FAQs - Student GIC Program
What is ICICI Bank Canada Student GIC Program?
ICICI Bank Canada is a Canadian bank that is participating in the Student Partners Program (SPP) in India. With the ICICI Bank Canada Student GIC Program, a student can open an investment account in Canada from India, and invest in a Guaranteed Investment Certificate (GIC) in Canada.
A GIC is a Canadian investment instrument ( like a Fixed Deposit in India) that offers a guaranteed interest rate over a fixed period of time. It is similar to a fixed deposit account in India.
Why should I apply for the ICICI Bank Canada Student GIC Program?
If you are applying to colleges in Canada under the SPP you must purchase a GIC to fulfil the proof of funds requirement for your Canadian visa/study permit application. Currently, there are 47 Canadian colleges participating in the SPP (list of participating colleges). If you are enrolled in a college or university that does not participate in SPP, you may still apply for the Student GIC Program to meet the Canadian visa office in India’s proof of funds requirement. Another advantage of the program is that you will have access to a Canadian bank account once an investment account is set up in your name with ICICI Bank Canada.
Is my investment secure?
ICICI Bank Canada is a member of the Canada Deposit Insurance Corporation (CDIC). Only deposits held in Canadian currency, with a term of five years or less and payable in Canada, are insurable under the Canada Deposit Insurance Corporation Act. Click here for further information on CDIC.
Will ICICI Bank Canada pay any interest under the program?
For the latest interest rates for Student Investment Account and GIC under the Student GIC Program - click here
When can I deposit funds into my investment account?
You can apply for the ICICI Bank Canada Student GIC Program at any time during the year and deposit funds into your Investment Account. However, it is your responsibility to ensure that you apply for the program well in advance, so funds are deposited in your investment account before you apply for a study permit.
What documents are required to apply to the program?
To apply, you will need to provide the following documents:
- Complete and signed copy of the ICICI Bank Canada Student GIC Program application,
- Copy of passport pages (photograph page and the last page), and
- Copy of acceptance/offer letter from a Canadian educational institution.
Where can I submit an application?
An application can either be submitted online through the ICICI Bank Canada Secure Email Service or in-person at a designated ICICI Bank Limited branch in India.
How do I follow up about my application status?
You must communicate with us via the ICICI Bank Canada Secure Email Service for all questions related to your application.
To contact us in India by phone, please call 1-800-200-3340 (India toll free). To help retrieve information efficiently, you must have a copy of your submitted application and the date of submission handy for the call.
What amount do I need to wire to ICICI Bank Canada?
You must wire a total of $10,150, which includes $10,000 for your investment and $150 for the program fee. It is your responsibility to ensure that ICICI Bank Canada receives $10,150 CAD in full without any deductions. Any additional fees charged by your bank in India (e.g. wire transfer fees, intermediary bank charges etc.) need to be paid by separately/directly by you.
Will ICICI Bank Canada refund my investment in case of any issues?
Yes, ICICI Bank Canada will refund your money under the following circumstances:
- Your visa/study permit application was declined
- Your application for admission to a Canadian educational institution was declined
- You have withdrawn enrolment from the Canadian educational institution before your arrival in Canada.
Note: Students can withdraw from the Student GIC Program even after arriving in Canada. However, they would need to provide evidence that they have withdrawn enrolment from their Canadian educational institution and returned back to India. The investment will only be refunded after verification of visa/study permit cancellation with the Canadian visa office.
Can I transfer funds to my investment account through services other than a bank, such as a money exchange house (money transfer services)/third party services?
No. Funds must be wire transferred from a bank in India where you hold an account exclusively in your name or is a joint account with your parent(s), or the money will be returned. You will be responsible for covering all administrative/intermediary bank fees incurred as a result of the return of funds.
Can a third-party deposit money into my ICICI Bank Canada Investment Account?
No, only you can deposit funds into your investment account, from your bank account in India. The Indian bank account should be exclusively in your name or be a joint account with your parent(s) in India. In the event of a refund, the money will be returned to this bank account where the original remittance was made from.
How do I communicate with ICICI Bank Canada?
All communications with ICICI Bank Canada must be via the ICICI Bank Canada Secure Email Service. However, if you need to contact us before registering, please email us at firstname.lastname@example.org. You may also call us at 1-800-200-3340 (India toll free) for any further queries.
I have funded my investment account, but never completed my study permit application. Can I use my existing investment balance confirmation to re-apply for a study permit?
Yes, you can use an existing Investment Balance Confirmation Certificate when e-applying for a study permit. The Canadian visa office in India will validate the investment balance confirmation with ICICI Bank Canada directly.
Can I still use the same ICICI Bank Canada Investment Account if I defer enrollment or change my educational institution?
Yes, you may still use the same ICICI Bank Canada Investment Account number. You must use the secure mail service to inform ICICI Bank Canada about the change and send us your new offer/acceptance letter from the educational institution. You must also highlight your new arrival date in Canada. Submit your update by responding to the most recent notification you received on the secure mail service. The subject line of your update must state: ICICI SGP - Student’s full name (given/first name and last/surname) - Passport Number - School Change or Defer Enrollment.
How can I update my personal or contact information (telephone number or home address or passport number)?
If you need to update your personal information, you must notify us through ICICI Bank Canada Secure Online Mail Service with supporting documentation (if applicable) by replying to the last message received from us. The subject line of your update must state: ICICI SGP – Your Full Name – Passport - Change Required
Your request will be processed within 5 business days. You will then receive an automated confirmation stating that the request has been submitted and a second automated confirmation once the changes are applied. Note: If your passport number has changed, a copy of the first and last page of your new passport must be sent along with your update.
Submitting a request, what should I specify in the subject line of my e-response?
When submitting a request, you must highlight the following within the subject line depending on the type of request–
- Application request
- Investment confirmation request
- Passport Number Change
- Address Change
- School Change
- Telephone Number Change
- Refund Request
The subject line must be formatted as follows:
ICICI SGP [Student’s full name [given/first name and last/surname], Passport - Enrollment Update - [change requested, please select from above list]