Best bank for Student GIC in Canada

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What is a Student GIC Investment?

In this post, we will try to compare different options for Student GIC in Canada. Before that, lets me give you a brief overview about Student GIC. After you get an offer letter from a Canadian university or college, the next logical step is to start preparing for study permit application. There are many documents that you are required to submit along with study permit application and proof of funds is one of them.

A Student GIC (Guaranteed Investment Certificate) is one of the best proof of funds for your Study permit application. A GIC (Guaranteed Investment Certificate) is a Canadian investment instrument that offers a guaranteed return over a fixed period of time. All the major Canadian banks offer GIC investment.

Let me explain how a Canadian Student GIC Investment exactly works. Suppose you are currently living in India and purchased a Student GIC of CAD 10,000 for 1-year term to apply for Canada Study Visa. You cannot access these funds until you arrive in Canada. After you get your visa and you reach Canada, you will visit the bank which is holding your GIC investment funds to activate your GIC.

The bank will confirm your identity and will release an initial amount (around CAD 2000) in your bank account. The remainder of the amount i.e. 8000 CAD, in this case, will be deposited in your bank account in monthly or bi-monthly installments over 10 to 12 months with interest.

The activation process, initial amount and disbursement schedule may vary depending on the bank holding your GIC. Consider it like getting a pocket money every 30-45 days for your maintenance while you are studying in Canada.

Is Student GIC Required For Canada Study Visa Application?

The answer is Yes and No. It really depends on the route you have chosen for your Study Permit application. If you are applying through regular route i.e. Non-SDS stream, then a Student GIC is not required. But if you are applying through SDS (Student Direct Stream), then a student GIC showing that you have an investment account in Canada is mandatory. As of writing of this post, the GIC amount for Canada student visa is CAD 10,000.

It is important to note that the Student Direct Stream (SDS) is only available to a handful of countries as of now. The benefit of applying through Student Direct Stream is you can get study visa in about 20 days or less. The SDS program is available to the legal residents of the following countries:

• Antigua and Barbuda
• Brazil
• China
• Colombia
• Costa Rica
• India
• Morocco
• Pakistan
• Peru
• Philippines
• Senegal
• Saint Vincent and the Grenadines
• Trinidad and Tobago
• Vietnam

Even if you are not applying through Student Direct Stream, purchasing a GIC is a good idea as it would make your Study permit application stronger. Also, most banks offer a no-fee chequing account, credit card and free global wire-transfers if you have already have a GIC account with them.

So, its easier to get started with Canadian banking when you arrive in Canada. Just make sure you purchase a GIC that meets IRCC’s criteria. Next, we will compare top bank programs for Student GIC in Canada for International students that will help you decide which one to go for.

Student GIC in Canada – Programs Comparison

	CIBC	Scotiabank	Simplii	RBC	SBI Canada	ICICI Canada
Countries covered	All eligible countries	All eligible countries	All eligible countries	India China Antigua & Barbuda Brazil Colombia Costa Rica Peru Saint Vincent and the Grenadines Trinidad & Tobago	India	India China Senegal Philippines Vietnam Morocco
Fees	No fee	CAD 200	No fee	CAD 250	CAD 150	CAD 150
No-fee student bank account	YES	Yes	Yes	Yes	Not listed	Not listed
Online Application	YES	YES	YES	YES	YES	YES
Offers	25 CAD sign up bonus Click here to avail this offer	NO offer	50 CAD sign up bonus. Click here to avail this offer	NO offer	No Offer	No Offer
Link	More Details	More Details	More Details	More Details	More Details	More Details

Above is the comparison between some of the most popular bank options for Student GIC in Canada. CIBC GIC, Scotiabank GIC and Simplii Financial GIC comes out at the top as they cover all the eligible countries. Scotiabank charges a program fee of CAD 200 whereas CIBC and Simplii Financial doesn’t charge any fee if funds are paid in the local currency. Not only CIBC GIC and Simplii Financial GIC are zero fee GICs but they also offer a sign up bonus of 25CAD and 50 CAD respectively.

CIBC GIC: Best bank for Student GIC in Canada

CIBC GIC is the clear winner out of all the Student GIC options available for Canada Study Visa. It is one of the 5 big banks of Canada having presence in every city of Canada. It has more than 1000 branches in Canada.

What makes the CIBC ISBO (International Student Banking Offer) most compelling is its zero program fee and the no-fee student chequing account. Once you activate your CIBC student GIC, you will get a no-fee CIBC student chequing account that offers unlimited monthly bank transactions and FREE International money transfer. The activation process is very easy and smooth and takes a few minutes once you visit the branch.

It is the only Student GIC program, apart from Simplii financial, that offers a signing bonus for enrolling into the program. Also, the CIBC GIC support team is very responsive. So, if you have any question or query, you can always contact them through phone, email or live chat.

Another great option is SIMPLII Financial GIC, which is in fact the digital banking division of the CIBC. So, the GIC process will be very much similar to CIBC. It’s just that SIMPLII Financial is a completely online bank with no physical branches. It does offer a greater sign up bonus of CAD 50. So, if online banking is your preference this is another great option.

Indian students also have an option to got for ICICI Canada Bank or SBI Canada bank but I would not recommend them. The primary reason is they don’t have an extensive presence across Canada and have branches only in big cities.

For example, SBI Canada has a total of 10 branches in entire Canada. You will have to visit the branch for GIC activation. In case you don’t live close to their nearest branch, It can be a long commute. Also, promotional offers on the student banking account offered by CIBC and Simplii are way better than SBI Canada or ICICI Canada.

CIBC GIC and Simplii Financial GIC: Sign up Bonus Offer

To get the sign up bonus of CAD 25 with CIBC GIC and CAD 50 with Simplii Financial, all you have to do is enter our email address gocanada25@gmail.com in the Referral Details section while filling GIC application form, as shown below. The sign up bonus will be automatically deposited to your bank account.

Click here to see step-by step CIBC GIC application process. The Simplii Financial GIC application form and process are pretty much similar to that of CIBC.

Can I get GIC Refund in case Study Visa Application is rejected?

Absolutely. All the banks would refund your GIC investment in case your study permit application is rejected. They would require you to submit the rejection letter containing the reason of rejection of the study permit application. Some of them may charge a small fee to return the funds. Make sure you go through the refund rules and terms and conditions of the GIC that you are purchasing.

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