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 Partners Program”(SPP) in India, the ICICI Bank Canada Student GIC Program is for you.
In order to apply for a study permit under the SPP 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 SPP (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 amount 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 Investment Account application online.
- You will receive your Student Investment Account number immediately on successful submission of the application.
- Deposit your funds into your Student Investment Account as per the instructions provided on 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 in your account. You can apply for a Canadian Study Permit with this confirmation.
- Upon your arrival in Canada and successful in-person verification we will open a personal chequing account for you. We will also transfer the funds from your Student Investment Account to the chequing account, as well as issue a GIC.
If your Visa or Study Permit is declined or cancelled, your $10,000 CAD investment, or the remaining balance, will be refunded. If you withdraw from your studies after arriving 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 proof of the declined or cancelled Visa/Study Permit.
For detailed information on the Application 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.