What is a GIC Account? How to Activate It?

What is a GIC Account?

GIC is a Guaranteed Investment Certificate and is a short-term liquidity savings account part of the Immigration Refugees and Citizen Canada (IRCC) rules. For students who want to study in Canada through Student Direct Stream (SDS). In this, students are required to add money before their arrival in Canada, and the bank will give the money with initial lump sum and later on monthly or bi-monthly once the students arrive in Canada after they have intimated the respective bank.

The amount of money they are depositing will be based on the location of the intended province in Canada based on the SDS application cut-off date. They are broadly divided into inside and outside Quebec provinces, based on which students have to deposit the amount with the eligible financial institution. The amount is given below.  

Quebec General Expense 

The one-time settlement fee for the first year is 500$

Eligible financial Institution  

To offer the GIC for SDS students banks/ financial institutions have certain eligibility criteria according to IRCC which will be listed below. 

The banks that offer GIC will have to give 

• Letter of attestation that you have bought GIC from them. 
• A GIC Certificate. 
• An Investment directions confirmation or balance confirmation 
• A Know your customer (KYC) verification to confirm the identity. 
• And the release of the initial lump sum after the successful verification
• And later monthly or bi-monthly release of 10 -12 months is mandatory. 

It is in the interest of the students to verify that the bank list that we have given below is from the official website. They are kindly asked to verify this list as it might change based on the IRCC rules and regulations. 

• Bank of China (Canada)
• Bank of Montreal
• Bank of Nova Scotia
• Bank of Xi’an Co. Ltd. – in partnership with the Bank of Nova Scotia
• China Everbright Bank Co. Ltd. – in partnership with the Bank of Nova Scotia
• Canadian Imperial Bank of Commerce
• Simplii Financial’s GICs are provided by CIBC
• Fédération des caisses Desjardins du Québec
• Habib Canadian Bank
• ICICI Bank Canada
• Industrial and Commercial Bank of China (Canada)
• National Bank of Canada
• Royal Bank of Canada
• SBI Canada Bank
• Shinhan Bank Canada
• The Toronto-Dominion Bank

How to Activate GIC Account in ICICI Bank Canada?

To Activate the GIC Account in ICICI Bank Canada students have to do the following 

As this entire process is online students will have to register either online with ICIC Bank or with the ICICI Bank Canada SPP app.

Register for the GIC Student program: 

• Students must register by logging in with credentials like User Name, Password and email address.
• A confirmation email will be sent to your ID by clicking the link students can activate the registration confirmation process.
• If you do not receive the confirmation link within 5 mins try Re-send the link  
• Now Join the ICICI Bank account with the Royal Bank of Canada Account

Know the Detailed steps in this Official Document Here

For Video Explanation watch the steps Here  

Which Country Citizens Can Activate It?

Individuals who are citizens of and holding a valid passport issued by the following countries are eligible for this 

• China
• India
• Morocco
• Philippines
• Senegal
• Vietnam

This list is not exhaustive check with your respective embassy or travel agent for cross-checking the above information. 

Benefits of GIC Account 

The GIC Account is for students who are in Canada for higher studies and according to immigration rules, it shows that students can cover the living costs in the Canada.

• It serves as proof of funds in which students by depositing the amount can show that they are able to cover the living costs in Canada. 
• It offers Financial Support for the students and the amount will be deposited monthly.
• The funds can be accessed after the KYC request from the student through the respective bank once they arrive in Canada
• The Students can also earn the interest for the savings based on the GIC type and bank account type.