This Program guide outlines the details of SBI Canada Bank ("SBIC") Student GIC Program.
Step 1 – Registration
Register with SBIC Student GIC Program Portal, which is a secure communication platform between SBIC and you, to submit your application online. Once you have registered, you will receive an email notification from the portal administrator firstname.lastname@example.org with a link to verify your portal account. You are required to click on the provided link to complete the registration process. please check your email account's Spam or Junk folder to ensure the message from email@example.com was not filtered.
- Click on the register tab. A portal account registration form will be presented.
- Fill in your first name, Last name (same as the given name and last name shown in your India passport), and your email ID. Your email ID will be your user name used in the portal.
- Enter your desired password. Your password should be at least 8 characters in length and contains at least one special character. You should also include upper, lower case letters and number to structure a strong password.
- Re-type your password.
- Enter the security code and click on the “Register” button to submit your registration request.
- A registration message will be sent to you from the portal with a verification link. You need to click on the verification link to complete your portal account registration.
- Upon registration you will get access to the online SBIC Student GIC Application form.
Step 2 – Fill in your application form
You need to fill in online SBIC Student GIC Application Form and take a print out of the form. Sign the application at the last page. Attach the required documents and submit the application through this portal. You must ensure that all documents are uploaded as per the requirements. Incomplete application form and documents will delay the application process.
- Login to the Student GIC program portal.
- Click on “My application” tab from the menu.
- Click on “Create/Edit my SBI Canada Bank Student GIC Program Application Form”
- Follow the instructions to fill up the required information.
- Print, sign and date the application form.
- Scan the signed application form and the following documents in PDF format:
- Copy of your Indian passport (First page having your photograph and signature and the last page having the address)
- Copy of your admission / acceptance / offer letter from the Canadian educational institution
- All documents must be signed and dated by the student as a mark of self-certification for authenticity
- Ensure that all the documents are scanned clearly and are legible. Illegible documents will not be accepted.
- Upload the scanned PDF documents through the portal.
Step 3 – Receipt of application
Your application will be scrutinized. This may take 5 business days from the receipt of the completed application package.
- You need to be aware and take into consideration the time zone difference between India and Canada and factor-in the weekends / holidays in both countries. Our branches (Brampton, Mississauga, Scarborough, Vancouver and Surrey) operate on a 5 day week from Tuesday to Saturday, while our Toronto Downton branch operates 5 days a week from Monday to Friday. Please check the timings from our website www.sbicanada.com.
- If your application is in order, we will send a confirmation through the portal and provide you with the following information:
- SBIC Student GIC investment account number.
- Wire transfer details.
Step 4 – Transferring funds to Canada
The Canadian High Commission requires you to wire CAD $10,000.00 (Canadian Dollar Ten thousand only) as part of the VISA application process as investment proof
- SBIC will charge an administrative fee of CAD $100.00 (Canadian Dollar One Hundred only) as service charges towards administering the student GIC program.
- Please note that intermediary banks / correspondent banks have their own charges. It is the responsibility of the student to pay / meet these charges
- You should wire a total amount of CAD $10,100.00 if sent through State Bank of India (otherwise CAD $10,150.00 including other bank charges) to SBIC
- SBIC must receive CAD $10,100.00 in full, without any deductions to process your GIC request.
- Accordingly, please inform your local bank in India that SBIC must receive CAD $10,100.00 in full and any additional charges/fees will be paid by the student in India itself.
- If SBIC receives less than CAD $10,100.00, the funds will be returned back to your bank account at the same bank where the original wire transfer was initiated and your GIC request will not be processed.
- In case your money is returned back, you will be responsible to bear the money transfer fees and all the intermediary bank / correspondent bank charges as a result of the decline.
- The funds must be wired from a bank account in India.
- Please note that funds wired through service providers like – money exchange houses, money transfer services, money services businesses or any third party services (example parents, relatives, friends) will not be accepted.
- The wire transfer must be from a bank account in India that is exclusively in your own name or in the joint name with your parent.
- Please note that funds will be accepted only if the name of the sender and the beneficiary (i.e. the recipient) matches. In case of any mismatch, the wire transfer will not be accepted and funds will be returned back to your bank account at the same bank where the original wire transfer was initiated and your GIC request will not be processed at your own risk and responsibility
- Once you have initiated the wire transfer, please notify the bank through the portal message.
- Please note that international wire transfers take about 5 business days. Hence, you need to take into account the time zone difference between India and Canada and factor-in the weekends / holidays in both countries
Step 5 – Investment Confirmation
- Upon successful receipt of funds, SBIC will issue an investment declaration advice which can be downloaded from the portal. It will take approximately 2 business days after receipt of clear funds to process the request and issue an investment declaration advice.
- You will be provided rate of interest currently applicable to a 1 year Student Investment Account . (Please refer to our website www.sbicanada.com/InterestRateUI.aspx for Student Investment Account interest rates. All interest rates are subject to change from time to time). You will receive interest on your investment. The current rate can be found on our website www.sbicanada.com/InterestRateUI.aspx. The interest rate is SBIC’s posted rate for 1 year Student Investment Account on the issue date.
- You will receive interest on your investment. The current rate can be found on our website www.sbicanada.com. The interest rate is SBIC’s posted rate for 1 year Student Investment Account on the issue date.
- Please print a copy of the investment declaration advice and keep it for your records including submission with the VISA / study permit request.
Step 6 – Application for VISA / Study permit
- You are required to attach the Investment declaration advice issued by SBIC along with your documents while applying to the Canadian High Commission for issue of VISA / Study permit
- Please refer to the Canadian VISA office and VFS website(s) for the process and timelines for issue of VISA / Study permits
Step 7 – Arriving in Canada
- After you arrive in Canada, you will need to visit your selected SBIC branch to open a personal deposit account and to activate the GIC.
- You will be required to provide the following documents :
- ORIGINAL Indian Passport
- ORIGINAL Visa/Study permit (i.e. IMM 1442) issued by the Canadian High Commission
- ORIGINAL Letter of enrollment issued by your Canadian educational institution OR Student ID card issued by Canadian Institution.
- PRINTOUT of Investment declaration advise issued by SBIC.
Step 8 – How your investment will be repaid
Upon satisfactory production of KYC documents as listed above, the bank will open the following two accounts in your favor:
- A Super Saver account. An amount of CAD $2,000.00 (Canadian Dollars Two Thousand only) plus accrued interest will be credited to your super saver account at the time of your first in-person branch visit. A super saver account is a savings bank account carrying premium rate of interest. For interest rates on super saver accounts please refer to our website www.sbicanada.com. Interest rates are subject to change from time-to-time
- A non-redeemable GIC account. The residual amount of CAD $8,000.00 (Canadian Dollars Eight Thousand only) will be invested in a non-redeemable GIC account of 1 year term. For interest rates and terms & conditions of a non-redeemable GIC please refer to our website www.sbicanada.com. A non-redeemable GIC means that you cannot redeem the investment before the maturity date (i.e. pre-mature payment is not allowed). Interest rates are subject to change from time-to-time
- An equated monthly installment (EMI of principal + interest) will be paid from this non-redeemable GIC account and credited to your super saver account each month for 12 continuous months
- It is the responsibility of the student to ensure that he/she has adequate resources to meet his living expenses in Canada
Step 9 – How to claim refund
There might be circumstances when you no longer require you student GIC investment to continue in Canada. In these situations you can request for refund of your investment:
- Canadian High Commission has declined your application for grant of VISA / Study permit. In this case you will be required to submit the refusal letter issued by the Canada VISA office in India along with your refund application
- The Canadian educational institution that you had applied for study has declined your admission. In this case you will be required to submit the refusal letter issued by the Canadian educational institution along with your refund application
- The Canadian educational institution has approved your admission. However, you do not wish to enroll in this institution and have withdrawn before your arrival in Canada. In this case you have to submit a copy of your Indian passport page evidencing the cancelled VISA / cancelled Study permit issued by the Canadian VISA office
- After making your student GIC investment you have decided not to apply for the Canadian VISA / Study permit. In this case SBIC will contact and seek confirmation from the Canada VISA office in India that your VISA application was not filed; and your refund request will be subject to this confirmation
- You have arrived in Canada. After your arrival in Canada, you do not wish to continue and have withdrawn your enrolment from the educational institution. In this case you have to provide SBIC the following documents (a) copy of Indian passport evidencing the cancelled VISA / Study permit issued by the Canadian VISA office in India (b) Provide proof that you have returned to India. You need to provide a self-attested copy of the Indian passport page of the entry date stamped by the Immigration authorities at the Indian airport evidencing your return.
- To process your refund request, you must print the refund application form from the portal, sign and submit a scanned copy of the student GIC program refund application along with the document(s) mentioned above (as applicable) through the SGIC portal.
- Your refund application must contain all the required documents in order to be processed. If your refund application is incomplete in any respect, we will revert back to you with an explanation to help you rectify the mistake and provide the missing information or documents. You will be required to revise and re-submit the application after making necessary correction(s) and attaching all the missing documents
- SBIC will make a reference to the Canadian High Commission in India to confirm your status regarding the refund application i.e. the refusal or the cancellation status of the VISA / or Study permit. The refund process will be strictly subject to such confirmation from the Canadian VISA authorities
- It may take about 6-8 weeks to process your refund request
- Once your request has been approved by the Canadian High Commission, SBIC will cancel the investment. SBIC will redeem the outstanding balance from your investment account along with accumulated interest and wire back the funds to the same Indian bank account and the same Indian bank from where the wire transfer had initially originated in the first place
- The administrative fee of CAD $100.00 (Canadian Dollars One Hundred only) originally deposited is not refundable
- While cancelling the investment and remitting money back to your Indian bank account, SBIC will deduct a money transfer fee of CAD $25.00 (Canadian Dollars Twenty Five only) from the eligible refund amount.
- Please note that additional fee may be charged by intermediary banks / correspondent banks during refund wire transfer. It is the responsibility of the student to meet such additional fees as charged by the intermediaries / correspondents during the refund process
- SBIC will notify you through the portal message confirming transfer of funds and closure of the accounts