Book your Guaranteed Investment Certificate or GIC at the lowest price with experienced consultants for the Canada SDS application
| Banks | Program Fees | Interest Rate | Payment Instructions | Final Certificate |
|---|---|---|---|---|
| TD Canada | Free | 4.90% | 1 day | 1-3 days |
| RBC Bank | CAD 200 | ~5% | 1 day | 1 day |
| CIBC | CAD 196 | 0.5% | 1 day | 1-2 day |
| ICICI Bank | CAD 200 | 1% | Instantly | 1 day |
| Scotia Bank | CAD 200 | 0.01% | 1-2 days | 2-3 days |
| Bank of Montreal | CAD 150 | -- | 1-2 days | 1-2 days |
| SBI Canada | CAD 150 | 1.05% | Instantly | 1-2 days |
| Simplii Financial | CAD 196 | 0.5% | 1 day | 1-2 days |
With more than 1000 branches, TD Canada recently launched a Student GIC program with revamped features, making it robust in the market. They have Zero program fees and higher interest rates compared to other Banks. It usually takes 1 business day to release the confirmation once they receive the funds.
You should send a minimum of CAD 20,665 for the GIC of CAD 20,635 and CAD 30 for Inter-Bank Charges, which they usually do not deduct and add to the Account Balance. Compared to other Banks, their interest rate is quite high (4.90%), and you can easily accumulate $1000 extra as Interest.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| First Installment | CAD 4635 |
| Monthly Installment | ~CAD 1600 x 10 |
| Program Fees | Free |
| Wire Transfer Fees | Nil |
| Payout | Monthly |
| Interest Rate | 4.90% |
| Processing Time | 2-3 days |
| Cancellation Fees | CAD 25 (Wire Fees) |
| Minimum you should send | CAD 20,700 |
In case of Study Permit rejection or you decide not to attend College or University in Canada, you are eligible for GIC Refund. You will receive your money back after deducting CAD 25 for Wire Transfer fees. To initiate the Refund request, you have to contact the TD Canada Banking Team in the province of study with a valid reason and verifiable proof to support the cause. You can either send the rejection letter by IRCC or the enrolment cancellation letter issued by the concerned College or University. There is no timeline provided for the Refund application.
The Royal Bank of Canada has more than 1200 branches in Canada. They take just 1 day to accept your GIC Account request and share the account details to transfer the funds and generate the certificate of GIC Investment within one business day after they receive your funds. The RBC Bank GIC program fee is CAD 200.
You have to send a minimum of CAD 20,900 for the GIC of CAD 20,635 because their service fees are CAD 200, and then another CAD 25 is Inter-Bank Charges which they usually do not deduct and add to Account Balance. Compared to other Banks, their interest rate is quite high (~5%), and you can easily accumulate $1000 extra as Interest. So, your CAD 200 is easily recoverable with RBC. To use this benefit, you can apply directly or contact our team to help. In partnership with ApplyBoard, their GIC Certificate is QR based, so an Immigration officer can verify it online and proceed with the process much faster than expected.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| Maximum Amount | CAD 30,000 |
| First Installment | CAD 6190.50 |
| Monthly Installment | ~CAD 1313 x 11 |
| Program Fees | CAD 200 |
| Wire Transfer Fees | Nil |
| Payout | Monthly |
| Interest Rate | ~5.00% |
| Processing Time | 2-3 days |
| Cancellation Fees |
CAD 200 (Program Fee) +
CAD 40 (Wire Fees)
|
| Minimum you should send | CAD 20,900 |
In case of Study Permit rejection or you decide not to attend College or University in Canada, you are eligible for GIC Refund. You will receive your money back after deducting CAD 200 for RBC handling fees and CAD 40 for Wire Transfer fees. To initiate the Refund request, you have to email the RBC International Banking Team in the province of study with a valid reason and verifiable proof to support the cause. You can either send the rejection letter by IRCC or the enrolment cancellation letter issued by the concerned College or University. There is no timeline provided for the Refund application.
| Province of Study | |
|---|---|
| Ontario | nonresintlbanking@rbc.com |
| Alberta, British Columbia, Manitoba, Saskatchewan, Yukon, Northwest Territories | royalcnr@rbc.com |
| New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Quebec, Nunavut | moconorc@rbc.com |
The ICICI Bank Canada has a total of 9 branches in Canada. They have 1 in Alberta, 2 in British Columbia, and 6 in Ontario and have access to more than 3600 ATMs (partnered) across the country. They charge CAD 200 as program fees which are non-refundable, and you must remit at least CAD 25 extra for the wire transfer fee or intermediary fees if applicable. They took 24 hours to process your GIC Investment Certificate once they received your remitted funds. Along with this, they provide an interest rate of 1%. You must activate your account online, by visiting a branch, or via one of the 7000+ Canada Post locations.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| Maximum Amount | CAD 50,000 |
| First Installment | CAD 6190.50 |
| Monthly Installment | ~CAD 1313 x 11 |
| Program Fees | CAD 200 |
| Wire Transfer Fees | CAD 25 or less |
| Processing Time | 2 - 5 days |
| Interest Rate | 1% |
| Cancellation Fees | CAD 200 + CAD 10 |
| Refund Time | 8 Weeks |
| Minimum you should send | CAD 20,810 |
To get a refund of your GIC application from ICICI Bank Canada, you have to request it using your bank account. They will remit the balance after subtracting CAD 200 as service fees and CAD 10 as wire transfer fees within eight weeks.
The largest bank in India now has a presence in Canada. The SBI Canada Bank has 6 branches across Canada. You can apply for a GIC Certificate up to 12 months before arriving in Canada. They provide three options to ease the account activation process: Visit the SBI Canada branch, visit a nearby Canada Post Office or activate through a Mobile App. It is highly recommended that you activate your GIC account through the mobile app once you arrive in Canada and start using the banking service immediately. The Debit and Credit Card will be delivered to your doorstep in Canada within a few days.
A GIC account for international students has a service fee of CAD 150. You must send CAD 25 extra to cover the Wire Transfer fee, which intermediary banks may charge based on various factors. The bank will deposit the balance in your account.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| Program Fees | CAD 150 |
| Interest Rate | 1.05% |
| First Installment | CAD 4135 |
| Monthly Installment | CAD 1375 |
| Processing Time | 2-3 days |
| Wire Transfer Fees | NIL |
| Cancellation Fee | CAD 150 + CAD 25 (Wire Transfer fees) |
| Refund Fee | 2 Weeks |
| Minimum you should send | CAD 20,810 |
The Canadian Imperial Bank of Commerce, or CIBC Bank, has a presence across Canada with more than 1000 branches and 3000+ ATMs. They take up to 2-4 days to process the GIC Investment Certificate required by Immigration authorities, while you will receive confirmation of acceptance and remittance account details within 24 hours of applying. Their rejection rate is very low compared to Scotia bank and provides a competitive interest rate of 0.50%. The CIBC Bank GIC program fee is CAD 196.
They offer GIC in your local currency (INR) with Zero Service Fee or Canadian Dollars with CAD 200 as program service fees. It's beneficial to choose to pay in Canadian Dollars as CIBC charges a hefty exchange rate while paying in local currency. It's always cheaper to pay the GIC in Canadian dollars with CIBC. For example, if an applicant buys a GIC of CAD 20,635, they have to pay CAD 20,831 while paying in Canadian dollars.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| First Installment | CAD 6190.50 |
| Monthly Installment | ~CAD 1313 x 11 |
| Program Fees | CAD 196 |
| Wire Transfer Fees | NIL |
| Processing Time | 2 - 4 days |
| Interest Rate | 0.5% |
| Payout | Monthly |
| Cancellation Fees |
CAD 200 (Program Fee) +
CAD 20 (Return Wire Fee)
|
| Minimum you should send | CAD 20,850 |
The CIBC bank representative will send you a Refund confirmation within seven business days of receiving the appropriate documents. They will subtract CAD 20 from the sent GIC amount and remit the balance within four weeks. If you paid for the GIC in your local currency (INR), you will receive the credit at the prevailing forex rate, which might be worse than the Online Forex rate. Some people even reported up to a 5% difference between exchange rates at the time of refund
The Bank of Montreal has a service fee of CAD 150 for a GIC account for International Students. You have to send CAD 50 extra to cover the Wire Transfer fee, which intermediary banks may charge based on various factors, and the bank will deposit the balance in your account. You can apply for GIC Certificate up to 12 months before arriving in Canada. The BMO is the only bank that payout bi-monthly instead of monthly. So you will receive a payout of two months every two months. They have more than 900 branches in Canada.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| Program Fees | CAD 150 |
| First Installment | CAD 4635 |
| Bi-Monthly Installment | ~CAD 2667 x 6 |
| Wire Transfer Fees | CAD 50 or less |
| Cancellation Fee | CAD 150 + Wire Transfer fees |
| Minimum you should send | CAD 20,835 |
To request a refund from BMO bank, you have to contact the team at enquiry.newstart@bmo.com and send the IRCC Refusal Letter or Enrolment Cancellation Letter issued by the University or College.
Simplii Financial is a digital arm of the Canadian Imperial Bank of Commerce.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| Program Fees | CAD 196 |
| First Installment | CAD 6190.50 |
| Bi-Monthly Installment | ~CAD 1313 |
| Wire Transfer Fees | NIL |
| Processing Time | 2 - 4 days |
| Interest Rate | 0.5% |
| Payout | Monthly |
| Cancellation Fees |
CAD 200 (Program Fee) +
CAD 20 (Return Wire Fee)
|
| Minimum you should send | CAD 20,850 |
The Bank of Nova Scotia, commonly known as Scotia Bank, is the leading bank in Canada, with more than 1100 branches in Canada. They charge CAD 200 program service fees for the GIC and Zero for the Wire Transfer fees. They take almost two days to respond to your application and 4-5 days to process your GIC Investment Certificate required for the Visa filling. Their interest rate is around 0.2%, and they might reject your application based on some undisclosed factors. The Scotia Bank GIC program fee is CAD 200.
Remitting at least CAD 25 extra is recommended to cover the Inter-Bank charges, forex-rate fluctuation, or remittance charges. Usually, these CAD 25 are not deducted and added to the GIC account.
| Description | Charges |
|---|---|
| Minimum Amount | CAD 20,635 |
| First Installment | CAD 4127 |
| Bi-Monthly Installment | ~CAD 1375 x 12 |
| Program Fees | CAD 200 |
| Wire Transfer Fees | NIL |
| Processing Time | 4 - 7 days |
| Interest Rate | 0.2% |
| Payout | Monthly |
| Cancellation Fees |
CAD 15 (within 14 days) CAD 200 (after 14 days) |
| Refund Time | Upto 4 Weeks |
| Minimum you should send | CAD 20,860 |
The Scotia Bank refund process is fairly simple; you must complete it online and provide information regarding your withdrawn or refused visa. The team will reply within 24 hours and initiate the refund within 4 weeks. If the period between GIC application and Refund request is less than 14 days, they deduct CAD 15 as processing fees. If it is more than 14 days, they will deduct CAD 200 for program service charges. You may not receive the same amount as you remit due to forex rate fluctuation, as the forex rate of the refund date will be applied.
The Student GIC program is an investment account where a student has to deposit at least CAD 20,635, and the bank releases the payment in equal parts monthly or bi-monthly with interest. It is accepted as proof of financial status and is a requirement if a student applies for a Study Visa under Student Direct Stream (SDS) program. The main motive of the Canadian government behind this is that students should have enough funds to pay for their living expenses during their stay in Canada.
Of course, they give you interest on the amount, but that is too low about 0.5% yearly. If you deposit CAD 20,635 in the GIC account, you can expect a monthly instalment of CAD 1300-1400, as CAD 4500-6500 will be released on activating your bank account for initial expenses.
The period of the student GIC program is One year from the activation. Out of CAD 20,635, the CAD 4500-6500 is deposited to your account within 2-3 days of activating your account on arrival in Canada, and the rest of CAD 14000-16000 will be converted to equal installments paid monthly or bi-monthly based on the bank. You can also go for a higher amount, up to CAD 75,000, but usually, that's not the case.
The GIC for students in Quebec is CAD 15,078; however, outside of Quebec, it is CAD 20,635, which is subject to change every year.
IRCC authorizes 16 banks to provide student GIC accounts to international students worldwide. Many banks are based in Canada and offer Online solutions to apply for a GIC account without going anywhere. You should choose RBC to open your GIC account, as both have a higher number of branches in Canada. Their charges are also competitive among all banks, and are known for their services.
The list of documents required is short and almost the same for all nationalities.
Opening a Student GIC account can be tedious for a newbie, so we recommend you take expert guidance to apply for it.
As some risks are involved, you should skip the hassle of applying for a GIC account by yourself. You can contact us, and we will apply for you at Zero charges.
A GIC Certificate amounting to a minimum of CAD 20,635 is required to apply for your Canada Study Visa under SDS program. It is a requirement set by IRCC to process the applications faster as it ensures IRCC that an applicant has enough funds for their living expenses.
The minimum required for a GIC account is CA$ 20,635, and you can deposit up to CA$ 75,000 maximum in the initial deposit. You can expect around CA$ 150 extra as a service fee charged by Canadian Banks. All Canadian banks have different GIC account charges, mostly between CAD 100 and 200. The GIC amount varies based on province, hence it is CAD 15,078 inside Quebec and CAD 20,635 outside Quebec.
| Outside Quebec | CAD 20,635 |
|---|---|
| Quebec | CAD 15,078 |
There are two options available to pay the GIC amount.
Out of both, Money Exchanger such as Abroad Cube is far better than banks as they will give the lowest exchange rates and quickest transfer of your funds. Recently, many students saved almost Rs 30,000 by using Abroad Cube services for their GIC Account & its Payment
You can make GIC payments from your personal or your parents' accounts. Any payment received by Canadian Bank from any other name will be canceled and returned to the origin.
No, you must make the GIC payment in a single transaction. If you make payments in multiple transactions, the bank may return them, delaying your GIC Certificate processing. So it is always advisable to pay in one go with some additional amount to avoid delays.
Based on our experience with numerous GIC payments, the bank always charges higher processing fees than Money Exchanger. They have a higher exchange rate. You should always make your GIC payment through Abroad Cube as they compare quotes from multiple Banks and Money Exchangers before giving you the final quotation. Their services are known for their Lowest Exchange rates and quicker processing. Their systems can transfer the GIC payment on the same day as the bank, which might take 3-4 working days.
Yes, CIBC does not charge a service fee for opening a GIC account, but you have to pay INR. But trust me, their exchange rate is horrible. You also can pay in Canadian Dollars, but in that case, they ask you to pay CA$ 196 extra for the payment processing fee. You end up with a minimum of CAD 150 extra as service fees.
Questions usually asked by people
