What are the key differences between banks offering GICs (Scotiabank, ICICI, SBI Canada)?

Hello, Lakshmi Narayan

First of all I appreciate for your logical question let me explain about that see, When choosing a bank for your GIC (Guaranteed Investment Certificate) account for studying in Canada, the main differences among banks like Scotiabank, ICICI Bank, and SBI Canada come down to their features, fees, processes, and services. Here’s some Key difference,

Processing Fees

• SBI Canada: $100 CAD  
•  ICICI Bank: $150 CAD  
•  Scotiabank: $200 CAD  

Accessibility in Canada

• Best: Scotiabank (largest presence across Canada).  
•  Limited: ICICI Bank and SBI Canada (focused on select cities).

Ease of Refund 

•   All banks process refunds efficiently, but Scotiabank is often faster and more transparent.

GIC Features

• All banks offer the required $10,000 CAD GIC to meet Canadian visa requirements and release funds in installments upon arrival.

Customer Service

• Scotiabank: Excellent.  
• ICICI Bank: Good for Indian students.  
• SBI Canada: Decent, but less specialized.

Which One Should You Choose?

• Scotiabank: Best for widespread access, excellent service, and reputation.  
• ICICI Bank: Ideal if you want lower fees with decent service.  
• SBI Canada: Best for minimal processing fees, but limited branches and services.  

If you prioritize accessibility and robust support, Scotiabank is the safest choice. If saving on fees matters more, ICICI or SBI Canada could be better options. 

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