Studying in Canada presents many opportunities for international students. If you are a student from India and are considering pursuing your studies in Canada under the Student Direct Stream (SDS) the ICICI Bank Canada Student GIC Program is for you. SDS was earlier known as the “Student Partners Program (SPP). If you have applied under the erstwhile SPP Program, your Investment Balance Confirmation is still valid.
In order to apply for a study permit under the SDS in India, you must purchase a Guaranteed Investment Certificate (“GIC”) in the amount of $10,000 Canadian Dollars (CAD), 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. ICICI Bank Canada Student GIC Program is tailor-made for you!
A GIC is a secure investment option (similar to a Fixed Deposit in India) 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 $150 CAD, non-refundable.
Overview of the application process:
- Register for the ICICI Bank Canada Student GIC Program online and gain access to our secure mailbox.
- 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 Visa or Study Permit is declined or cancelled, you can request a refund of $10,000 CAD investment,or the remaining balance in your student account. If you withdraw from your studies after arriving in Canada, you can visit any of our branches and notify us that you are returning to India. We will close your account(s) and you can request a refund upon your return to India. Please note that you must provide a proof of the declined or cancelled Visa/Study Permit.
For detailed information on the Application Process, Activation Process, and Refund Process, please click on the links below:
If you have any questions or require assistance, please contact ICICI Bank Canada by:
If you have submitted an application on or before October 18, 2017 and would like to access your secure mailbox, please click here
We will be glad to assist you.