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Student’s Guide to Canada Guaranteed Investment Certificate (GIC)

What is guaranteed investment certificate Canada?

A guaranteed investment certificate (GIC) is a deposit investment offered by banks and trust organisations in Canada.

How much does a GIC cost?

What is a Guaranteed Investment Certificate (GIC) and how does it work? (GIC) International students from India and China who wish to enrol in an SPP-registered DLI must have a CAD 10,000 GIC in their name. Students require around CAD 10,000 per year to cover their living expenses (excluding tuition fees).

Is a GIC required in Canada?

Yes, GIC is now required in order to obtain a student visa to study in Canada. They usually do not consider applications that do not include a GIC because a GIC is a savings account that provides fixed returns to all eligible candidates over a set period of time.

How much time does it take to obtain a GIC certificate?

GIC certificates take 5- 10 working days to process.

Can I make a GIC payment from my parents’ account?

No, it does not. The funds must be deposited by the student from their home country’s bank account (or, a joint account with the parents in your home country).

Can I pay for my GIC with someone else’s money?

Third-party transfers to GIC accounts from India are possible. However, prior authorization from the student must be submitted to the Bank before a third party can deposit funds into the GIC Account.

Can I transfer my GIC to a different bank?

Furthermore, if you have a GIC in a registered account and want to transfer it to another financial institution, you will most likely have to pay a transfer-out fee. This usually ranges from $50 to $100 and compensates the bank for the time it takes to process your request.

Which bank is superior, Scotiabank or CIBC?

CIBC has the highest Work/life balance rating, while Scotiabank has the lowest Work/life balance rating.

Do we need a PAN card to open a GIC?

This is to inform you that every student must have their own personal/individual account in a bank as well as a PAN card in order to pay their GIC deposit.

How do I transfer funds to GIC?

Using your bank – Approach the bank where you have a savings account in India. Make a “Money Transfer” request to a GIC account in another country. Submit copies of your KYC documents. Begin the transfer of funds.

Can I cash out my GIC before it matures?

GICs that are cashable or redeemable – You can cash them in before the maturity date without penalty. Regular GICs – You will almost certainly have to pay a fee or penalty if you withdraw your money early. Even if you only need a portion of your money, you may have to withdraw it all.

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