GIC Amount for Canada : A Complete Guide

Context:

The GIC amount for Canada is CAD 20,635 (INR 12,71,619 approx), which has a guaranteed rate of return to international students after a fixed period of time.

What Is GIC for Canada?

The Guaranteed Investment Certificate or GIC Canada amount is a secure investment that has a fixed rate of return. This certificate is a mandatory document to avail of the Canadian student visa under a fast-processing program, known as the SDS program. Therefore, those who want to study in Canada should work to get the GIC. Moreover, this investment covers the living expenses in Canada for international students. Also, students can withdraw a fixed amount from this GIC amount every month to cover their expenses on the foreign land.

There are 3 types of GIC Canada that are:

1. Non-Cashable GIC
2. Cashable GIC
3. Equity Linked GIC or Market Growth GIC

Now, after knowing what is a GIC, let us read how Canada GIC amount works for the international students.

How Does GIC Work for International Students?

The main function of the GIC amount for Canada is to provide a fixed rate of amount to international students. Moreover, GIC interest is paid to the students through their savings accounts on a monthly basis. Furthermore, when the term is over, students can invest in another GIC or have the earnings deposited in their savings accounts.

Furthermore, there are several factors that make this investment different from the regular saving amounts. These are:

1. There is no fluctuation in the GIC interest rate.
2. The GIC is non-redeemable, unlike regular saving accounts.
3. It has no risk and the return rate is predictable.
4. The principal amount has its own insurance.
5. This is best to meet the short or mid-term financial goals.

These factors make the GIC amount for Canada different from other saving accounts. One important thing to keep in mind is that the return rate differs in every bank. So, let us discuss the top banks in India that offer the GIC amount.

Top Banks Offering GIC Account for Canada in India

There are multiple banks in India that offer the GIC Canada amount. The list of these banks is given below.

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

These banks provide the service of Canada GIC amount. Thus, reach out to them or you may also make an online registration whose steps are mentioned in the below section.

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How to Get GIC for Students?

The process of GIC for international students is completely online and not very complicated. All you need is to follow a few simple steps which are:

1. Visit the official websites of the chosen bank for GIC.
2. Register to the bank as a new user.
3. Enter personal details such as name, email ID, and more.
4. You will be redirected to the application page through the activation link.
5. Fill in all the details to complete the application.
6. You will then receive a mailbox for communication with the bank.
7. Log in with the username and password.
8. Submit a copy of your passport and admission proof to the bank.
9. You will get your new account number, ready for the GIC amount for Canada

These are the steps to apply for the new account in bank to invest GIC amount for Canada. Remember that you need minimum score of 6 band in IELTS exam to become eligible . Thus, follow them without any mistake for a seamless process.

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Conclusion

This was all about the GIC amount for Canada. Here, you have to know the cost that you will have to invest to prove the availability of funds to live in Canada. Also, you can select from the list of banks providing GIC for Canada to Indian students. However, if you still face any issues, then reach out to our study abroad consultants for assistance in same. We have officially partnered with some big banks for a seamless process of GIC Canada for Indian students. Thus, prepare today and make your dream of studying abroad a reality.

Useful Links:

College Predictor

Statement of Purpose (SOP) for Canada

Courses in Demand in Canada

FAQs

1. Can I Transfer More Than CAD 10,000 to My GIC Account?

If you have to deposit extra money, then you have to buy a new GIC account.

2. Which Bank Is Best for Student GIC?

Canadian Imperial Bank of Commerce is known to be the best bank for GIC Canada.

3. How Is the GIC Amount Disbursed to Students in Canada?

The students receive CAD 4127 on their initial visit and then a monthly payment of CAD 1376 in their savings account.

4. Is GIC Mandatory for All International Students in Canada?

Yes, GIC is a necessity for all international students who wish to study in Canada.

5. Which Banks Offer the Best GIC Rates in Canada?

Home Trust, MCAN Wealth, and Oaken Financial offer the highest GIC return rates to students in Canada.

6. What Is the Validity of a GIC for a Canada Student Visa?

The GIC ensures that you have enough money to live and study in Canada for 1 year. Thus, the validity of GIC Canada is of a year.

7. What Are Recent Changes in GIC for Canada?

The GIC amount was earlier CAD 10,000, which changed to CAD 20,635 for the international students. The reason was inflation and a hike in the living cost in Canada.