A GIC Guaranteed Investment Certificate is a free and secure investment account, in which you deposit a sum of money and generate interest over a period of time. International students in Canada need to make investments in GIC accounts to demonstrate their proof of funds that they have enough financial resources to cover their living expenses. The right choice for a GIC account can be really crucial. In this guide, you’ll get information about which Canadian GIC account is best for you.
Major Banks Offering GICs for International Students in Canada
Scotiabank GIC Program for International Students
Minimum Deposit- $20,635 CAD
Processing fees-$200 CAD
Payment Plan: $4,127 CAD is deposited to the personal deposit account and paid out immediately upon arrival in Canada. The remaining balance of $16,508 CAD is paid in monthly installments of $1,376 CAD for one year.
Benefits:
Well-established and secure for international students.
Easy online application.
Arrival and pre-arrival support
ICICI Bank Canada Student GIC Program
Minimum Deposit- $20,635 CAD
Processing fees-$200 CAD
Payment Plan: $6,190 CAD is deposited to the personal deposit account and paid out immediately upon arrival in Canada. The remaining balance of $14,445 CAD is paid in monthly installments of $1,204 CAD for one year.
Benefits:
Easy processing of the online application
CIBC Student GIC Program
Minimum Deposit- $20,635 CAD
Processing fee 0
Payment Plan: $6,190 CAD is deposited to the personal deposit account and paid out immediately uponarrival in Canada. The remaining balance of $14,445 CAD is paid in monthly installments of $1,204 CAD for one year.
Benefits:
No Processing fees
Easy processing of the online application
Trusted Canadian banking institution with over 1000 branches
HSBC Canada Student GIC Program
Minimum Deposit- $20,635 CAD
Processing fee 0
Payment Plan: $6,190 CAD is deposited to the personal deposit account and paid out immediately upon arrival in Canada. The remaining balance of $14,445 CAD is paid in monthly installments of $1,204 CAD for one year.
Benefits:
No Processing fees
Easy processing of the online application
Factor that you should consider before choosing your GIC account
Bank Reputation – Choose a bank that has a good reputation and provides extensive support services in Canada. Scotiabank and CIBC are one of those. At IIE Education we guide on choosing the reputable bank as we have experience in choosing their particular bank for GIC’s.
Interest Rates – Interest rates are also important when choosing the best GIC account in Canada. Checking the latest interest rates is essential as it can decide how much interest you will earn in the year. At IIE Education we provide we provide regular updates on the current interest rates offered by various banks that provide GI
Ease of application – Consider a bank that provides easier online processes and pre-arrival support. This bank makes the process easier for international students to manage their accounts before coming to Canada.
At IIE Education we can provide step-by-step guidance for GIC applications for various banks by simplifying the process for students, especially for students that are not properly known about the Canadian banking system.
Visa and Immigration Compliance – At IIE Education we can guide students in selecting the best GIC account that can easily meet their financial requirements and eligibility. We also assist in helping the students gather the right documents such as the GIC certificate that is essential for visa applications.
At IIE Education we have an expert team that can guide international students in choosing the most suitable option for GIC accounts. The right GIC is really essential as it can help you meet the financial and visa requirements. Our Personalized mentorship and guidance have helped many international students make the right decisions and be well-prepared for their financial responsibilities in Canada.