Feed / Canada / Q4

How much GIC you get every month ?

How much GIC you get every month

1 Answers Reply
  • Fatima Khan
  • 1 year ago

An international student who goes to Canada on a study visa gets back GIC in thirteen (13) installments. Every bank disburses the first installment of CA$2000 while opening the account for initial expenses and the rest of the balance in 12 equal installments. For example: if a student has deposited CA$10,000 as GIC, they will get CA$2000 and the first installment in the first month. The remaining CA$8000 will be divided by twelve, and the amount of CA$667 (depending on the interest rate offered by the bank) will be transferred to the student's account at the beginning of each month. In Scotia Bank, you will get CA$667 monthly, while if you open an account in RBC Bank, you will get CA$727 including interest. 

If you open your GIC account in RBC Bank through Abroad Cube, you will get up to CA$457 extra as interest and get your GIC Certificate within 1 day.

You must login to post an answer
Landmark Outline