FAQs - Student GIC Program

What is ICICI Bank Canada Student GIC Program?


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.

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


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.

Is my investment secure?


ICICI Bank Canada is a member of the Canada Deposit Insurance Corporation (CDIC). Only deposits held in Canadian currency, with 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 begin the application process?


Click here to visit our Student GIC Program home page and then 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. 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.

What documents are required to apply for the program?


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

  1. 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
  2. Copy of acceptance/offer letter from a Canadian educational institution.

Where can I submit an application?


An application can only be submitted using our online registration process.

Can I apply if the school I intend to attend is not listed as a participating college under the Student Direct Stream?


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

Can I open a Student Account in a joint name?


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.

How do I follow up about my application status?


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.

What amount do I need to wire to ICICI Bank Canada?


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.

Will ICICI Bank Canada refund my investment in case of any issues?


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.

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 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.

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 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.

How do I communicate with ICICI Bank Canada before applying for a Student Account under the Student GIC Program with ICIC Bank Canada?


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 customercare.ca@icicibank.com. You may also call us at 1-800-200-3340 (India 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 be able to 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, click on “Forgot Password” and 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 e-applying for a study permit. The Canadian visa office in India will validate the Investment Balance Confirmation with ICICI Bank Canada directly.

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


Yes, you may 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 or home address or passport number)?


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.