As an international student planning to study in Canada, one of the prerequisites that you will encounter is the Student Guaranteed Investment Certificate (GIC) account. Many overseas education consultants also recommend the same. This guide provides you with a step-by-step procedure on how to open a student GIC Canada account and tips on navigating through the process effortlessly.
What is a GIC account?
A Guaranteed Investment Certificate (GIC) account is a Canadian investment option that offers guaranteed returns over a fixed period. As an international student, GIC Canada serves as proof of funds needed for your stay in Canada. It's a secure and legitimate way to show the Canadian government that you have sufficient funds to cover your living expenses during your stay in the country.
Importance of a GIC account for international students
The GIC account holds critical importance for students intending to study in Canada. It is a requirement set forth by the Canadian government to ensure that international students have enough funds to sustain their living expenses while studying in Canada. The GIC account also acts as a regular bank account where parents can easily transfer funds to their children studying abroad. That’s why overseas education consultants recommend starting student GIC Canada.
How much should be deposited in a GIC account?
The minimum deposit required in a GIC account is CAD 10,000. This amount serves as proof of funds and is released to the student every month for twelve months.
Opening a GIC account: Step-by-step process
Let’s walk you through the process of opening student GIC Canada:
Choose a service provider:
The first step involves selecting a trusted service provider. Several Canadian banks offer GIC accounts for international students. These include the Royal Bank of Canada (RBC), Scotiabank, and ICICI Bank, among others.
Apply online:
Once you've chosen a service provider, the next step is to apply online. Most banks provide an online application process for setting up a GIC account.
Fill out the application form:
Complete the online application form with accurate details.
Deposit funds:
After your application is approved, transfer the required amount into the GIC account.
Receive confirmation:
Upon completion of these steps, you will receive confirmation from the bank. This confirmation serves as proof of your financial support when applying for your student visa.
Required documents for opening a GIC account
The documents required vary depending on the service provider, but typically include:
- Valid passport
- Admission letter from the Canadian University (offer letter)
Transferring money to a GIC account
There are several ways to transfer money to your GIC account. You can use traditional bank transfers or online platforms. However, it's crucial to be aware of exchange rates and transfer fees, which can increase the cost of your transaction.
Duration to obtain a GIC certificate
After you've completed the necessary procedures and made the required deposits, it usually takes about 24 hours to a few business days to obtain the GIC certificate.
Opening a GIC account is a vital step in your journey as an international student in Canada. It not only serves as proof of your financial stability but also ensures you have a steady source of funds during your stay in Canada. Be sure to follow this guide to navigate the process smoothly and start your Canadian education journey on a secure footing.
To enhance your overseas education journey, consider engaging the services of overseas education consultants. They offer invaluable assistance in navigating the application process, from choosing the right course and university to understanding the visa requirements and preparing for your stay abroad.
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