Pursue your studies in Canada
If you intend to study in Canada as an international student, you must show proof that you can support yourself financially while you are in Canada. In addition to the cost of your tuition, you must show that you have assets of at least 20,635 Canadian dollars before you arrive in the country. One way to meet this requirement is to purchase a Guaranteed Investment Certificate (GIC) from an approved Canadian financial institution, such as SBI Canada Bank. SBI Canada Bank has a Student GIC Program for Legal resident from India, China, Vietnam or the Philippines who are planning to study in any Canadian province except for Quebec. Under the SBI Canada Bank Student GIC Program, you can purchase a GIC from SBI Canada Bank for CAD 20,635 to meet the requirements of your student visa application. Applicants are advised to go through the Immigration, Refugees and Citizenship Canada (IRCC) Student Direct Stream program to understand their qualification under the program.
A GIC is an investment account that offers a guaranteed interest rate over a fixed term. You must leave your funds in the GIC for a specified period of time before you are allowed to withdraw the money. During that time, your money will earn a guaranteed interest rate.
SBI Canada Bank is a member of CDIC. Student GIC is eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC), subject always to maximum coverage limitations as outlined in their brochure "Protecting Your Deposits" and provided it is payable in Canada.
To find out information about deposit insurance from the Canada Deposit Insurance Corporation including what instruments and/or products are eligible for deposit insurance, visit their website www.cdic.ca. Information on deposit insurance is also available in the CDIC brochure entitled "Protecting Your Deposits".
After setting up an account with SBI Canada Bank, you transfer CAD 20,635 plus fees to purchase the GIC. After successful verification and account activation, the bank will then open two accounts in your name:
- A Chequing Account or Savings Account: We will credit CAD 4,135 to this account
- A Non-Redeemable Student GIC account: We will invest the remaining CAD 16,500 in a non-redeemable and non-renewable GIC account for a one-year term.
The money in your non-renewable GIC account will earn interest. Each month for 12 months, a monthly instalment of principal i.e. CAD 1,375 and monthly accrued interest will be paid from your GIC account into your savings or chequing account.
How much does it cost?
SBI Canada Bank charges an administration fee of CAD 150. Please note that this fee is nonrefundable. SBI Canada Bank must receive CAD 20,785 in full without any deductions to process your GIC request and collect the required administrative fees. Please note that your bank may charge you a fee to transfer the funds from the originating account to the SBI Canada Bank account. This fee is not refundable.
Learn more about this program
For more information on how to apply for the Student GIC and details on how it works, please review our “Application guide”. If you have questions about SBI Canada Bank Student GIC Program, please contact:
Our 24/7 contact centre in India at 080-22530534 (Standard Rates Apply)
Administrator (Student GIC) Phone: (905)-896-6577
Our Phone Lines are open Monday to Friday 9:00 AM to 5:00 PM (Eastern Time) Fax: (905)-896-6545 Email: admin.studentgic@sbicanada.com You can also call our toll-free number at 1-866-724-2669 or call the SBI Canada Bank branch where you have chosen to set up your account, Find the phone number for your local branch on our Branch Locator page.