Student GIC Program
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 10,000 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 students 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 CAD10,000 to meet the requirements of your student visa application.
What’s a 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 before you are allowed to withdraw the money. During that time, your money will earn a guaranteed interest rate.
Safety of your Deposit
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 does the Student GIC Program work?
After setting up an account with SBI Canada Bank, you transfer CAD10,000 plus fees to purchase the GIC.
After successful verification and account activation, the bank will then open two accounts in your name:
1. A Super Saver account or a Chequing Account: We will credit CAD2,000 to this account
2. A Non-Redeemable Student GIC account: We will invest the remaining CAD8,000 in a non-redeemable and non-renewable GIC account for a one-year term.
The money in your GIC account will earn interest. Each month for 12 months, an equal monthly instalment of principal and interest will be paid from your GIC account into your savings or chequing account.
For example, if the GIC interest rate is 1.15%, SBI Canada Bank will transfer CAD671 into your chequing/savings account each month for 12 months. At the end of the 12-month period, you will have a balance of CAD0 in your GIC account. Please note that this is an illustrative example only and depends on the interest rate when you invest in the GIC. Review the current GIC interest rates for the Student GIC account.
How much does it cost?
The service charges to set up this account are:
• CAD100, if the funds are sent through the State Bank of India or
• CAD150, if the funds are sent from a bank other than the State Bank of India.
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:
Administrator (Student GIC)
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.