Guaranteed Investment Certificates (GICs) - Refund Policy

What to do if your study permit is declined or cancelled

In the event that your study permit gets declined, ICICI Bank Canada will refund your initial investment of $10,000 CAD or the remaining balance, if you have already received a portion of funds. To request a refund you must prove that:

  • your study permit is declined, cancelled or,
  • your admission application to a Canadian educational institution was declined or,
  • you have withdrawn enrolment from the Canadian educational institution and have returned to India.


If you are in Canada and wish to withdraw from your course, please inform your local ICICI Bank Canada branch of your plans to return to India. Once we are notified, we will close your account(s), following which you can request your GIC refund after you return to India.


Please note that in both the above cases, a refund request can only be submitted through the ICICI Bank Canada Secure Email Service. The investment will only be refunded after verification of your return to India and visa / study permit cancellation by a Canadian visa office.


Please make sure that you review the Student GIC Program Guide to properly complete your refund request in order to avoid delays. Once we have approved your refund request, you will receive your refund within 6 weeks.


Refund process

Follow these simple steps to request your refund:

  1. Application completion and review 
    Download the Refund application from Secure Email or from the link here below. Complete, validate, print and sign the ICICI Bank Canada Student GIC Refund Request form. If your refund request is incomplete or incorrect, we will return your refund request with an explanation. You will need to revise and resubmit a corrected application.


  2. Application submission
    Submit your refund request along with the supporting documents using ICICI Bank Canada Secure Email Service: Sign in and “Reply” to the last secure message you received from ICICI Bank Canada. (If you don’t have any incoming mail in your mailbox, you will need to re-register for the ICICI Bank Canada Secure Email Service.) Ensure the subject line of your email is filled out as follows: ICICI SGP – your full name (Given/First and Surname/Last) – your passport number – Refund Request.
  3. Approval and confirmation
    Once your refund request is approved, we will confirm that your study permit has been declined or cancelled with the Canadian visa office in India.
  4. Fund transfer to India
    We will wire your funds back to your original bank account in India. For security reasons, funds can only be returned to the account that they were initially received from.
  5. Email confirmation
    We will send you a confirmation of the fund transfer using the ICICI Bank Canada Secure Email Service.
  6. Fund receipt
    Your funds will reach your account in India within 6 weeks.