In the journey of pursuing higher education in Canada, international students often need to open a Guaranteed Investment Certificate (GIC) as part of the requirements for a student visa. The GIC serves as proof of sufficient funds to cover living expenses while studying in Canada. In this comprehensive guide, we will discuss Top 7 Banks for GIC in Canada for International Students, compare their features, and recommend the top choices.
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Understanding Student GIC Programs
Student GIC programs are financial products designed specifically for international students applying for a study permit in Canada. These programs require students to deposit a predetermined amount of money into a GIC account, which is then released in installments to cover living expenses during their stay in Canada. After the successful completion of the program, students can access the remaining balance.
To be eligible for a study permit through the SDS program, you are required to acquire a Guaranteed Investment Certificate (GIC) valued at CAD 10,000 or as stipulated by Immigration, Refugees & Citizenship Canada (IRCC) for the particular province of entry.
- Available for students from various countries.
- Offers competitive interest rates.
- Provides a free student bank account.
For students applying for a study permit outside of the SDS, such as university programs, the option to purchase a GIC remains available. This GIC serves as evidence of financial capacity to cover living costs during the initial year in Canada.
Top 7 Banks for GIC in Canada for International Students
Several major banks in Canada offer Student GIC programs, each with its own set of features, benefits, and requirements. Let’s take a closer look at some of the prominent options:
CIBC Student GIC Program
Features:
- Accepts GIC applications from students of various countries.
- Provides competitive interest rates.
- Offers flexible withdrawal options.
- Includes additional benefits such as a free student account.
- GIC amount: $10,000 CAD to $20,000 CAD
Pros:
- Reputation for excellent customer service.
- Attractive interest rates.
- Flexible withdrawal options.
- Zero Fees GIC program (when you transfer in local currency)
Cons:
- None
Simplii Financial Student GIC Program
Features:
- Open to international students from select countries.
- Competitive interest rates.
- No monthly fees.
- GIC amount: $10,000 CAD.
Pros:
- Zero Fees GIC program (when you transfer in local currency)
- Competitive interest rates.
Cons:
- Online-only banking might not be suitable for all students.
RBC Student GIC Program
Features:
Pros:
- Established reputation.
- Additional banking benefits for students.
Cons:
- Higher minimum balance requirement for the student bank account.
- Not available for students of all countries as of now
- A 250 CAD fee for opening Student GIC
Scotiabank Student GIC Program
Features:
- Accepts students from multiple countries.
- Offers competitive interest rates.
- Provides a variety of banking services.
Pros:
- Wide range of banking services.
Cons:
- A 200 CAD fee for opening Student GIC
- Customer service might vary based on the branch location.
ICICI Bank Canada Student GIC Program
Features:
- Available for students from eligible countries.
- Offers competitive interest rates.
Pros:
- Trusted international banking brand.
- Attractive interest rates.
Cons:
- Limited branch network compared to other major banks.
- Some students might prefer more banking features.
- A 150 CAD fee for opening Student GIC
SBI Canada Student GIC Program
Features:
- Open to students from select countries.
- Competitive interest rates.
Pros:
- Established international banking presence.
Cons:
- Only available to students from India, as of now
- Limited branch network in Canada
- A 150 CAD fee for opening Student GIC
Best Bank for GIC in Canada for International Students: Comparative Analysis
Here’s a comparative analysis of the key features of the Student GIC programs offered by different banks:
| Bank | Eligible Countries | Interest Rates | Additional Benefits | Fees |
|---|---|---|---|---|
| CIBC | Multiple | Competitive | Free student account | No fee |
| Simplii Financial | Multiple | Competitive | No monthly fees | No fee |
| RBC | Selected | Competitive | Free student account | 250 CAD |
| Scotiabank | Multiple | Competitive | Variety of services | 200 CAD |
| ICICI Bank Canada | Selected | Competitive | N/A | 150 CAD |
| SBI Canada | India only | Competitive | N/A | 150 CAD |
Recommended Options for Student GIC in Canada
Based on the analysis of the most popular Banks for GIC in Canada for International Students, the top three recommended Student GIC programs are:
- CIBC Student GIC: With competitive interest rates, a free student account, a credit card and a flexible withdrawal process, CIBC offers a comprehensive package for international students.
- Simplii Financial Student GIC: For students seeking an online banking option with competitive interest rates and no monthly fees, Simplii Financial is a strong choice.
- RBC Student GIC: With a well-established reputation and additional benefits like a free student account, RBC is a reliable option for international students.
GIC in Canada for International Students: How to choose?
To make the most informed decision, it’s crucial to assess your personal preferences and banking needs. We recommend considering factors such as interest rates, additional banking services, and branch availability before making your choice.
To get started, visit the official websites of the banks to learn more about their Student GIC programs and application processes.
Earn upto CAD 50 with CIBC GIC and Simplii Financial GIC
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 the 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.
Top 7 Banks for GIC in Canada for International Students: Conclusion
Choosing the best bank for a Student GIC in Canada is an important step for international students preparing for their education journey. By considering the features, pros, and cons of each program, you can make an informed decision that aligns with your financial needs and preferences.
Remember that the information provided in this guide is subject to change, and it’s advisable to visit the official websites of the banks for the most up-to-date details on their Student GIC programs.
FAQs: Best Banks for GIC in Canada for International Students
- What are the best banks for GIC in Canada for international students? Choosing the best bank for GIC in Canada for international students depends on your preferences and needs. Consider options like SBI Canada GIC, ICICI Bank Canada GIC, Scotiabank Canada Student GIC, and CIBC Student GIC.
- How much is the GIC amount for Canada student visa 2023? The GIC amount for Canada student visa 2023 is generally around $10,000 CAD.
- Is GIC required for Canada student visa 2023? Yes, GIC is often required as proof of funds for obtaining a Canada student visa in 2023.
- Which banks offer GIC for Canada student visa 2023? Several banks, including SBI Canada, ICICI Bank Canada, Scotiabank, and CIBC, offer GIC for Canada student visa 2023.
- What is ICICI Bank Canada GIC? ICICI Bank Canada GIC is a financial product designed to meet the proof of funds requirement for international students studying in Canada.
- What are the benefits of SBI Canada GIC? SBI Canada GIC offers a secure and convenient way for international students to manage their finances and fulfill visa requirements.
- How does Scotiabank Canada Student GIC work? Scotiabank Canada Student GIC provides students with access to their funds in installments to cover living expenses.
- What is CIBC ISBO GIC? CIBC ISBO (International Student Banking Offer) GIC is designed for international students to help them meet their financial needs in Canada.
- Can I choose the bank for my GIC in Canada? Yes, you can choose from various banks like SBI Canada, ICICI Bank Canada, Scotiabank, and CIBC for your GIC in Canada.
- What is the GIC interest rate for international students? The GIC interest rate varies among banks, usually offering competitive rates.
- Is ICICI Bank Canada GIC suitable for international students? Yes, ICICI Bank Canada GIC is designed to meet the financial needs of international students in Canada.
- How to open SBI Canada GIC? You can open an SBI Canada GIC account by following the bank’s application process and requirements.
- What are the advantages of GIC in Canada for international students? GIC in Canada for international students ensures you have enough funds for your living expenses during your study period.
- What is the process to open a GIC account in Canada for international students? The process involves choosing a bank, completing the application, and fulfilling the required documents.
- What is the GIC amount required for CIBC Student GIC? The GIC amount required for CIBC Student GIC is generally $10,000 CAD.
- Can I apply for GIC in Canada from my home country? Yes, you can typically apply for GIC in Canada from your home country.
- What is the list of countries eligible for SBI Canada GIC? SBI Canada GIC is available for students from a range of countries; check the bank’s website for the updated list.
- What is the GIC amount for Canada student visa from India? The GIC amount for Canada student visa from India is the same as for other countries, usually around $10,000 CAD.
- Is SBI Canada GIC suitable for Indian students? Yes, SBI Canada GIC is often chosen by Indian students due to its convenience and benefits.
- Can I withdraw GIC funds before starting my studies? Generally, GIC funds are released in installments to cover living expenses during your study period.
- What is the process to get GIC refund in Canada? The process for getting a GIC refund depends on the bank’s policies and your specific situation.
- Can I transfer my GIC funds to another bank? GIC funds are typically restricted to the bank where you initially deposited them.
- How does CIBC Student GIC benefit international students? CIBC Student GIC offers a secure and convenient way for international students to manage their finances.
- What if my study program is less than the GIC validity period? In such cases, you can use the remaining funds for other expenses.
- Can I get a GIC refund if I don’t get a study permit? If your study permit application is denied, you may be eligible for a GIC refund; check with the bank for details.
- Is ICICI Bank Canada GIC available for Pakistani students? ICICI Bank Canada GIC is usually available for students from various countries, including Pakistan.
- What is the GIC rate for ICICI Bank Canada GIC? The GIC rate for ICICI Bank Canada GIC may vary; it’s recommended to check with the bank.
- Are GIC rates the same for all banks in Canada? GIC rates can vary among banks, so it’s wise to compare before making a decision.
- What if my GIC funds are not sufficient for my expenses? You need to manage your funds carefully to ensure they cover your living expenses.
- Is there a fee for opening a GIC account in Canada? CIBC and Simplii Financial offer zero fee Student GIC program. Other banks may charge a fee for opening a GIC account; check the bank’s terms.
- Are GIC programs the same for all banks in Canada? While GIC programs have similarities, details can vary among different banks.
- Can I open a GIC account after arriving in Canada? Some banks allow you to open a GIC account after arrival, but it’s recommended to open it before.
- What if I need additional funds beyond the GIC amount? You’ll need to explore other financial options for additional funds.
- Can I use my GIC funds for travel expenses? GIC funds are primarily for living expenses; consult the bank for specific usage guidelines.
- Do I need to renew the GIC after a certain period? GIC programs are typically one-time deposits, but clarify with the bank.
- What if I need to withdraw from my study program? Withdrawing might affect your GIC eligibility; consult the bank for guidance.
- Are there penalties for early GIC withdrawal? Early withdrawal may have penalties; refer to the bank’s terms for details.
- What if my GIC funds run out before my study program ends? Managing your funds wisely is essential to cover your expenses.
- Can I use GIC funds for buying a laptop or study materials? GIC funds are for basic living expenses, not study-related purchases.
- Do I need to provide proof of expenses to the bank? While not mandatory, responsible fund management is advised.
- What if I receive a scholarship after opening a GIC account? Scholarships are separate from GIC funds and can be used differently.
- Can I transfer GIC funds to another country? GIC funds are usually for use in Canada; consult the bank for specifics.
- What if I have more questions about the GIC program? Contact the bank’s customer service or visit their website for more information.
- What if my study program is shorter than the GIC validity? Any remaining funds can be used for other purposes after studies.
- Is GIC applicable for language courses or diploma programs? GICs are often meant for full-time degree programs; check with the bank.
- Can GIC funds be used for buying a car or motorcycle? GIC funds are usually not for large purchases like vehicles.
- What if I need to withdraw from my study program due to medical reasons? Medical withdrawals might have specific GIC implications; consult the bank.
- Is there a maximum amount for GIC deposit? Some banks may have maximum deposit limits; verify with the bank.
- What if I finish my studies early? Remaining GIC funds can be used as needed after completing studies.
- What are the top 3 recommended GIC options for international students? CIBC Student GIC is often recommended as a top choice, followed by other suitable options.
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