Guaranteed Investment Certificates (GICs) and term deposits are secured investments. This means that you get back the amount you invest at the end of your term. GICs are used as proof of funds to qualify for a Canadian visa. This applies to students who select the SDS (Student Direct Stream) program to study in Canada. The minimum amount a student needs to pay to open a GIC account is $10000 CAD. A GIC account is a sort of block account for a stunt planning to study in Canada, which ensures that the student has adequate funds to manage his living expenses for one year. Upon reaching Canada, a student can withdraw an amount of 2000 CAD in the first month as pocket money which can be used by a student to manage his expenses such as groceries, rent, etc. There are various banks which are eligible to open a GIC account for a student, such as- ICICI bank, CIBC bank, Scotia bank, SBI etc. A GIC account has numerous benefits for an international student. Some of them are:
A GIC account is a great way for a student to focus on his/her studies as there are no restrictions on the student to work part-time and manage funds because the GIC amount can be used for the same each month. Moreover, a student can work part-time and save up his GIC amount by opening a saving account. This will also give them a good return of interest on their funds. Lastly, it is important to know that a student can open a GIC account in India, but it can only be activated once a student reaches Canada & GIC is always paid by the student account.
Moreover, if you are planning to study in Canada in the upcoming intake, i.e., September 2023, contact our expert counsellors at any branch of Meridean Overseas Education Consultants (MOEC). You can also take free online counselling sessions through our website. Our expert education counsellors will provide you with the best guidance and support for the admission and visa process. For more information or any queries, you can mail us at firstname.lastname@example.org or call us at our toll-free no. 1800-1230-00011.
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