banner image with overlay GIC Canada
banner image with overlay GIC Canada

What is Student GIC Canada?

A short-term investment called Student Guaranteed Investment Certificate (GIC) offers international students from across the globe access to funds while they are studying in Canada.

International students from specific nations will not only have an easy source of financing for their one-year studies in Canada for CA$10,000. The following advantages will also be available to them:

  • Faster processing of their student permit because the GIC is essentially proof of your financial capacity to study in Canada 
  • Readily available funds for student and living expenses
  • Under the ICICI Bank’s Student GIC Program, students will receive a fixed return on their investment, along with interest, for one year

ICICI Bank Student GIC Program

Students who are nationals of the following nations and possess a current passport from one of these nations are currently eligible for the Student GIC Program offered by ICICI Bank Canada:

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China

phillipines flag

Philippines

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Vietnam

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India

morocco flag

Morocco

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Senegal

You must purchase a Guaranteed Investment Certificate (GIC) in the amount of CA$10,000 or as determined by Immigration, Refugees & Citizenship Canada (IRCC) for the particular province of arrival in order to submit an application for a study permit under the Student Direct Stream (SDS) program.

Students who are applying for a study permit outside the SDS (for instance, for university programs) may also buy a GIC to serve as proof of funds for their living expenses for the first year of their stay in Canada.

Student GIC Program Benefits

Similar to a fixed or term deposit, a GIC is a safe investment choice that ensures both the principal amount of your investment and the interest over a predetermined and fixed time period.

  • Accessible application process. To start a no-fee account right away, you can apply for the Student GIC program from the comfort of your home. 
  • Wide range of verification options. Verification is possible online, in person, at any of the bank’s branches, or one of Canada Post’s 7,000+ sites. Online activation is available on Android and the website only.
  • Great user experience. Automated transfer of funds in monthly installments. Debit card delivered to your home prior to travel.
  • Excellent customer support. Apart from access to over 3,600 ABMs across Canada, they also provide 24/7 customer support in India and Canada.
  • Proof of funds. Within 24 hours, you will receive a certificate as proof of the cash required for the requirements of a study permit.
  • Earn rewards. Get a CA$1,000 credit card with no annual fees and earn cash back rewards.

Eligibility for ICICI Bank Canada Student GIC Program

If you fulfill the following criteria, you are qualified for the ICICI Bank Canada Student GIC Program:

  • You are a resident of and carry a passport that was issued by Antigua and Barbuda, Brazil, China, Colombia, Costa Rica, India, Morocco, Pakistan, Peru, the Philippines, Senegal, Saint Vincent and the Grenadines, Trinidad and Tobago, or Vietnam.
  • You have a letter of acceptance from a post-secondary designated learning institution, which is a college authorized to admit students from abroad.
  • When you apply, you reside outside of Canada.

Availing a Student GIC from ICICI Bank

MSM Unify outlines the steps that you need to take to avail a student GIC from ICICI Bank:

  • Make sure you are eligible. Students must meet requirements related to their nationality, financial capability, and other factors.
  • Sign up for the Secure Mail Service at ICICI Bank.
  • Wait for your Student Account number from ICICI Bank after completing and submitting your online Student Account application.
  • Check the page for your account’s confirmation, then adhere to the directions for making a deposit of money into your account. You’ll receive a confirmation email in addition.
  • An Investment Balance Confirmation will be sent to you once the funds have been credited to your student account. Utilize this confirmation when submitting an application for a Canadian Study Permit.
  • You would have to visit ICICI Bank in person to validate your account once you arrive in Canada. Following that, the bank will open a personal checking account for you and move your deposit funds there. Additionally, your GIC account will be set up so you can access your money.

Opening Your Account With ICICI Bank Canada

MSM Unify outlines the steps that you need to take to avail a student GIC from ICICI Bank:

  • Applying online. Apply online to get your Student Account instantly. After which, you will just need to enter your username, email address, and password to log in.
  • Funding your account. You will receive the proof of funds in your secure mailbox once you have funded your account.
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  • Activating your account upon arrival. Downloading the app and completing an online or in-person verification are the two ways to do this. Take note that only the website and Android are supported for online activation.

Student GIC Program FAQs

It could be challenging to apply for a Student GIC program at first. MSM Unify provides answers to some frequently asked questions regarding the Student GIC program to assist you to simplify the process.

What is the ICICI Bank Canada Student GIC Program?

The ICICI Bank Canada Student GIC Program enables a client to set up a student account in Canada. A GIC is a type of investment product available in Canada that provides a fixed interest rate for a predetermined length of time.

Why should I apply for the ICICI Bank Canada Student GIC Program?

To meet the proof of money required for your Canadian visa/study permit application, you must buy a GIC if you are applying to institutions in Canada through the Student Direct Stream. Once a student account is opened in your name with ICICI Bank Canada, one benefit of the program is that you will have access to a Canadian bank account.

When can I deposit funds into my Student Account?

At any point during the year, you can add money to your student account. To ensure that money is deposited in your investment account before you apply for a study visa, it is your obligation to make sure you apply for the program well in advance. A student account typically has to be opened in 4 business days and credited with funds in 3 business days.

What documents are required to apply for the program?

You must submit the following documents to apply:

  • Copy of passport pages 
    • the page in your passport containing your photo, passport number, date of birth, and other personal details, and 
    • the page in your passport with other information, e.g. your parent/guardian names and addresses.
    •  If the passport does not have a page that bears the name of your parents/guardian then please provide any other government-issued identification document that bears all your personal information alongside the details of your parent(s) / guardian. 
    • The passport must also show your current address – if the passport does not show your address then please provide any other government-issued identification document that bears your personal information alongside your address
  • Copy of acceptance/offer letter from a Canadian educational institution

Where can I submit an application?

Only through the online registration form from the bank may an application be made.

Can I apply if the school I intend to attend is not listed as a participating college under the Student Direct Stream?

Yes. If your preferred college or university doesn’t take part in the Student Direct Stream, you can still apply.

Can I open a Student Account in a joint name?

No. The Student Account may only be opened under the ICICI Bank Canada Student GIC Program in the name of the student who is submitting a Student Direct Stream application for a study permit.

Eligibility for ICICI Bank Canada Student GIC Program

Bank Canada Student GIC Program left side image illustration

You are eligible for the ICICI Bank Canada Student GIC Program if you meet the following requirements:

You are a citizen of and hold a valid passport issued by India, the Philippines, Vietnam, China, Senegal, or Morocco
You have an acceptance letter for a post-secondary designated learning institution, which is a school approved to host international students
You live outside Canada when you apply

Steps to avail of a Student GIC from ICICI Bank

01
Check your eligibility. Students must meet certain criteria such as the country they come from, financial capacity, and the like.
02
Register for ICICI Bank’s Secure Mail Service.
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Fill out and submit your Student Account application online, then wait for your Student Account number from ICICI Bank.
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Check the account confirmation page and follow the instructions for depositing your funds into your account. A confirmation email will also be sent to you.
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Once the funds are credited to your student account, you will receive an Investment Balance Confirmation. You can use this confirmation to apply for your Canadian Study Permit.
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Upon your arrival in Canada, you will need to verify your account in person at ICICI Bank. The bank will then open a personal checking account for you and transfer your deposited funds into your new account. Your GIC account will also be created, so you can have access to your funds. 

If you have any questions or require assistance, please contact ICICI Bank Canada by:

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