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. GIC amount for Canada is 22,895. 

GIC stands for Guaranteed Investment Certificate. It is a secure investment that acts as mandatory proof of funds for your visa. For any student planning to study in Canada, buying a GIC is a critical step. It assures the Canadian government that you can support yourself financially for one year.

New GIC amount is CAD 22,895 (INR 14.36 Lakhs) for Indian students. You must deposit this money into an approved Canadian bank. The bank will give you a certificate. Now, this certificate will be required when you apply for a Canadian student permit. No matter whether you apply online or through VFS Global. GIC is important.

 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, and eligibility to apply.

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 GIC. Students can choose a GIC according to their preferences.

1. Non Cashable GIC- Students who can lock funds in for a specific period should choose this type of GIC. You will get highest ROI.
2. Cashable GICs- No lock-in period, and you can withdraw your money anytime. There will be a monthly limit for withdrawals.
3. Equity Linked GIC- This GIC offers returns according to market growth.

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. Check out process:

• Visit official login pages of different banks
• Now register as a new user
• Fill out required details such as name and more.
• After completing application process, you'll get a secure mailbox for communication with bank.
• Use username and password to log in.
• Bank will ask for a copy of your passport and proof of your admission.
• You will get your new account number. Now you are set to deposit the GIC amount for Canada.

Note: Please keep in mind that you need to pay a bank processing fee for the GIC Canada application process.

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.