Why participating in ICICI Bank Canada Student GIC Program?
In order to apply for a study permit under the SDS program, you must purchase a Guaranteed Investment Certificate (“GIC”) in the amount of CAD 10,000 or as specified by Immigration, Refugees & Citizenship Canada (IRCC) for the specific province of arrival. Students applying for a study permit outside of the SDS (e.g. for university programs) may also purchase a GIC to act as proof of funds to cover their living expenses for the first year of their stay in Canada.
A GIC is a secure investment option (similar to a fixed or term deposit) that guarantees the full amount of your original investment as well as the interest over a pre-determined and fixed timeframe.
With the ICICI Bank Canada Student GIC Program, you will receive a portion of your investment plus interest every month for a 12-month period. The fee to participate in this program is CAD 150, non-refundable.
Overview of Student GIC Application Process:
- Register for our Secure Mail Service.
- Complete and submit the Student Account application online.
- You will receive your Student Account number immediately on successful submission of the application.
- Deposit your funds into your Student Account as per the instructions provided on the account confirmation page. You will also receive a confirmation email in your secure mailbox.
- An Investment Balance Confirmation will be sent to your secure mailbox once the funds are credited to your Student Account. You can apply for a Canadian Study Permit with this confirmation.
- Upon your arrival in Canada and after successful in-person verification, we will open a personal chequing account for you. We will also transfer the funds to your new chequing account, as well as open a GIC account.
If your Student Visa/Permit request is declined or cancelled or if you withdraw from your studies after arriving in Canada, you can request a full refund of CAD 10,000, or the remaining balance in your Student Account. Please refer the Refund section for details.
For detailed information on the Application Process, Activation Process, and Refund Process, please click on the respective links below:
If you have any questions or require assistance, please contact ICICI Bank Canada by:
- Email at firstname.lastname@example.org.
- Call toll-free from India at 1-800-200-3340
- Call toll-free from Canada at 1-888-424-2422
- Elsewhere, call collect: 1-416-847-7979
All amounts are in Canadian dollars unless otherwise indicated.