FAQs - Student GIC Program

What is ICICI Bank Canada Student GIC Program?


ICICI Bank Canada is a Canadian bank that participates in the Student Direct Stream (SDS) in India. By registering with ICICI Bank Canada Student GIC Program, a customer can open a Student Account from India and invest in a Guaranteed Investment Certificate (GIC).

 

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.

Why should I apply for the ICICI Bank Canada Student GIC Program?


If you are applying to universities or colleges in Canada under the Student Direct Stream, you must purchase a GIC to fulfill the proof of funds requirement for your Canadian visa/study permit application. If you are enrolled in a college or university that does not participate in SDS, you can still apply for the Student GIC Program to meet the proof of funds requirements of the Canadian visa office in India. With this Student GIC Program, you will have access to a bank account once a Student 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, having 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 the CDIC.

Will ICICI Bank Canada pay any interest under the program?


Click here to check the latest rates for accounts under the Student GIC Program.

How do I start applying?


Click here and follow the onscreen instructions.

When can I deposit funds into my Student Account?


You can deposit funds into your Student Account at any time during the year. It is your responsibility to apply for the program in advance, ensuring funds are deposited in your account before you apply for a study permit. Under normal circumstances, we need around 4 business days to open a Student Account, and around 3 business day to credit the money into that account. It is important for you to take this into account when you apply for the program.

What documents are required to apply for the program?


To apply, you will need to provide the following documents:

  1. Copy of passport pages (photograph page and the last page)
  2. Copy of acceptance/offer letter from a Canadian educational institution (this document is not a mandatory requirement to open a Student Account with ICICI Bank Canada)

How can I submit my application?


Applications can be submitted through our online registration platform.

If the college/university I plan to apply for is not listed under the Student Direct Stream, can I still apply?


Yes, you can still apply, even if the educational institution of your choice does not participate in the Student Direct Stream.

Can I open a Student Account with a joint name?


No. The Student Account can only be opened in the name of the student who is applying for a study permit, under the Student Direct Stream.

How do I follow-up on my application status?


You must communicate with ICICI Bank Canada via our exclusive Secure Email Service for all questions related to your application.

 

To contact us in India by phone, call 1-800-200-3340 (toll-free). It is helpful to have the date of submission and other information outlined on the Student Account Application form handy for the call.

How much do I need to wire to ICICI Bank Canada?


You must wire a total of $10,150. This fee 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 separately/directly by you.

Will ICICI Bank Canada refund the balance in my Student Account in case of any issues?


Yes, ICICI Bank Canada will refund your money. Under the following circumstances, we will refund your money if:

    1. your visa/study permit application was declined, or
    2. your application for admission to a Canadian educational institution was declined, or
    3. 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, as long as they 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 a visa/study permit cancellation with the Canadian visa office.

Can I transfer funds to my Student Account through services other than a bank, such as a money exchange house (money transfer services)/third party services?


No. Funds must be wired from a bank in India where you hold an account exclusively in your name, or a joint account with your parent(s); otherwise, the money will be returned. You will be responsible for covering all administrative/intermediary bank fees incurred as a result of the returned funds.

Can a third party deposit money into my ICICI Bank Canada Student Account?


No. You are the only person who can deposit funds into your student account, from your bank account in India. The bank account in India should be exclusively in your name, or a joint account with your parent(s). 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 before applying for a Student Account under the Student GIC Program?


All communications must be via the ICICI Bank Canada Secure Email Service. However, if you need to contact us before registering, please e-mail us at customercare.ca@icicibank.com. You can also contact us by phone from India at 1-800-200-3340 (toll-free) for any further queries.

Can a third party follow-up with ICICI Bank Canada in regard to the status of my application?


For privacy reasons, ICICI Bank Canada will not disclose any information to anyone other than you.

How can I reset my Secure Email Service password?


Visit the Student GIC Program Student Account application Login page and click on “Forgot Password”. From there, follow the onscreen instructions.

I have funded my Student 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 when applying online for a study permit. The Canadian visa office in India will validate the Investment Balance Confirmation with ICICI Bank Canada directly.

Can I use the same Student Account if I defer enrolment or change my educational institution?


Yes, you can still use the same Student Account if you have not requested for a refund.

How can I update my personal or contact information (telephone number / home address / passport number)?


If you need to update your personal information, notify us through our Secure Mail Service with the supporting documentation (if applicable). You can do so by replying to the last message sent from us to you.