FAQs - Student GIC Program

What is ICICI Bank Canada Student GIC Program?


ICICI Bank Canada is a Canadian bank and authorized partner of the Student Direct Stream (SDS). By participating in the ICICI Bank Canada Student GIC Program, customers can open a Student Account from their home country and invest in a Guaranteed Investment Certificate (GIC).

 

A GIC is a Canadian investment instrument (like a fixed or term deposit) that offers a guaranteed interest rate over a fixed period of time.

Why should I participate in the ICICI Bank Canada Student GIC Program?


If you are applying to universities or colleges in Canada under the Student Direct Stream, you must purchase a GIC to fulfill the proof of funds requirement for your Canadian student visa / permit application. If you are enrolled in a college or university that does not participate in SDS, you can still apply to the Student GIC Program to meet the proof of funds requirement of the Canadian visa office in your home country. With this Student GIC Program, you will have access to a 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, having 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 for the current interest rates of the accounts under the Student GIC Program.

How do I start applying?


Click here and follow the on-screen instructions.

When can I deposit funds into my Student Account?


You can deposit funds into your Student Account at any time during the year. It is your responsibility to apply to the program in advance and ensure funds are deposited into your account before you apply for a study permit. Under normal circumstances, we need approximately 4 business days to open a Student Account, and approximately 3 business day to credit the money into the account. It is important for you to take this into account when you apply to the program.

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 if applicable (ii) the page in your passport with other information, e.g. your parent / guardian names and addresses and
  2. Copy of acceptance/offer letter from a Canadian educational institution (this document is not a mandatory requirement to open a Student Account with ICICI Bank Canada).

How can I submit my application?


Applications can be submitted through our online registration platform.

If the college/university I plan to apply for is not listed under the Student Direct Stream, can I still apply?


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

Can I open a Student Account with a joint name?


No, the Student Account can only be opened in the name of the student who is applying for a study permit, through the Student Direct Stream.

How do I follow up on the status of my application for the Student GIC Program?


By Email:

 

You must communicate with ICICI Bank Canada via our exclusive Secure Mailbox for all questions related to your application.

 

By Phone:

  • Call toll-free from India at 1-800-200-3340
  • Call toll-free from Canada at 1-888-424-2422
  • Elsewhere, call collect: 1-416-847-7979

It is helpful to have the date of submission and other information provided on the Student Account application form handy for the call.

How much do I need to wire to ICICI Bank Canada?


You must wire a total of CAD 10,150. This amount includes CAD 10,000 for your GIC investment, and CAD 150 for the program fee. It is your responsibility to ensure that ICICI Bank Canada receives CAD 10,150 in full without any deductions. Any additional fees charged by your bank (e.g. wire transfer fees, intermediary bank charges, etc.) need to be paid separately/directly by you.

Will ICICI Bank Canada refund the balance in my Student Account in case of any issues?


Yes, ICICI Bank Canada will refund your money under the following circumstances:

  • Your student visa / permit application has been declined, or,
  • Your application for admission to a Canadian educational institution has been 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?


All communications must be via the ICICI Bank Canada Secure Mailbox. However, if you need to contact us before applying, please email us at customercare.ca@icicibank.com. You can also contact us by phone, from India at 1-800-200-3340 (toll-free), and from other countries at 1-416-847-7979 (call collect).

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 disclose any information to anyone other than you, the applicant, in connection with the status of your application.

How can I reset my Secure Mailbox password?


Go to the Student Account application Login page, click on “Forgot Password” and follow the on-screen 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 you re-apply for a study permit. The Canadian visa office in your home country will validate the Investment Balance Confirmation with ICICI Bank Canada directly.

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


Yes, you can 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 / home address / passport number)?


If you need to update your personal or contact information, notify us through our Secure Mailbox with the supporting documentation (if applicable). You can do so by replying to the last message received from us.