A Guide to GIC From The Best Study Abroad Consultant
Guaranteed Investment Certificate (GIC)
Wish to study in Canada then GIC is a must, find out all you need to know about GIC through this blog as you embark on the journey to Study in Canada.
What is GIC?
GICs are fixed-term investments in Canada that ensure a return. GICs are available from several banks. We certify that you purchased a GIC by providing you with one of the following:
- An attestation letter
- A certificate from the GIC.
- Confirmation of Investment Directions or
- Confirmation of Investment Balance
- Place the GIC in an investment or student account that you won't have access to until you arrive in Canada.
- They require you to verify your identification before releasing any payments to you.
- Distribute the cash by giving you:
- Initial lump sums after you identify yourself upon arrival in Canada.
- Divide the remaining amounts into monthly or biweekly installments over a period of 10 to 12 months.
- You won't be able to apply through the Student Direct Stream if your bank or GIC doesn't meet these requirements.
Monetary foundations that offer GICs
Ensure the monetary foundation you pick offers a GIC and meets the rules for the Student Direct Stream.
GICs that match the criteria are available from the following financial institutions:
- ICICI Bank
- SBI Canada Bank
- Bank of Montreal (BMO)
- Bank of Xian Co. Ltd.
- Canadian Imperial Bank of Commerce (CIBC)
- China Everbright Bank
- Habib Canadian Bank
- HSBC Bank of Canada
- Bank of Beijing
- Industrial and Commercial Bank of China
- RBC Royal Bank
- Bank of China
- Simplii Financial
- TD Canada Trust
What is the SBI Student GIC Program (Guaranteed Investment Certificate)?
SBI Canada Bank has launched a Student GIC Program that would aid students who opt to study in Canada from India. The following are the product's features:
- GICs are available in both Canadian and US dollars (USD).
- GIC interest is compounded each year and paid out at the end of the period.
- If the GIC has a period of less than one year, the simple rate of interest for the whole term of the investment must be paid.
- At the time of the student's first in-person branch visit, a sum of $2,000.00 (CAD) plus accumulated interest will be credited to the student's high interest yielding Super Saver Account.
The remaining $8,000.00 (CAD) will be put into a non-redeemable GIC account with a one-year term. For the next 12 months, an equivalent monthly payment (EMI of principal + interest) will be paid from this Non-redeemable GIC account and deposited into the student's super savings account. This program has a service fee of CAD 100.00, which is non-refundable.
What is the ICICI Bank Student GIC Program in Canada?
ICICI Bank Canada is a Canadian financial institution that participates in India's Student Direct Stream (SDS). A customer can create a Student Account in Canada and invest in a Guaranteed Investment Certificate (GIC) in Canada through the ICICI Bank Canada Student GIC Program.
A GIC (also known as a Fixed Deposit in India) is a Canadian financial vehicle that pays a guaranteed interest rate for a certain period. It's similar to an Indian fixed deposit account.
What is the Student Direct Stream for Canada?
Want to study in Canada but wish to avoid lengthier processing time then opt for Student Direct Stream and here is why!
The Student Direct Stream might permit you to accept your Canada study permit quicker depending on where you live (SDS).
Most SDS applications are handled within 20 scheduled days. A few applications, be that as it may, may take more time.
To be equipped for the Student Direct Stream's speedier processing, you should:
- A law-abiding citizen of one of the following countries:
- Antigua and Barbuda
- Costa Rica
- St. Vincent and the Grenadines
- Trinidad and Tobago
- Have confirmation of tuition payment for your first year of study
- You must have an admission letter from a post-secondary authorized learning institution.
- Live outside of Canada when you apply
- Have a CAN10,000 Guaranteed Investment Certificate
- Before you apply, undergo a medical exam (if you need one)
- Before you apply, acquire a police certificate (if you need one)
- Have a transcript from your most recent secondary or post-level school (s)
Language test results showing either:
v an academic or general training score of 6.0 or higher in each skill (reading, writing, speaking, and listening) in the International English Language Testing System (IELTS), or
v a Test d'évaluation de français (TEF) score that is equal to a Canadian Language Benchmark (CLB) score of at least 7 in each skill in the Test d'évaluation de français (TEF) (reading, writing, speaking and listening)
Other papers may be required, depending on where you are applying from. Be sure that all of your documents are ready for the visa office to process your application.
Wish to know more than contact Aptech Study Abroad the best study Abroad Consultant in delhi for a free counseling by the experts.