Pursue your studies in Canada
If you intend to study in Canada as an international student, you must meet the eligibility requirements as defined by IRCC under their Study Permit Program.
One of these requirements for international students is to have a proof of financial support that substantiates that they can support themselves and the family members who come with them while they are in Canada.
In addition to the cost of your tuition, you must show that you have assets of at least CAD 20,635 (Canadian dollars Twenty Thousand Six Hundred Thirty-Five) dollars before you arrive in the country, as proof of financial support to apply for a study permit to Canada.
One way to meet this requirement is to purchase a Guaranteed Investment Certificate (GIC) from an participating Canadian financial institution, such as SBI Canada Bank.
Please note that the international student applying for Student GIC is responsible for complying with the requirement for “amount of funds required per year” basis the number of family members (including themselves).
SBI Canada Bank has a Student GIC Program for Legal Residents from India who are planning to study in any Canadian province except for Quebec.
Under the SBI Canada Bank Student GIC Program, you can purchase a Guaranteed Investment Certificate (GIC) from SBI Canada Bank for at least a minimum of CAD 20,635 (Canadian dollars Twenty Thousand Six Hundred Thirty-Five) to meet the requirements of your student visa application.
Applicants are advised to go through the Immigration, Refugee and Citizenship Canada (IRCC) guidelines for funds required as proof of financial support to apply for Study permit for Canada.
Please note that the student would be responsible for complying with IRCC’s guidelines on the required documents as proof of financial support for your study permit application.
What is a Guaranteed Investment Certificate (GIC)?
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.During that time, your money will earn a guaranteed interest rate. For the purpose of Student GIC, SBIC, on transfer of your funds to your Student GIC Investment Account, will issue a Redeemable GIC.
- The Interest rate applicable for this redeemable GIC deposit is per annum basis.
- This interest rate is fixed for the term of the deposit, and it is not affected by the balance.
- For interest calculation, the year is treated as 365 days (366 days in leap years) for all CAD
Cancellation of Student GIC
You may cancel the GIC account up to 14 business days following the date of issue. We would transfer the funds back to your account in India inclusive of SBIC Administration fees of CAD 150 (Canadian Dollar One hundred fifty). You would be required to submit the following documents:
- Confirmation from the educational institution on withdrawal of your admission,
- Confirmation from educational institution on the refund of your academic fees
Please note that in such an instance, the Bank would only issue the refund once the aforesaid requirements have been met. Any currency exchange charges along with the intermediary bank charges would be borne by the applicant.
Safety of deposits
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".
How do I get my GIC?
Please refer to the application guide to learn more steps involved in applying for a GIC through the SBI Canada Bank’s (SBIC) Student GIC Program to meet Immigration, Refugee and Citizenship Canada (IRCC) guidelines for funds required as proof of financial support to apply for study permit for Canada.
After setting up an account with SBI Canada Bank, you can transfer a minimum of CAD 20,635 (Canadian Dollars Twenty Thousand Six Hundred Thirty-Five) plus SBIC administration fees of CAD 150 (Canadian Dollars One fifty) to purchase the GIC.
Please note that you would be responsible for complying with IRCC’s guidelines on the required documents as proof of financial support for your study permit application.
How do I get my funds in Canada?
Once you arrive in Canada and after successful verifications and account activation, the Bank will open two accounts in your name:
- A Chequing or a 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-redeemable 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.
Please note that you are responsible for ensuring that you have adequate resources to meet your living expenses in Canada.
How much does it cost?
SBI Canada Bank charges an administration fee of CAD 150 (Canadian Dollars One fifty).
- Please note that this fee is non-refundable. 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, including the State Bank of India, may also charge you a fee to transfer the funds from the originating account to your SBI Canada Bank Student GIC Investment account. You are responsible for paying these fees.
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)
- SBI Canada Bank’s Student GIC Administrator
Our Phone Lines are open Monday to Friday 9:00 AM to 5:00 PM (Eastern Time)
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- SBI Canada Bank’s toll-free number at 1-866-724-2669 or
- SBI Canada Bank branch where you have chosen to set up your account.
To find the phone number for your local SBI Canada Bank branch on our Branch Locator page.