How much time it takes to open a GIC account ?
The whole process to open a GIC account in India takes approximately 2 to 10 days, depending on the bank. The Royal Bank of Canada (RBC) has the fastest processing speed among all Canadian Banks for GIC accounts. This bank accepts the request to open a GIC account in just one day and sends the payment instructions simultaneously. Additionally, they give you GIC certificates a day after receiving the payment. In contrast, institutions like Scotia Bank and SBI Canada Bank take almost 7 to 10 days to accept/reject the request to open a GIC account. Once the letter is received, they take around 4 to 5 days to generate the GIC Certificate. So, to get a GIC Certificate faster, please contact Abroad Cube to open your RBC GIC Account within 2 days.
Opening a GIC (Guaranteed Investment Certificate) account for studying in Canada typically takes about 2-3 weeks. The process can vary slightly depending on the financial institution, but generally, you’ll need to follow these steps:
Choose a Bank: Start by selecting a bank in Canada that offers GICs to international students. Many major banks like Scotiabank, CIBC, RBC, and BMO offer GICs for students.
Complete the Application: You’ll need to fill out an online application and provide required documents like your study permit, proof of admission, and passport details.
Deposit Funds: You’ll typically need to deposit the required amount (usually between CAD 10,000 to CAD 20,000) into the GIC account. Some banks might require an upfront deposit, while others might allow you to transfer funds after the account is opened.
Account Confirmation: Once your documents are verified and funds are deposited, the bank will send you a confirmation letter and GIC certificate, which you’ll need to show as proof of funds for your student visa application.
The whole process is fairly straightforward but be sure to plan ahead and apply early to avoid any delays. Using platforms like Abroad Cube can also help you choose the right bank and ensure everything is set up smoothly for your study abroad journey.
