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Banking

Canada Student GIC Program

Book your Guaranteed Investment Certificate or GIC at the lowest price with experienced consultants for the Canada SDS application

Canada GIC account for Students

$200 RBC Logo

RBC Bank

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$150 ICICI Logo

ICICI Bank

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$196 CIBC Logo

CIBC Bank

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$150 BMO Logo

BMO Bank

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$196 Simplii Financial Logo

Simplii Financial

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$150 SBI Canada Logo

SBI Canada Bank

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$200 Scotia Bank Logo

Scotia Bank

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Compare Student GIC accounts

FEATURES RBC Bank Logo
RBC Bank
(Recommended)
CIBC Bank Logo
CIBC Bank
ICICI Bank Logo
ICICI Bank
Scotia Bank Logo
Scotia Bank
BMO Bank Logo
BMO Bank
SBI Canada Bank Logo
SBI Canada Bank
Minimum Amount CAD 20,635 CAD 20,635 CAD 20,635 CAD 20,635 CAD 20,635 CAD 20,635
Maximum Amount CAD 30,000 CAD 20,635 CAD 50,000 CAD 20,635 CAD 75,000 CAD 20,635
Program Fee CAD 200 CAD 196 CAD 150 CAD 200 CAD 150 CAD 150
Interest Rate
~5%
($1000 extra)
0.5% 1% 0.01% --- 1.05%
Processing Time 3 days 2-4 days 2-5 days 4-7 days --- 7-10 days
Credit Card up to CA$2000 CA$1000 CA$1000 CA$1000 --- ---
Wire Transfer Fee NIL NIL CAD 25 or less NIL CAD 50 or less NIL
Payout Monthly Monthly Monthly Monthly Bi-Monthly Monthly
Cancellation Fee
CAD 200
(program fee)
+ CAD 40
(Wire Fees)
CAD 200
(program fee)
+ CAD 20
(Wire Fees)
CAD 150
(program fee)
+ CAD 10
(wire fee)
CAD 15
(within 14 days)
CAD 200
(after 14 days)
CAD 150 (program fee)
+ Wire Transfer fees
CAD 150
(program fee)
+ CAD 25
(Wire Fees)
Refund Period --- --- 8 weeks 4 weeks --- 4 weeks

Royal Bank of Canada (Recommended)

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.

Benefits
  • High Interest Rate (~5%), helps you get $1000 extra as interest
  • Quicker Processing (1 day)
  • Online Verifiable GIC Certificate
Charges
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
Required Documents
  1. Passport - Scanned Copy of First & Last page
  2. Letter of Acceptance - by Canadian DLI approved College or University
Eligibility Criteria
An Applicant need to be
  • planning to come to Canada as an International Student
  • a citizen of one of the following countries
    • India
    • Brazil
    • Colombia
    • Costa Rica
    • Peru
How to open GIC account with RBC Bank
  • Open the RBC GIC Application page
  • Fill in the Student's Personal Information
  • Upload the Duly-Filled & Signed Application Form, Scanned Copy of Passport & Offer Letter
  • Choose your destination province.
  • Read & Accept the terms and Click on the Submit button
  • You will receive a Confirmation email from RBC mentioning the Bank account details to initiate the Transfer
  • Transfer $20,900 using International Money Transfer (We provide the lowest exchange rate & same-day remittance)
  • Once RBC receives the Funds, they will issue the GIC Certificate within 1 business day
Refund & Cancellation

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 Email
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
$200 RBC Logo

RBC Bank

ICICI Bank

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 150 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 0.20%. You must activate your account online, by visiting a branch, or via one of the 7000+ Canada Post locations.

Charges
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 150
Wire Transfer Fees CAD 25 or less
Processing Time 2 - 5 days
Interest Rate 0.2%
Cancellation Fees CAD 150 + CAD 10
Refund Time 8 Weeks
Minimum you should send CAD 20,810
Required Documents
  1. Passport - Scanned Copy of First & Last page
  2. Letter of Acceptance - by Canadian DLI approved College or University
Eligibility Criteria
An Applicant need to be
  • planning to come to Canada as an International Student
  • a citizen of one of the following countries
    • India
    • China
    • Philippines
    • Vietnam
    • Morocco
    • Senegal
How to open GIC account with ICICI Bank
  • Open the ICICI Bank Canada GIC Registration page
  • Fill in your details and Click on the Register button
  • Click on the link received in your email and Click on Return to Login page button
  • Log in with your email and password
  • On the dashboard, click on Apply Now tab
  • Follow the instructions and fill in your details
  • Upload the scanned copy of your passport and college admission letter
  • You will receive the remittance immediately after submitting the details
  • The Investment Certificate will be issued 24 hours after the receipt of funds
Refund & Cancellation

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 150 as service fees and CAD 10 as wire transfer fees within eight weeks.

  • Open the ICICI Bank Canada GIC Login page
  • Log in with your email and password
  • Click on the Refund Application tab from the sidebar
  • Follow the process and upload the required documents
$150 ICICI Logo

ICICI Bank

Canadian Imperial Bank of Commerce

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.

Features
  • Free Student Bank Account till your Studies and 6 months later
  • Online Banking and Free Interac Transfers
Charges
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
Required Documents
  1. Passport - Scanned Copy of First & Last page
  2. Letter of Acceptance - by Canadian DLI approved College or University
How to open GIC account with CIBC Bank
  1. Open the CIBC GIC Application
  2. Choose the Student GIC Program, enter the amount and Choose your nationality.
  3. Click on the Student Information button.
  4. Choose an option to pay in your local currency (Zero Services Fees) or Canadian dollars (0.95% program fee)
  5. Click on the Student Information button.
  6. Fill in the required details and upload the requested documents
  7. Click on the Payment Summary button
  8. Within 1-2 days, you will receive the confirmation and summary of the bank transfer details.
Refund & Cancellation

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

  • Open the CIBC GIC Login Application
  • Sign in with your registered email address and password
  • Click on the Initiate Refund button on the Dashboard.
  • Choose the reason for the Refund and Click on the Initiate Refund button.
  • In the next step, upload the following documents and move ahead.
    • Visa Refusal or File Withdrawn Letter
    • Refund Form
    • Passport
    • Aadhar Card
  • Within seven business days, CIBC Bank will send you an email about Confirmation.
  • You will receive your refund in about 15 - 20 days.
$196 CIBC Logo

CIBC Bank

Bank of Montreal

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.

Charges
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
Required Documents
  1. Passport - Scanned Copy of First & Last page
  2. Letter of Acceptance - by Canadian DLI approved College or University
Eligibility Criteria
An Applicant need to be
  • at least 14 years of age
  • planning to arrive within 12 months of applying
  • planning to come to Canada as an International Student
  • a citizen of one of the following countries
    • India
    • China
    • Antigua and Barbuda
    • Colombia
    • Costa Rica
    • Morocco
    • Pakistan
    • Peru
    • Philippines
    • Senegal
    • Saint Vincent and the Grenadines
    • Trinidad and Tobago
    • Vietnam
How to open GIC account with BMO Bank
  • Open the BMO Bank GIC application webpage
  • Follow the instructions and fill in your details
  • Upload the required documents and proceed with submission
  • The BMO Bank will send you remittance details, and you have to transfer the GIC amount to that.
Refund & Cancellation

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.

$150 BMO Logo

BMO Bank

Scotia Bank

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.

Features
  • Free Student Banking Account till your Studies
  • UnSecured Credit Card with a limit of CAD 1000
  • Online Banking and Free Transfers
Charges
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
Required Documents
  1. Passport - Scanned Copy of First & Last page
  2. Letter of Acceptance - by Canadian DLI approved College or University
Eligibility Criteria
An Applicant need to be
  • planning to come to Canada as an International Student
  • a citizen of one of the following countries
    • India
    • China
    • Brazil
    • Colombia
    • Pakistan
    • Peru
    • Philippines
    • Vietnam
How to open GIC account with Scotia Bank
  1. Open the Scotia Bank GIC Application
  2. Read and accept the Application Disclosure Statement
  3. Enter your expected date of arrival and Click on the Start button
  4. Fill in your personal and contact details and Click on the Next button
  5. Enter your passport and College/University details and Click on the Next button
  6. Review your filled details, change them if required and confirm it.
  7. Open Scotia Bank Secure Mail
  8. Check your emails there with information about your Scotia Bank account and remittance details.
Refund & Cancellation

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.

  1. Open the Scotia Bank GIC Refund Application
  2. Read and accept the Refund Request disclosure and Click on Continue
  3. Fill your personal details and Continue the process
  4. After the form completion, the Scotia bank will initiate the refund within 4 weeks
  5. You will receive an Interal Control Number (ICN) in your SecureMail to track your Refund Request
$200 Scotia Bank Logo

Scotia Bank

SBI Canada Bank

The SBI Canada Bank has 6 branches across Canada. They have service fee of CAD 150 for a GIC account for International Students. You have to send CAD 25 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. If you have a bank account in SBI India and you are transferring your GIC amount through them, then you are eligible for CAD 50 discount in program fees. You can apply for GIC Certificate up to 12 months before arriving in Canada. You can activate your GIC account by visiting one of the 6 branches or any Canada Post office in Canada.

Charges
Description Charges
Minimum Amount CAD 20,635
Program Fees CAD 150
Interest Rate 1.05%
Processing Time 7-10 days
Wire Transfer Fees NIL
Cancellation Fee CAD 150 + CAD 25 (Wire Transfer fees)
Refund Fee 4 Weeks
Minimum you should send CAD 20,860
Required Documents
  1. Passport - Scanned Copy of First & Last page
  2. Letter of Acceptance - by Canadian DLI approved College or University
Eligibility Criteria
An Applicant need to be
  • at least 14 years of age
  • planning to arrive within 12 months of applying
  • planning to come to Canada as an International Student
  • a citizen of one of the following countries
    • India
    • China
    • Vietnam
    • Philippines
$150 SBI Canada Logo

SBI Canada Bank

Simplii Financial

Simplii Financial is a digital arm of the Canadian Imperial Bank of Commerce.

Charges
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
Required Documents
  1. Passport - Scanned Copy of First & Last page
  2. Letter of Acceptance - by Canadian DLI approved College or University
$196 Simplii Financial Logo

Simplii Financial

What is a Student GIC Account?

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 14,349; however, outside of Quebec, it is CAD 20,635, which is subject to change every year.

Which bank is best for GIC account in Canada?

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.

  • Royal Bank of Canada (RBC)
  • ICICI Bank Canada
  • Bank of Nova Scotia (Scotia)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Simplii Financial
  • Bank of Montreal
  • SBI Canada Bank
  • National Bank of Canada
  • The Toronto-Dominion Bank (TD)
  • HSBC Canada
  • Industrial and Commercial Bank of China (Canada)
  • Bank of China
  • Bank of Xian Co. Ltd
  • China Everbright Bank Co. Ltd
  • Habib Canadian Bank
  • Fédération des caisses Desjardins du Québec

Which documents are required for Student GIC Account?

The list of documents required is short and almost the same for all nationalities.

  • A Scanned copy of the Passport (Front & Last page)
  • University/College Offer Letter

How to apply for Student GIC Program Canada?

Opening a Student GIC account can be tedious for a newbie, so we recommend you take expert guidance to apply for it.

  • Choose a bank that provides a Student GIC account and visit their website.
  • Apply on their portal and upload the required documents
  • Wait for their approval to accept your request to open a GIC account.
  • Once approved, you will receive an email containing a bank account and related details to remit the funds using an international transfer from your bank account in your home country.
  • On the receipt of funds by the concerned, they will issue your Investment Balance Certificate. This document must be uploaded to the IRCC website while applying for your visa.

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.

Is GIC Account required for Canada Study Visa?

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.

What is the amount required for Canada GIC Account?

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 14,549 inside Quebec and CAD 20,635 outside Quebec.

Outside Quebec CAD 20,635
Quebec CAD 14,549

How to transfer money to Canada GIC Account from India?

There are two options available to pay the GIC amount.

  • Money Exchanger (Abroad Cube)
  • Banks (Axis Bank, HDFC Bank, etc.)

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

Can we pay GIC payment from parent's bank account?

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.

Can we pay the GIC amount in multiple transactions?

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.

Which one should I choose, Indian Bank or Money Exchanger for GIC Payment?

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.

Is CIBC GIC Account Free?

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.

Frequently Asked Questions

Questions usually asked by people

The GIC stands for Guaranteed Investment Certificate issued by various Canadian banks to their residents, international students and workers.

As per IRCC rules, the minimum amount for GIC investment is CAD 10,000 to be eligible for the SDS program.

IRCC approves 16 banks for GIC facilitation, but you can choose between Scotia Bank and CIBC for the best price and seamless service in Canada. They both have a higher number of branches across Canada.

You will receive CAD 667 every month for up to 12 months, which totals CAD 8000. While activating your account on arrival in Canada, you will receive CAD 2000 for initial expenses.

The GIC Investment Certificate will be delivered automatically via email to your Secure account provided by the bank.

The processing time for GIC Certificate solely depends on the bank you choose.

Yes, Student GIC is refundable per IRCC guidelines if a Student visa application has been rejected or they chose to withdraw their application. The bank might charge a cancellation and wire transfer fee.

The minimum amount for a GIC account set by IRCC is CAD 10,000. You can choose to go for the higher amount.

Yes, the GIC account is mandatory if you apply for a Study visa under the SDS program.
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