ICICI Bank Canada is a Canadian bank that is participating in the Student Direct Stream (SDS) in India. With the ICICI Bank Canada Student GIC Program, a client can open a Student 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.
If you are applying to colleges in Canada under the Student Direct Stream you must purchase a GIC to fulfil 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 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 a Student account is set up in your name with ICICI Bank Canada.
ICICI Bank Canada is a member of Canada Deposit Insurance Corporation. The instruments and/or products that are eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC) are listed in our Deposit Register, subject always to coverage limitations as outlined by CDIC.
For further information, please visit the CDIC website or call: 1-800-461-CDIC (2342).
You can deposit funds into your Student Account at any time during the year. 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. Normally we need around 4 business days to open a Student Account and around 3 business to credit the money into that account.
To apply, you will need to provide the following documents:
- Copy of passport pages (i) the page in your passport containing your photo, passport number, date of birth and other personal details, and (ii) the page in your passport with other information, e.g. your parent / guardian names and addresses. If the passport does not have a page that bears the name of your parents / guardian then please provide any other Government issued identification document that bears all your personal information alongside the details of your parent(s) / guardian. The passport must also show your current address – if the passport does not show your address then please provide any other Government issued identification document that bears your personal information alongside your address, and
- Copy of acceptance/offer letter from a Canadian educational institution.
An application can only be submitted using our online registration process.
Yes, you can still apply even if your educational institution of choice does not participate in the Student Direct Stream.
No. Under the ICICI Bank Canada Student GIC Program, 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.
You must communicate with us via the ICICI Bank Canada using the 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 all the information of your Student Account application form and the date of submission handy for the call.
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 separately/directly by you.
Yes, ICICI Bank Canada will refund your money under the following circumstances:
- Your visa/study permit application was declined, or
- Your application for admission to a Canadian educational institution was declined, or
- 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 their home country. The investment will only be refunded after verification of a visa/study permit cancellation with the Canadian visa office.
No. Funds must be wired from a bank 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 return of funds.
No. You are the only person who can deposit funds into your Student Account, from your bank account in your home country. The bank account 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.
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.
For privacy reasons, ICICI Bank Canada will not be able to disclose any information to anyone other than you.
Yes, you can use an existing Investment Balance Confirmation when e-applying for a study permit. The Canadian visa office in India will validate the Investment Balance Confirmation with ICICI Bank Canada directly.
Yes, you may still use the same Student Account if you have not requested for a refund.
If you need to update your personal information, you must notify us through ICICI Bank Canada Secure Mail Service with supporting documentation (if applicable) by replying to the last message from us.
No. Only one international wire transfer is allowed until you arrive in Canada and activate your account. Once you activate your account in Canada, you can receive funds, send global money transfers, pay bills and so much more. For the initial deposit, students can deposit a minimum of $10,175 CAD (up to $25,000 CAD) into their account prior to arrival.
Yes. The bank account that funds the Student Account should be in your name, your parent(s) name or a spouse joint account (proof of relationship would be required). In the event of a refund, the money will be returned to this bank account where the original remittance was made from.
As per the Canadian Banking regulations, each account requires verification of your ID prior to activating and giving access to an account. Hence, you will not be able to access your funds or use your debit card until you have activated your student account upon arrival in Canada. You have below options to complete the activation activities:
Option 1: Activate online through the ICICI Bank Canada SPP app or icicibank.ca website. While submitting activation request, select Royal Bank of Canada as preferred banking choice.
If selected Royal Bank of Canada receive your fund in your Royal Bank of Canada account after successful linking with ICICI Bank Canada account
Option 2: Activate online through the ICICI Bank Canada SPP app or icicibank.ca website. While submitting activation request, select ICICI Bank Canada as preferred banking choice.
For KYC, you can Activate the account by completing the Online KYC
If you are unable to complete online identity verification or prefer in-person verification, you can select the following two options,
Through Canada post, follow the steps as provided in secure mailbox and visit any of the 6,000+ Canada Post locations across Canada
Or, Activate through any of the ICICI Bank Canada locations across Canada
While submitting activation request, if you choose Royal Bank of Canada as a banking option you will not receive debit card from ICICI Bank Canada, however, you will receive a debit card from Royal Bank of Canada. If you choose ICICI Bank Canada, you will be issued a new debit card at the ICICI Bank Canada branch or by mail to your Canadian address.
While submitting activation request, if you choose Royal Bank of Canada as a banking you have to complete the below steps
Please review the steps received in your secure mailbox
You have to contact Royal Bank of Canada to open your account with your nearest Royal Bank of Canada branch
To successfully open and link your Royal Bank of Canada account please take referral document which you receive in your secure mailbox after submitting activation request
Take confirmation from Royal Bank of Canada advisor that account is successfully linked
After successful linking, funds will be available in your account in 1-2 business days
Once you have successfully opened an account with Royal Bank of Canada, ICICI Bank Canada will create the GIC account of CAD 8,000 and send the balance from your account with ICICI Bank Canada to your newly opened Royal Bank of Canada account. On the monthly basis, you will transfer the instalment into your Royal Bank of Canada account
Check if you have submitted the Activation request in the web/ App
It is always a good practice you check for notification, in your personal mailbox, from ICICI Bank Canada. We will write to you regarding any discrepancies with your activation application. You need to clear them from the app
After successful linking, funds will be available in your account in 1-2 business days