Student GIC Program (Canada) - NRI

What is GIC

GIC stands for “Guaranteed Investment Certificate” which is a short-term liquid investment usually for upto a year offered by Canadian Banks. As per Immigration, Refugees and Citizenship Canada (IRCC) requirements under Student Direct Stream (SDS) application process, students applying under SDS scheme for studies in Canadian Designated Learning Institutes, are required to invest CAD 20,635 in the form of GIC with authorised Canadian Banks.

What is SBI Student GIC (Guaranteed Investment Certificate) Program?

SBI Canada Bank has a Student GIC Program for students from India, who are planning to study in any Canadian province except for Quebec. Under the SBI Canada Bank Student GIC Program, a student can purchase a GIC from SBI Canada Bank for CAD20,635 to meet the requirements of their student visa application.

• Student GIC accounts are only available in CAD
• Interest on the GICs is compounded annually and paid along with the monthly instalment
• An amount of $ 4,135 (CAD) plus accrued interest will be credited to student’s Super Saver or Chequing account after activation and these funds can be accessed immediately through internet banking or interac. Once the student receives his debit card, the same can be used to withdraw/deposit money through any of the approximately 3500 Exchange Network ATMs across Canada
• The residual amount of $ 16,500 (CAD) will be invested in a Non-redeemable GIC account of one-year term. An equated monthly installment (EMI of principal +interest) will be paid from this Non-redeemable GIC account and credited to student’s super saver / chequing account each month for 12 continuous months
• The service charges for this program is CAD 150.00 and it is not refundable. For further details please visit studentgic.sbicanada.com/ or write to us on admin.studentgic@sbicanada.com / agmretail2.ibg@sbi.co.in . You can also visit your nearest SBI NRI / NRI-Intensive branch to know more. Please click here for list of branches.