GIC full form is commonly known as a Guaranteed Investment Certificate that is issued to cover the expenses of a student who will be studying at a Canadian university. It was introduced with the motive that international students would have enough funds to support their stay in Canada. Moreover, you will not require any extra financial amount to show your funding. In addition, this blog covers everything about GIC Canada for Indian students and why it is important. Let’s get started with the blog.
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To know about what is GIC and what GIC amount in Canada is for international students read this section carefully. GIC in Canada stands for Guaranteed Investment Certificate which works as evidence of funds that makes you eligible for securing a Canadian Visa. The GIC Canada makes sure that students can support themselves financially and economically. It covers annual living expenses in Canada for a student. However, the government of Canada changed the GIC amount for Canada. From January 1, 2024, the new GIC amount for international students is CAD 20,635 (INR 12,71,619 approx). Moreover, the required GIC amount was CAD 10,000 (INR 616,244). Now, you must have got the answer to what is GIC in Canada for Indian students. So, let’s understand why GIC is important for Indian students.
Don't know how to Get GIC in Canada?
Also Read: Canada Intakes for 2024-2025
The GIC Canada is a necessity for Indian students. This investment offers advantages to international students. Let’s have a look at the below-given pointers for a better understanding.
The above-given pointers depict why GIC for Canada is essential for Indian students. In our next section, we will have a look at the different types of GICs while studying in Canada.
There are majorly three types of Canadian Guaranteed Investment Certificates. Students must choose a GIC according to their preferences, and to get their study visa approved. Thus, in this section take a look at the three types of GICs available to study in Canada.
1. Non-Cashable GIC- This GIC is for those students who can keep their funds for a long period of time. Through this, it will provide you the highest interest rates and both the main amount and interest earned are not refundable till the maturity date.
2. Cashable GICs- This GIC Canada has no specific period and you can take out your money any time. Further, it will be an investment for the short term, so there will be a monthly limit for withdrawal.
3. Equity Linked GIC or Market Growth GICs- This GIC Canada for Indian students offers returns based on the performance of market growth. Students will get both a minimum guaranteed return and a possible bonus based on market performance.
Overall, these are the types of GICs Canada for Indian students that they can choose. In the next section, we will discuss on how to apply for the GIC to study in Canada.
Indian students can purchase a GIC Canada by using online or offline methods. Students who want to buy GIC online, need to visit the official website of the authorized banks. Also, you can purchase the GIC by visiting the bank personally. Thus, to get a GIC, here is a step-by-step process on how Indian students can apply for it.
Step 1: Visit the official login page or branch of different banks, such as ICICI Bank Canada and SBI Canada.
Step 2: Register as a new user to get a GIC Canada
Step 3: Fill in the necessary details such as name, username, personal email ID or more.
Step 4: After completing the application process, you will get a secure mailbox to communicate with the bank.
Step 5: You need to use the username or password to log in.
Step 6: The bank will ask for a copy of your passport and admission proof to process your application.
Step 7: You will get your new account number and you will be ready to deposit the GIC amount for Canada.
After completing all the above processes, students need to have a copy of their investment details. Also, you need to pay the GIC fee for the Canada application process. This fee will be between CAD 150 to CAD 200 (INR 9,222 to INR 12,200 approx). Our next section talks about the benefits of GIC Canada for Indian students.
The GIC Canada offers number of benefits for Indian students who are willing to study in Canada. These advantages range from financial reliability to smoother Canadian visa process. Thus, let’s explore some of the benefits that can enhance your journey in Canada with the help of a GIC (Guaranteed Investment Certificate).
Overall, the above given benefits portray that how much GIC is required for Canada. In addition, our next section talks about the eligibility criteria for securing a GIC certificate.
Must Read: Top Courses in Demand in Canada
In the above sections, we have understood what is GIC Canada for international students. Thus, in this section, we will discuss the eligibility criteria for GIC Canada that are vital to understanding the applicants. Thus, in this section, you will find out about the basic eligibility criteria for getting the GIC in Canada. Let’s have a look
The language necessity for getting GIC Canada for Indian students is as follows:
Some important documents that are essential to get GIC Canada are as follows:
Suggested Read: SOP for Canada
Overall, this is the eligibility criteria to obtain a GIC Canada. In our next section, we will discuss on some of the top banks that offers GIC for studying in Canada.
Receive the Best Scholarships to Study in Canada
For getting a GIC in Canada or to complete your study abroad dream it is always recommended to go with the different Indian banks that approve to offer GIC for Canada. Some of the banks include:
1. ICICI Bank Canada
2. SBI Canada
3. Scotiabank
4. HSBC Bank of Canada
We have also mentioned the required detail of the top Indian banks including ICICI, SBI, and the scheme offered by these banks. Look at the table below and compare the banks for your purchase of GIC Canada.
| ICICI Bank Canada | SBI Canada | |
| Serving Countries | India, Philippines, China, Morocco, Senegal, Vietnam | India, China, Vietnam, Philippines |
| Investment Amount | CAD 20,635 to CAD 30,000 (INR 12,68,681 to INR 18,44,460) | CAD 20,635 to CAD 70,000 (INR 12,68,681 to INR 46,11,150) |
| Online Application | Available | Available |
| Processing Fee | CAD 175 (INR 10,700 approx) | CAD 150 (INR 9,222 approx) |
| Interest Rate | 1% | 1.05% |
| Mobile App Name | ICICI Bank Canada App | YONO SBI Canada Bank App |
These are the top Indian banks that will help you get GIC Canada for your study purposes. In our final section, we will talk about on what to do after getting a GIC in Canada.
After getting a GIC for Canada the question arises what next? This section will tell you that what you need to do after receiving Guaranteed Investment Certificate in Canada. Let’s have a look:
To conclude, we talked about the GIC Canada for Indian students, benefits, application process and more. But now what is the next step? If you’re an Indian applicant who is dreaming of studying in Canada but facing hurdles then you’re at the right place! Gradding.com will help you achieve your dream of studying in Canada. Connect with our study abroad consultants in Delhi as they will assist you with the complete process of getting a GIC for Canada.
1. What is GIC in Canada?
A Guaranteed Investment Certificate (GIC) is a fixed rate of return on your investment for a specific period. Different banks offer different types of GICs. The GIC amount is CAD 20,635 (INR 12,71,619) approx for Indian students.
2. How much is the GIC amount for Canada?
The government of Canada has changed the amount for GIC from January 1 2024. The Canada GIC amount required for international students including those from India, is CAD 20,635 that is (INR 12.83 lakhs) which is the 2x previous amount of CAS 10,000 (INR 6.22 lakhs).
3. What are some tips for choosing the right Canadian GIC?
4. Which bank is best for GIC in Canada from India?
1. ICICI bank.
2. SBI Canada.
3. Scotia Bank.
4. HSBC Bank of Canada.
5. Canadian Imperial Bank of Commerce (CIBC)
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