Scotiabank, one of the largest banks in Canada, offers the GIC program specifically directed toward international students. This popular program is named Scotiabank Student GIC program (SSGP), and enrolling in it helps Indian students meet their student visa guidelines as well as providing access to funds to help pay for school expenses while in Canada.
GIC is an investment that gives a guaranteed rate of interest over a fixed period of time. GIC is also necessary to meet the Canadian visa office proof of funds requirement for international students travelling to Canada. After making an initial investment of $10,200 CAD, $2000 CAD plus accrued interest is credited to the student’s personal account upon arrival in Canada. For the next 12 months, student will receive a portion of the investment plus interest, which be used for living expenses while studying in Canada.
Application Process –
The Scotiabank website has the application form, a guide to the investment scheme, and FAQs for you to go through as you decide to invest in this program. The process works as such:
- Download and read the SSGP Guide in PDF format. It serves as an introduction to the program and answers any questions you may have.
- Fill out the application form on the website. It doesn’t take more than 10 minutes and you will get a response within 24 hours on whether your application has been approved.
- Scotiabank will send you an email when your application has been received and you can register for the secure email service.
- Once approved, you’ll receive an email from Scotiabank with your new Investment Account number along with wire transfer details.
- Next, you transfer $10,200 CAD from your bank in your home country to your new Scotiabank Investment Account. The $10,000 CAD is your initial investment money, while the $200 CAD is the processing fee. Please note that any transfer fees or taxes will have to be borne by you and that the net amount transferred should be $10,200 CAD.
- Once the funds have successfully been transferred to your Investment Account you’ll get a confirmation email. This process may take up to 5 days. Print the confirmation email and store it safely.
- Now you can apply for your study permit. You must include the confirmation email from Scotiabank in your application along with other documents.
- Once you receive your study permit and arrive in Canada, visit a Scotiabank office near your home or school and open a personal account stating your Investment Account number and confirmation letter. This is the last step you need to take to complete your enrolment into the program.
- Your Scotiabank branch will transfer $2000 CAD plus any interest from Investment Account to your personal account, and the rest $8000 CAD will be deposited in a 1-year fixed term GIC. Interest will accumulate in the GIC, and will be deposited to your personal account in 12 monthly payments.
Can the GIC be refunded in any circumstance?
Yes, provided the student provides adequate paperwork. Once the account has been opened, the student has to submit an account cancellation and refund application, only if one of these circumstances is met: if the student visa is not approved; if the student withdraws admission from the Canadian institute they have been accepted in; and if the student doesn’t meet all the criteria in the admission offer letter, or if for any other reason, their admission is revoked.