Is GIC mandatory for Canada student visa? Of course, YES! Once you land in Canada on a Canadian pupil visa, you need to have enough finances to manage your living cost for at least one time of your stay.
Transnational scholars must buy a Guaranteed Investment Certificate( GIC) as a mandatory demand to study under the Student Direct Stream Program.
GIC(Guaranteed Investment Certificate) serves as evidence of finances for scholars Applying for a Canada Study Visa.
WHAT IS GIC & IS GIC MANDATORY FOR CANADA STUDENT VISA?
Before understanding about is GIC mandatory for Canada student visa, you must understand what GIC is.
GIC is known as Guaranteed Investment Certificate. All transnational scholars must deposit one time’s living amount to the Canadian Bank to carry themselves while studying in Canada.
The GIC is a short-term investment scheme offered to transnational scholars.
To be eligible for a Canada Student Visa under the SDS program, scholars must have a GIC account.
WHY GIC(GUARANTEED INVESTMENT CERTIFICATE) IS MANDATORY IN CANADA?
- It serves as a security to the Canada Government that you have sufficient plutocrats in a Canadian bank to support yourself financially during your stay.
- It ensures that you have done all the processing for the study visa. Campaigners must submit evidence of bank statements and certificates for immediate results.
If you want to know What Is GIC Amount In Canada For International Students read our other blog.
WHAT IS THE MINIMUM GIC AMOUNT TO APPLY FOR A STUDENT VISA IN CANADA?
After knowing is GIC mandatory for Canada student visa, you must learn about the minimum amount you should deposit.
The minimum GIC amount recommended by the Canadian government is CAD 10,000 for applying for a student visa in Canada.
All international students must deposit CAD 10,000 to CAD 50,000 in their respective bank accounts as a GIC amount.
But one cannot deposit lower than CAD 10,000 in their account. If they deposit CAD 10,000 to CAD 50,000, the balance amount is used to open a non-redeemable account which gives you an assured amount plus interest at the end of your studies.
WHAT IS NON REDEEMABLE AMOUNT:
If a student deposits a fixed amount in their bank account, they can get a nominal amount plus interest. You can only access your amount once it is mature.
This plan gives the students smart savings plus an additional amount as interest.
POPULAR BANKS THAT ALLOW GIC :
- Scotia Bank, Canada
- SBI, Canada
- The ICICI Bank, Canada
THE REGISTRATION PROCESS FOR GIC ACCOUNT IN SCOTIA BANK:
Scotia bank is one of the most popular banks in Canada. It processes the GIC amount very quickly without any further delay.
So, most students prefer this bank to open their GIC account.
STEP 1: First, register yourself in scotia bank online by giving the necessary details.
STEP 2: Secondly, you need to deposit a fixed minimum amount of CAD 10,000 as a deposit amount and CAD 200 as a service charge of scotia bank.
STEP 3: Once you complete these steps, you will get your login credentials like account name and number.
STEP 4: Then the Scotia bank will send you a confirmation mail named “Investment Direction Confirmation.”
STEP 5: You must submit this letter to the embassy during the study visa application.
STEP 6: Scotia bank processes your amount and converts CAD 8,000 out of CAD 10,000 into a non-redeemable amount, which you can take every month to take care of your expenses in Canada.
The documents mentioned below are recommended to submit during the GIC account opening:
- Investment Directions Confirmation” letter.
- Valid Passport.
- Letter of Enrolment from the previous university.
- Study permit and offer letter
These are the seven steps to open a GIC account in scotia bank, Canada.
ACCOUNT OPENING PROCESS OF SBI/ICICI BANK:
The SBI/ICICI bank GIC account creation process is the same as the scotia bank process. Let us see the steps one by one.
STEP 1: First, you must create an SBI/ ICICI bank account by giving your details.
STEP 2: Then you need to upload a passport-size photocopy of your and your academic transcripts documents when applying for a GIC account creation.
The documents mentioned below are recommended to submit during the GIC account opening:
- Valid Passport.
- A copy of the “Investment Declaration Certificate.”
- Letter of Enrolment
- Study permit.
CONCLUSION:
GIC is one of the simplest ways to show evidence of finances for Getting a Canada Study Visa. Scholars will profit from the monthly interest on the fixed amount and get a yearly quantum to spend on diurnal charges.
A GIC account isn’t only used to secure a Canada Student Visa, but it can also serve as a wise option to earn profit from short-term investment while studying.
Our Study Abroad Advisers give you complete guidance on the process involved in securing a Canada Student Visa.
We hope we have cleared all your queries about is GIC mandatory for Canada student visa. Keep visiting CourseMentor™ for more content like this.
FAQs
Who needs GIC in Canada?
According to the CIC (Citizen Immigration Canada), students who apply under the SPP Visa Category to study in Canadian universities must deposit an amount in Canadian banks that is called GIC.
How much GIC a student get every month?
Approximately CAD 667 is the amount students get for 12 months from the amount they had deposited in a Canadian bank.
