Funding the Student Investment Account
Once your application is approved, you will receive an email in the Secure Mailbox containing instructions for funding your Student Investment Account. You are required to wire transfer the sum of a minimum CAD 10,175 (CAD 10,000 for your minimum amount investment plus CAD 150 non-refundable Student GIC Program account application fee and approximately CAD 25 to cover incidental expenses like the correspondent bank fee, if any).
Important: The funds transfer must be wire transferred from an account in your own name held either solely or jointly. If it is not, the funds transferred will be returned and you will be responsible for all administrative/ intermediary bank fees/currency conversion incurred.
After you have made the transfer to the Student Investment Account, ICICI Bank Canada will issue an Investment Balance Confirmation via the Secure Mailbox.
Investing in the Guaranteed Investment Certificate (GIC)
Once you have arrived in Canada, you are required to carry out an in-person verification in order to activate your account under the Student GIC Program. Post verification, a GIC will be created and your Student Account will be converted into a Basic Chequing Account. These accounts will be funded as follows:
a) CAD 8,000 in your Student GIC Account, and
b) Remaining amount from your original investment will continue to stay in your Basic Chequing account
Details of your GIC
||Guaranteed Investment Certificate
|Name of the Product
||Student GIC Account
||ICICI Bank Canada