The Ultimate Guide to GIC Options for International Students in Canada

As an international student planning to study in Canada, one of the essential requirements to obtain a study permit is to demonstrate that you have sufficient funds to cover your living expenses. One of the options available to fulfill this requirement is through the Guaranteed Investment Certificate or GIC program.

A GIC is a type of investment account that is offered by Canadian banks. It requires you to deposit a specific amount of money in a locked account for a specific period. The locked account ensures that you have enough funds to support your living expenses during your stay in Canada.

Here are some GIC options for international students in Canada:

1. Scotiabank Student GIC Program: This program offers a GIC account for a fixed term of one year with a minimum deposit of $10,200 CAD. The funds are released to you in installments to cover your living expenses.

2. ICICI Bank Canada International Student GIC Program: This program offers a GIC account for a fixed term of one year with a minimum deposit of $10,000 CAD. The funds are released to you in installments to cover your living expenses.

3. SBI Canada Bank Student GIC Program: This program offers a GIC account for a fixed term of one year with a minimum deposit of $10,000 CAD. The funds are released to you in installments to cover your living expenses.

4. CIBC International Student GIC Program: This program offers a GIC account for a fixed term of one year with a minimum deposit of $10,000 CAD. The funds are released to you in installments to cover your living expenses.

5. HSBC International Student GIC Program: This program offers a GIC account for a fixed term of one year with a minimum deposit of $10,000 CAD. The funds are released to you in installments to cover your living expenses.

It is important to note that the GIC program is only one of the options available to fulfill the financial requirement for a study permit in Canada. Other options include a bank statement, a letter of support from a sponsor, or a scholarship award.

In conclusion, the GIC program is a popular option for international students planning to study in Canada. It provides assurance to the Canadian government that you have enough funds to cover your living expenses during your stay in Canada. Be sure to research and compare the GIC options available to you to make an informed decision.

here are the links to the GIC programs mentioned in the blog post:

1. Scotiabank Student GIC Program: https://www.scotiabank.com/ca/en/personal/bank-accounts/gic/student-gic-program.html

2. ICICI Bank Canada International Student GIC Program: https://www.icicibank.ca/personal/newcomers/international-students.page

3. SBI Canada Bank Student GIC Program: https://www.sbicanada.com/personal/student-gic-program/

4. CIBC International Student GIC Program: https://www.cibc.com/en/personal-banking/bank-accounts/gic/student-gic-program.html

5. HSBC International Student GIC Program: https://www.hsbc.ca/chequing-accounts/products/international-student-gic/