Is GIC account mandatory for Canada Student Visa ?
A GIC account is mandatory for a Canada Student visa if you apply under the SDS stream. IRCC sees this as an assurance of living expenses for international students. On reaching Canada, the bank will open your account and start transferring monthly payments to the same account from your GIC account. The RBC bank is best among all banks because of their high interest rate (4.55%) and low processing time (2 days). To open your GIC account in India, reach out to Abroad Cube and share the necessary documents.Apply Now
Hey! No, a GIC (Guaranteed Investment Certificate) account is not mandatory for all students applying for a Canada student visa. However, it is a requirement for students applying under the Student Direct Stream (SDS) program.
When is a GIC Required?
Student Direct Stream (SDS): If you're applying for a study permit through the SDS program (available to students from countries like India, China, the Philippines, and others), you must provide proof of a GIC of CAD 10,000.
- This GIC serves as proof of financial support to cover living expenses while studying in Canada.
When is a GIC Not Required?
Non-SDS Applicants: If you're not applying through the SDS program (you apply through the regular stream), you don't need a GIC. Instead, you can show other forms of financial proof, such as:
- Bank statements
- Affidavit of support from a sponsor
- Scholarship or funding letters
Purpose of the GIC
The GIC is meant to ensure that students have enough funds to cover living expenses while studying in Canada. It’s a safer option for students and proves to the Canadian government that you'll have the financial means to support yourself.
