.

Related Reads: Average Salary in Canada

Types of GICs for Indian Students

There are three types of Canadian Guaranteed Investment Certificates. Students can choose a GIC according to their preferences to get their study visa approved.

1. Non-Cashable GIC- Students who can lock funds in for a specific period should choose this type of GIC. Here, you will be getting the highest rate of return, but your funds are not accessible till they mature.
2. Cashable GICs- No lock-in period, and you can withdraw your money anytime. It is an ideal investment for the short term. There will be a monthly limit for withdrawals.
3. Equity Linked GIC or Market Growth GICs- This GIC offer returns according to market growth. International students can get both a minimum guaranteed return and a potential bonus return based on market performance.

Now, you have some information about the types of GIC Canada. This information will help you choose the ideal Guaranteed Investment Certificate for you.

How to Purchase a GIC for Study in Canada?

Indian students can purchase a Canadian GIC to study in Canada by using online or offline methods. Students who want to buy online need to visit the official website of authorised banks like ICICI Bank Canada. Also, they can purchase a Guaranteed Investment Certificate by visiting the bank branch.

How to Apply for GIC Canada from India?

To get a GIC, students need to open a bank account in a Canadian bank. This is an online process, so students can apply from anywhere. Check out the step-by-step process to apply for a Canadian Guaranteed Investment Certificate.

• Visit the official login pages of different banks, such as ICICI Bank Canada and SBI Canada.

1. SBI Canada GIC Login link - https://studentgic.sbicanada.com/Login?
2. ICICI Canada GIC login link- https://cadigital.icicibank.com/SPPIndia/apps/services/www/SPP/desktopbrowser/default/index.html#/login

• Now register as a new user
• Fill out the required details such as name, username, personal email ID and more.
• The Bank will send you an activation link on your email ID. You'll be redirected to the application page.
• After completing the application process, you'll get a secure mailbox for communication with the bank.
• Use the username and password to log in.
• The bank will ask for a copy of your passport and proof of your admission to process your application.
• In the next step, you’ll get your new account number, and you are all set to deposit the GIC amount for Canada.

After completing all the above-mentioned processes, students need to keep a copy of their investment details. This copy will be required at the time of your study visa application. Keep in mind that you cannot do regular banking transactions until you arrive in Canada for your study.

Note: Please keep in mind that you need to pay a bank processing fee for the GIC Canada application process. This fee will be between CAD 150 to CAD 200

Eligibility for Canadian Guaranteed Investment Certificate

• Students must be a permanent resident of the following countries: India, China, Morocco, Pakistan, the Philippines, Brazil, Colombia, Senegal, Vietnam, Peru, Costa Rica, Antigua and Barbuda, Saint Vincent and the Grenadines, or Trinidad and Tobago.
• Must have an acceptance letter from a Post-secondary Designated Learning Institution (DLI) in Canada.
• Proficiency in the English language is mandatory. IELTS Score should be 6.0 or above.

Required Documents for GIC Canada

• Copy of the Student’s passport
• Pan card
• University offer letter/acceptance letter
• Proof of enrollment or admission.

Benefits of Guaranteed Investment Certificate

The benefits of GIC Canada depend on the type of GIC and the Bank that offers the certificate. We have mentioned some advantages of getting a Canadian Guaranteed Investment Certificate for Indian Students.

• Secure and fixed annual returns without extra effort.
• The bank will offer a debit card customised according to the needs of students.
• Financial security throughout the year.
• The fastest way to get a student's Visa in Canada.
• GICs are insured by the CDIC for up to CAD 100,000

Top Banks to Offer GIC Canada in India

Here are the details about the top banks to offer GIC Canada in India. We have mentioned every required detail about the student's GIC scheme offered by these banks.

1. ICICI Bank Canada
2. SBI Canada
3. Scotiabank
4. HSBC Bank of Canada

How to Compare Banks to Purchase GIC Canada

This information will be helpful for comparison.

Tips to Choose the Right Canadian GIC

You are going far away from your home and loved ones to study. Money is your only friend at the new location. A Canadian Guaranteed Investment Certificate covers your overall expenses and supports you financially. Here are the tips to select the right GIC Canada

• Check the presence of banks in Canada.
• Check the availability in India.
• Make sure you know about the maximum Investment limit.
• Having an attractive interest rate on your investment is a great option.
• Check the types of GICs offered by the Bank.

Getting a GIC Canada is an important step for your studies in Canada. This article covered all important info related to the Guaranteed Investment Certificate, including what is GIC Canada, its benefits, the application process and more. We have compared the top two Indian banks offering GIC in Canada. We hope that this article was helpful for you, and now you can choose an ideal bank or financial institution to get a GIC and apply for a study visa in Canada.

Candidates looking for assistance with GIC Canada or universities in Canada can get in touch with our Shiksha Study Abroad Counsellors on our website. Readers with queries can get in touch with us in the comments section below.