{"id":30802,"date":"2024-08-01T10:37:04","date_gmt":"2024-08-01T10:37:04","guid":{"rendered":"https:\/\/unischolars.com\/blog\/?p=30802"},"modified":"2024-12-09T10:16:37","modified_gmt":"2024-12-09T10:16:37","slug":"gic-for-indian-students-in-canada","status":"publish","type":"post","link":"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/","title":{"rendered":"GIC For Indian Students In Canada: Meaning, Eligibility &amp; Application Process"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#What_Is_GIC_For_Indian_Students_In_Canada\" >What Is GIC For Indian Students In Canada?&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#Types_Of_GIC_In_Canada_For_Indian_Students\" >Types Of GIC In Canada For Indian Students<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#Eligibility_For_GIC_In_Canada_For_Indian_Students\" >Eligibility For GIC In Canada For Indian Students<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#How_to_Purchase_a_GIC_for_Studying_in_Canada\" >How to Purchase a GIC for Studying in Canada<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#Benefits_Of_The_GIC_Programme\" >Benefits Of The GIC Programme<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#Top_Banks_Comparison_For_GIC\" >Top Banks Comparison For GIC&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#Financial_Planning_With_A_GIC_In_Canada\" >Financial Planning With A GIC In Canada<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/unischolars.com\/blog\/gic-for-indian-students-in-canada\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><\/p>\n\n\n\n<p>A Guaranteed Investment Certificate (GIC) is a savings plan for international students planning to study in Canada. The GIC was established to ensure that these students have adequate financial resources for their time in Canada. By mandating a GIC, the Canadian government can be assured that students possess enough funds to cover their living costs for at least the first year of their stay.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>In this article, you will discover a GIC in Canada, its benefits, the eligibility criteria for application, and the purchasing process. Additionally, it will highlight the top Indian banks where you can buy a Guaranteed Investment Certificate.&nbsp;<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_GIC_For_Indian_Students_In_Canada\"><\/span><strong>What Is GIC For Indian Students In Canada?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The GIC is a requirement for Indian students planning to study in Canada. This investment is designed to cover students&#8217; annual living expenses in Canada. The scheme provides two main benefits: students can withdraw a fixed monthly amount to cover their expenses and receive a fixed rate of return on the remaining invested amount. Note that the rate of return varies by bank.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The Canadian government has updated the GIC amount starting January 1, 2024. The new required GIC amount for international students is CAD 20,635 (approximately INR 12,71,619), up from CAD 10,000 (INR 616,244). This increase reflects rising living costs and inflation rates in Canada. With this understanding of what a GIC is for Indian students, let&#8217;s delve into the different types of GIC available.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_Of_GIC_In_Canada_For_Indian_Students\"><\/span><strong>Types Of GIC In Canada For Indian Students<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>There are three types of Guaranteed Investment Certificates (GICs) available for Canadian study permits, and students can select the one that best suits their needs:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-Cashable GIC:<\/strong> This type requires you to lock in your funds for a set period. It offers the highest rate of return, but your funds are only available once the GIC matures.<\/li>\n\n\n\n<li><strong>Cashable GIC:<\/strong> This GIC has no lock-in period and allows you to withdraw your money at any time, making it suitable for short-term investments. However, there is a monthly withdrawal limit.<\/li>\n\n\n\n<li><strong>Equity-Linked GIC or Market Growth GIC:<\/strong> This GIC provides returns based on market performance. Depending on market conditions, it offers a guaranteed minimum return and a potential bonus return.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>With this overview of the different types of GICs available in Canada, you should be better equipped to choose the most suitable Guaranteed Investment Certificate for your needs.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_For_GIC_In_Canada_For_Indian_Students\"><\/span><strong>Eligibility For GIC In Canada For Indian Students<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>To apply for a Guaranteed Investment Certificate (GIC) in Canada, international students need to meet several key requirements. These prerequisites ensure that students are well-prepared for their studies and can manage their finances effectively in Canada. Here are the specific criteria that must be met:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Students must be permanent residents of one of the following countries: India, China, Morocco, Pakistan, the Philippines, Brazil, Colombia, Senegal, Vietnam, Peru, Costa Rica, Antigua and Barbuda, Saint Vincent and the Grenadines, or Trinidad and Tobago.<\/li>\n\n\n\n<li>An acceptance letter from a Post-secondary Designated Learning Institution (DLI) in Canada is required.<\/li>\n\n\n\n<li>Proficiency in English is mandatory, with an IELTS score of 6.0 or above needed.<br><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXcv_3GIaAvqAQoNli22sfBnHHvu_6bUXJf1H7yv7zkS6MnfRWHjaVMaPAjJucnRFInzhU1Vt9nkNzJzUfzeQfEC7V2P-L-QgDA8EjzpGNPO8f7GI5A_5qb0QrVAo0QBbQCstUKgZRyxu45LNcdLkoRC6RFG?key=aqbCor6-CldotoCXc6avwA\" alt=\"\" style=\"width:440px;height:auto\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Purchase_a_GIC_for_Studying_in_Canada\"><\/span><strong>How to Purchase a GIC for Studying in Canada<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Indian students can purchase a Guaranteed Investment Certificate (GIC) to study in Canada through both online and offline methods. Here\u2019s a streamlined guide to help you through the process:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Online Purchase<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Visit the Bank\u2019s Website:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ICICI Canada GIC Login<\/li>\n\n\n\n<li>SBI Canada GIC Login<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Register as a New User:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Enter your details, such as name, username, and email address.<\/li>\n\n\n\n<li>You will receive an activation link via email.<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Complete the Application:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Follow the link from your email to access the application page.<\/li>\n\n\n\n<li>Submit the required documents, including a copy of your passport and proof of admission.<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Secure Communication:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>After submission, you&#8217;ll receive a secure mailbox for communication with the bank.<\/li>\n\n\n\n<li>Use your username and password to log in and track your application.<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Receive Account Details:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Once your application is processed, you&#8217;ll be given a new account number.<\/li>\n\n\n\n<li>Deposit the required GIC amount into this account.<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"6\" class=\"wp-block-list\">\n<li><strong>Keep Investment Details:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Save a copy of your investment details, as you&#8217;ll need this for your study visa application.<br><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Note:&nbsp;<\/strong><br><em>Regular banking transactions are permitted once you arrive in Canada.<\/em><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Offline Purchase<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Visit a Bank Branch:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You can also purchase a GIC by visiting an authorised bank branch such as ICICI Bank Canada.<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Complete Application Form:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fill out the necessary paperwork and provide the required documentation.<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Deposit Funds:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Deposit the GIC amount into the account as directed by the bank.<br><\/li>\n<\/ul>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Obtain and Retain Investment Details:<\/strong><br><\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Keep a copy of your GIC details for your study visa application.<br><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Additional Information<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Processing Fee: <\/strong>The bank processing fee for the GIC application ranges from CAD 150 to CAD 200 (approximately INR 9,222 to INR 12,200).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_Of_The_GIC_Programme\"><\/span><strong>Benefits Of The GIC Programme<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The GIC Programme offers a range of benefits for Indian students aiming to study in Canada. These advantages include financial security and a smoother visa application process, enhancing the educational experience. Here\u2019s how these benefits can positively impact your journey:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Proof of Funds:<\/strong> A GIC assures the Canadian government that Indian students have sufficient funds to cover their living expenses for a year in Canada. This is particularly important under the Direct Student Stream and helps speed up the application process.<br><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Guaranteed Returns:<\/strong> GICs are a popular choice for international students because they offer guaranteed returns. While these returns might be modest, they are more attractive given the rising interest rates and economic uncertainty.<br><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Financial Planning:<\/strong> The GIC programme aids in budgeting for the first year in Canada. Funds are disbursed monthly or bi-monthly for the initial 12 months following identity verification.<br><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Safety and Security: <\/strong>GICs are considered a secure investment with minimal risk, ensuring the safety of your money.<br><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Simplified Visa Process:<\/strong> A GIC simplifies the Canadian visa process by serving as proof of funds. Students do not need to provide additional financial documentation to Immigration, Refugees and Citizenship Canada (IRCC).<br><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Top_Banks_Comparison_For_GIC\"><\/span><strong>Top Banks Comparison For GIC&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>A few banks provide a GIC programme to students studying in Canada. Given below are some of those top banks and their comparison:&nbsp;&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Particulars&nbsp;<\/strong><\/td><td><strong>ICICI Bank Canada<\/strong><\/td><td><strong>SBI Canada<\/strong><\/td><td><strong>Scotiabank<\/strong><\/td><\/tr><tr><td>Serving Countries<\/td><td>India, China, Philippines, Morocco, Vietnam, Senegal<\/td><td>India, China, Vietnam, Philippines<\/td><td>China, India, Morocco, Pakistan, Vietnam, the Philippines, Brazil, Peru, Colombia, and Senegal.<\/td><\/tr><tr><td>Investment Amount<\/td><td>CAD 20,635 to CAD 30,000<br>(INR 12,68,681 to INR INR 18,44,460)<\/td><td>CAD 20,635 to CAD 75,000<br>(INR 12,68,681 to INR 46,11,150)<\/td><td>CAD 20,635 to CAD 50,000<br>(INR 12,68,681 to INR 30,74,100)<\/td><\/tr><tr><td>Online Application<\/td><td>Available<\/td><td>Available<\/td><td>Available<\/td><\/tr><tr><td>Processing or Programme Fee<\/td><td>CAD 175 (INR 10,700 <em>Approx<\/em>)<\/td><td>CAD 150 (INR 9,222 <em>Approx<\/em>)<\/td><td>CAD 200 (INR 12,296 <em>Approx<\/em>)<\/td><\/tr><tr><td>Interest Rate<\/td><td>1%<\/td><td>1.05%<\/td><td>0.1% \u2013 1%<\/td><\/tr><tr><td>Mobile App<\/td><td>ICICI Bank Canada app<\/td><td>YONO SBI Canada Bank app<\/td><td>Scotiabank App<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_Planning_With_A_GIC_In_Canada\"><\/span><strong>Financial Planning With A GIC In Canada<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Effective financial planning with a Guaranteed Investment Certificate (GIC) is crucial for managing your finances during your studies in Canada. Here\u2019s how you can navigate this process to ensure a smooth financial experience:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deposit Funds<\/strong>: Transfer the required amount into your GIC account, which will be used to cover your living expenses.<\/li>\n\n\n\n<li><strong>Monthly Release<\/strong>: A predetermined portion of the funds will be released from the GIC account to help with daily expenses.<\/li>\n\n\n\n<li><strong>Budgeting<\/strong>: To manage your spending effectively, develop a monthly budget based on the amount you receive from the GIC.<\/li>\n\n\n\n<li><strong>Emergency Savings<\/strong>: Set aside a portion of your monthly release for unforeseen expenses.<\/li>\n\n\n\n<li><strong>Monitor Expenses<\/strong>: Keep track of your expenditures regularly to ensure you stay within your budget.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>By following these steps, you can effectively manage your finances and maintain financial stability throughout your studies in Canada.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The GIC Programme is an invaluable resource for Indian students aiming to study in Canada, providing financial stability and facilitating the Canadian visa process. Understanding its terms and effectively planning your finances with a GIC can significantly enhance your study experience in Canada. Embrace this opportunity to make your educational journey in Canada smoother and more secure.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q1. Which bank is best for the GIC in Canada from India?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Scotia Bank, SBI Bank, and ICICI Bank are the best for GIC in Canada from India.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q2. What are the new GIC rules for Canada in 2024?&nbsp;<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Starting January 1, 2024, the Guaranteed Investment Certificate (GIC) requirement for international students applying for a Canadian study permit has doubled. Students must now demonstrate access to at least CAD 20,635, an increase from the previous requirement of CAD 10,000, to cover their living expenses, excluding tuition fees.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q3. Is GIC mandatory for student visas in Canada?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>International students applying for a study permit to Canada through the Student Direct Stream (SDS) are required to have a minimum Guaranteed Investment Certificate (GIC) of CAD 20,635 from a participating Canadian financial institution, such as the Royal Bank of Canada (RBC).&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q4. Is it better to pay GIC in INR or CAD?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>If you choose a forex transfer to create your GIC, it will generally be cheaper than paying in INR. This is because CIBC quotes the dollar rate much higher. By paying in CAD through a forex transfer, you can save between 10,000 to 18,000 Indian Rupees.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q5. How many months do we get GIC in Canada?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>You will receive the full amount invested in the GIC Programme Account back in 11 equal payments over one year, plus you will earn interest on the amount.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Enjoyed reading this article? Well, read through our related topics-&nbsp;<\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/unischolars.com\/blog\/student-visa-for-study-abroad\/\"><em>Student Visa For Study Abroad<\/em><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/unischolars.com\/blog\/uk-student-visa-rejection-rate\/\"><em>UK Student Visa Rejection Rate<\/em><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/unischolars.com\/blog\/bank-balance-for-us-student-visa\/\"><em>Bank Balance For US Student Visa<\/em><\/a><br><\/li>\n<\/ul>\n\n\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [{\n    \"@type\": \"Question\",\n    \"name\": \"Which bank is best for the GIC in Canada from India?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Scotia Bank, SBI Bank, and ICICI Bank are the best for GIC in Canada from India.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"What are the new GIC rules for Canada in 2024?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"Starting January 1, 2024, the Guaranteed Investment Certificate (GIC) requirement for international students applying for a Canadian study permit has doubled. Students must now demonstrate access to at least CAD 20,635, an increase from the previous requirement of CAD 10,000, to cover their living expenses, excluding tuition fees.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"Is GIC mandatory for student visas in Canada?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"International students applying for a study permit to Canada through the Student Direct Stream (SDS) are required to have a minimum Guaranteed Investment Certificate (GIC) of CAD 20,635 from a participating Canadian financial institution, such as the Royal Bank of Canada (RBC).\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"Is it better to pay GIC in INR or CAD?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"If you choose a forex transfer to create your GIC, it will generally be cheaper than paying in INR. This is because CIBC quotes the dollar rate much higher. By paying in CAD through a forex transfer, you can save between 10,000 to 18,000 Indian Rupees.\"\n    }\n  },{\n    \"@type\": \"Question\",\n    \"name\": \"How many months do we get GIC in Canada?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"You will receive the full amount invested in the GIC Programme Account back in 11 equal payments over one year, plus you will earn interest on the amount.\"\n    }\n  }]\n}\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>A Guaranteed Investment Certificate (GIC) is a savings plan for international students planning to study in Canada. The GIC was established to ensure that these students have adequate financial resources for their time in Canada. 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