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Which bank has the minimum processing time for opening a GIC account ?

Which bank has the minimum processing time for opening a GIC account ?

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1 Answers Reply
  • Mehak Arora
  • 1 year ago

Comparing the available Canadian Banks, Royal Bank of Canada (RBC) has the minimum processing time for a GIC account as it opens an account on the same day of the request and sends the payment instructions simultaneously. They issue the GIC Certificate to the student the same day after the payment. RBC has an interest rate of 4.55% and has a network of 1209 branches. 

In contrast, in banks like Scotia bank, it takes almost two days to approve the request; after approval and payment deposit, it takes 5 to 7 days to issue a GIC Certificate to the student. Also, they have an interest rate of 0.01% and have a network of 900 branches. CIBC bank approves the request in one day and provides the GIC Certificate to the student within two days. They have an interest rate of 0.5% and have 1069 branches. BMO approves the request for a GIC account in two days and issues the GIC Certificate in 2 to 3 days. They have 800 units and an interest rate of 0.5%. ICICI and SBI Canada banks are also Indian and have a fast processing time. ICICI Bank & SBI Canada Bank has 2 to 5 units across Canada & has an interest rate between 0.2% and 1%. 

To open your GIC account in minimum time and higher benefits, reach out to Abroad Cube’s team. 

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