Once you reach Canada, the Canadian government requires assurance that you have enough funds to handle your expenses for one year. To do this, the international students are required to get a Guaranteed Investment Certificate(GIC). It is a kind of liquid investment for one year provided by Canadian banks with an assured rate of return. Before proceeding to how to get GIC, let’s discuss the need for GIC for international students. You may also connect with overseas education consultants in Bhopal for detailed information and to learn about the major benefits of studying in Canada.
GIC is required for the below-listed purposes:
It is required for the quick and easy study permit/Canadian Visa application and processing. Students are required to submit proof of having enough funds to get a Canadian study visa. A GIC of ten thousand Canadian dollars from an authorized Canadian bank serves as evidence for funds required for the study visa.
GIC acts as an assurance for the Canadian government that you have enough funds to manage your living expenditure for one year.
You can get GIC from Scotiabank and ICICI Bank Canada.
The application process for GIC is straightforward. Here are the steps:
The international students must register with an approved Canadian bank by filling in all the personal details. Once done with the registration, you will receive a password. Use that password to log in to your provided email account. You will receive the GIC form on your email account.
After registration, you get an email containing a link to the application form offline or online for the student GIC program.
For online mode, fill out the form and submit it with a scanned copy of your passport and admission letter through a secure email account.
In case of offline submission, download the form and get it printed and submit it to the designated ICICI branch along with a passport and admission letter.
After submission, you will get an IAN as well as funding details on your secure email. Fund your GIC account with 10,000 Canadian dollars along with a processing fee. Once you remit the amount in Canada, you get an IBC( Investment Balance Confirmation) in the investment account.
Now apply for a study visa at the Candian visa office located in India. Provide them with a copy of the IBC along with the study visa application.
After reaching Canada, head to any bank branch to finish the documentation formalities. Around two thousand Canadian dollars will be deposited in a personal account and the rest of the money will be present in your GIC account for one year.
If you want to study in Canada and looking for overseas education consultants in Bhopal, you can contact Visaa Connections. Their team will help you throughout the process of getting a GIC program for studying in Canada