As an international student in Canada, one of the financial requirements you must fulfill is purchasing a Guaranteed Investment Certificate (GIC) as proof of funds. The GIC is a special type of investment account that holds your funds for a specified period of time, with the money becoming available to you in installments over the course of your studies.
While the GIC is a mandatory requirement for international students, the specific GIC program you choose can vary depending on the bank you choose to work with. Here's a look at some of the major Canadian banks that offer GIC programs for international students, and what you need to know about each one.
Scotiabank Student GIC Program:
Scotiabank's GIC program for international students offers competitive interest rates, with a minimum investment of $10,000. The program also offers online account management, as well as the ability to transfer funds to other Scotiabank accounts. One drawback, however, is that the program has a relatively high fee compared to other options.
ICICI Bank Canada International Student GIC Program:
ICICI Bank's GIC program offers a minimum investment of $10,000, with competitive interest rates and no annual fee. The bank also offers online account management and the ability to transfer funds to other ICICI Bank accounts. However, ICICI Bank has a limited branch network in Canada, which could be a drawback for some students.
SBI Canada Bank Student GIC Program:
SBI Canada Bank's GIC program offers a minimum investment of $10,000, with competitive interest rates and no annual fee. The program also offers online account management, as well as the ability to transfer funds to other SBI Canada Bank accounts. One drawback, however, is that the bank has a limited branch network in Canada.
CIBC International Student GIC Program:
CIBC's GIC program offers a minimum investment of $10,000, with competitive interest rates and no annual fee. The program also offers online account management, as well as the ability to transfer funds to other CIBC accounts. One drawback, however, is that the bank has a relatively low interest rate compared to other options.
HSBC International Student GIC Program:
HSBC's GIC program offers a minimum investment of $10,000, with competitive interest rates and no annual fee. The program also offers online account management and the ability to transfer funds to other HSBC accounts. However, HSBC has a limited branch network in Canada, which could be a drawback for some students.
When comparing these GIC programs, it's important to consider factors such as interest rates, fees, online account management, and branch accessibility. Ultimately, the program you choose will depend on your individual needs and preferences.
In conclusion, while purchasing a GIC is a mandatory requirement for international students in Canada, there are several options available through various Canadian banks. By comparing the different GIC programs and their features, you can find the right option for your needs and ensure that you meet the financial requirements for your studies in Canada.
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