Currently, Canada is the most popular destination for Indian students. The easy immigration process and a large population that is known and great regulations by the government are some of the main reasons for Canada being the most desired destination. Canada is a highly developed country and offers many job opportunities to pursue a successful career after the completion of your studies. Apart from that, if you are a student who wants to study in Canada, you need to know everything about your GIC Canada account.
First of all, what it is and how to send money from India there. So, bend down and get ready to learn everything you need to know about your Canadian GIC account.
GIC stands for Guaranteed Investment Certificate. It is an investment account. There are many types of GIC accounts, but here we will specifically discuss GIC accounts for international students in Canada. International students are required to deposit a certain amount into this account in a Canadian bank.
The money deposited in this account is treated as financial evidence and is paid to students in 12 equal instalments each month for their study abroad and living expenses, as well as interest. The investment into a GIC account is required by the Canadian government for students coming to their country to study through the Study Direct Stream (SDS) program.
What is Student Direct Stream (SDS)?
The Association of Canadian community college and the government of Canada developed a program for the students of India, China, Morocco, Pakistan, the Philippines, Senegal and Vietnam known as SDS (student direct stream), which replaced the former program SPP (student partner program) Which was for students from India and China.
All Canadian universities classified as Designated Learning Institutions (DLI) have participated in this program. Students applying under the SDS have more choice of colleges and courses (within the DLI network) than general applications.
When going through the general application route, students first identify a particular university and then a particular course before applying.
Eligibility requirements for the SDS programme
- A minimum band score of 6 bands in the language proficiency test
- The student must have passed the medical exam
- The student must have scored at least 50% or more in their high school, degree or diploma
- The student must hold an investment account in a Canadian bank of $10,000 (GIC account)
Process Of Opening GIC Canada Account
- The first and foremost step in order to open a guaranteed investment certificate account, the applicant must choose from the list of banks in which they wish to open their account. In order to determine the bank which you should go for, You need to see whether the bank you choose has an extensive network of branches and ATMs in Canada.
- After you have chosen the bank, the next step is to apply for the opening of the GIC account, for which you might be required to submit documentation like your passport copy and proof of your enrolment in one of the designated learning institutions in Canada. Most of these banks have online applications for opening the GIC account. The applicant may fill out the online form along with submitting the required documentation for the opening of the account.
- When you have submitted the application for the opening of the GIC account, you will receive an account number on your email address along with instructions on how to make the payment.
- The Next step is to transfer the funds to the GIC account through wire transfer.
- After the amount transferred is credited to the GIC account, the student will be sent an Investment Balance Confirmation in their email.
- This confirmation certificate shall be submitted by the student to IRCC while applying for their study permit.
- And after the arrival in Canada, the student must visit their bank for the in-person verification of the GIC Canada account.
Also Read – Education in Canada: Fall Intake 2022
Working on GIC Canada Account
Students planning to study in Canada by applying through the SDS route are required to open a GIC account at a Canadian bank. Afterwards, the student transfers CA $10,200 to the GIC account, out of which $200 is a fee and $10000 is the investment amount. Upon arrival in Canada, CA, $2000 will be transferred to the student’s chequering account from the GIC account.
After an amount of $667 is transferred every month to the chequering account out of the remaining balance in the GIC Canada account.
The main purpose of this investment account and the releasing of funds in instalments is to ensure the availability of sufficient funds for the living expenses of the student.
How to pay GIC Canada from India?
- Via bank transfer – Contact a bank in India where the student has a savings account. Proceed with “remittance” to an overseas GIC Canada account along with submitting a copy of the KYC document, then make the transfer. The exchange rate for this transfer is fixed by the bank.
- Via ExTravelmoney – Compare the exchange rates in your area and choose the best rate. There is a 100% chance that you will find a better price on the online portal. Same process as above, but online.