Application Guide

SBI Canada Bank Student GIC Program Application Guide

If you are a legal resident from India, China, Vietnam or the Philippines, and you are planning to pursue your post-secondary studies in any Canadian province other than Quebec, you are eligible to purchase a guaranteed investment certificate (GIC) through SBI Canada (SBIC) Bank to meet the Government of Canada’s student visa financial requirements.

This guide explains the steps involved in applying for a GIC through the SBIC Student GIC Program.

Step 1 – Register for the program

Before you can submit your application for the GIC, you will need to register and set up a profile in the SBIC Student GIC Program Portal.

Click “Register” to access the new user registration screen.
Fill in your first name and last name. These must be identical to those shown in your passport. If you don't have last name, please enter "No last name" in the respective field.
Fill in your email address. This email address will be your username in the portal. (Please ensure that you only use your personal active email ID for registration. Your email credentials are critical during your application process and your account activation, once you arrive in Canada).
Enter a password. (Your password should be at least eight characters in length and contain at least one special character. Make a strong password by using a mix of uppercase and lowercase letters, as well as numbers and special characters.)
Retype your password to confirm it.
Select your country of residence.
Click on the “I’m not a robot” button and click on the “Register” button to complete your registration.
After you have successfully registered, you can access the online SBIC Student GIC Application Form.

Step 2 – Complete your application form.

You must complete the SBIC Student GIC Application Form online. This will also require uploading copies of documents. Incomplete application forms and missing documents will delay the application process.

Log in to the Student GIC program portal.
Click on the “My application” tab from the menu.
Click on “Create/Edit my SBI Canada Bank Student GIC Program Application Form".
Follow the instructions and provide the required information. (Please ensure the name in the application form should match with the name in the passport and bank account)
Once you have validated your application, you need to scan, upload and submit the following documents along with your application:

Clear copy of your passport identification page(s) (this must include your photograph, signature and address). This document needs to be uploaded under the document type “Passport”.
Clear copy of your admission, acceptance or offer letter from a Canadian post-secondary institution (optional). This document needs to be uploaded under the document type: “Admission Letter”.
If the applicant is Minor, clear copy of the passport /PAN card / Aadhar Card of the parent/guardian substantiating the relationship with the applicant. This document needs to be uploaded under the document type: “Guardian Document”.
You will be able to view all your uploaded documents on the same screen.
Once you have reviewed your uploaded documents, Go on the tab “Back to my Application Form”.
Once you are back on your application form, please carefully review the Terms & Conditions of the application.
Click “submit” to submit your application.
You will get a message on the same screen regarding the submission of your application followed by an email from noreply-sbic@sbicanada.com on your registered email.

Step 3 – Application review

Upon receipt of your application, SBI Canada Bank will review your complete application package. This process may take up to two business days.

Please note that in case of any corrections are required, you will receive an email alert from noreply-sbic@sbicanada.com id stating the required corrections. Upon successful review of your application package, we will send you a confirmation message through the portal that includes the following information:

Your SBIC Student GIC Investment Account number.
Wire transfer details.

You will also receive an email alert from noreply-sbic@sbicanada.com. Upon receipt of the email alert, you are required to login to the SGIC portal for checking the messages sent to you. Please note that our primary way of communicating with you is through the SGIC portal.

Step 4 – Transfer funds to Canada

Once you have your GIC investment account number and wire transfer details, you are ready to transfer CAD 20,635 (Twenty Thousand Six Hundred and Thirty-Five ), excluding fees, to purchase your GIC through SBI Canada Bank and meet Immigration Canada’s financial requirements for a student visa.

Your bank can help you with the wire transfer. Please note that your bank, including the State Bank of India, may also charge you a fee. You are responsible for paying these fees.
SBI Canada Bank charges an administrative fee of CAD150. 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.
If SBI Canada Bank receives less than the required amount, the funds will be returned to your bank account at the same bank where the original wire transfer was initiated and your GIC request will not be processed.
If your money is returned, you are responsible for paying any money transfer fees and all of the intermediary bank or correspondent bank charges as a result of the decline.
Please note that funds remitted through service providers such as money exchange houses, money transfer services, money services businesses or any third-party services (such as parents, relatives or friends) will not be accepted.
The wire transfer must be from a bank account in your country of residence that is exclusively in your own name or jointly held with your parent(s).
Please note that funds will be accepted only if the name of the sender and the beneficiary (i.e. the recipient) matches. Your bank must ensure that the wire transfer/MT103 should include the remitter/student name, account number and full address at Line 50 and the beneficiary/student name, account number and full address at Line 59. If the applicant/student doesn’t have a specific address in Canada, the student’s full address in the home country shall be provided in Line 59.
In case of any mismatch, the wire transfer will not be accepted. The funds will be returned 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 a portal message.
Please note that international wire transfers take about five business days. It is up to you to allow adequate time for the funds to transfer, keeping in mind the time zone difference between your country and Canada and weekends or holidays in both countries.

Step 5 – Investment Confirmation

If everything is in order, SBI Canada Bank will issue an Investment Declaration Advice within two business days of receiving the required funds. The same can be downloaded from the SGIC portal.

You will also receive an email alert from noreply-sbic@sbicanada.com.

The Investment Declaration Advice will include the interest rate on the issue date for a one-year Student Investment Account. Our current Student Investment Account interest rates are shown on our Interest Rates page. All interest rates are subject to change from time to time.

Please print a copy of the Investment Declaration Advice and keep it for your records. You will need to submit a copy of this letter when you are applying for your study permit.

Step 6 – Apply for a study permit

When you apply for a study permit, you will need to show proof that you have a GIC of CAD 20,635 from an approved Canadian Financial Institution. . The Investment Declaration Advice issued by SBI Canada Bank confirms that you meet this requirement. You will include this document when you apply to the Canadian High Commission for your study permit.

Please refer to the Canadian visa office in your location and the VFS Global website(s) for more information about the process and timelines for issuing study permits.

Step 7 – Confirm your identity in Canada

After you arrive in Canada, you will need to confirm your identity either at a Canada Post Location or at an SBI Canada Bank branch to activate your account and access your funds. Please note that you need to confirm your identity within 180 days of arriving in Canada.

Visit a Canada Post location

To verify your credentials at a Canada Post location, access your Student GIC portal, go to My Application tab and select Activate My Account menu, complete the Activate My Account application.

You will be required to state your Canada Social Insurance Number along with your Tax Declaration and a Canadian mailing address.

Once you submit your Activation Application, you will be prompted to print and save the following two documents:

Canada Post ID Verification Instruction Document (DSS number and barcode).
Student GIC account statement that would have your Canadian Mailing address

When visiting Canada Post location present the following documents to the staff to verify your identity:

Your original passport.
DSS number and barcode.
Student GIC statement that shows your Canadian mailing address.

Please note that Canada Post will allow 3 attempts to verify the identity. Failing to do so would require you to visit the SBI Canada branch in person

Visit an SBIC branch.

You can also visit your closest SBI Canada Bank branch to open a personal account and activate the GIC by providing the following documents:

Your original passport.
Your original study permit (i.e., IMM 1442) issued by the Canadian High Commission.
Original letter of enrollment issued OR Student ID card issued by your Canadian educational institution.
A printout of the Investment Declaration Advice issued by SBIC.

Step 8 – How your investment will be repaid

Once SBI Canada Bank has confirmed your identity, either within a branch or at a Canada Post location, we will transfer the CAD 20,635 originally deposited into the SBIC Student GIC Investment Account into two new accounts that we will open in your name:

A Non-Redeemable Student GIC account:

We will invest the amount of CAD 16,500 in a non-redeemable/non-renewable GIC account with a one-year term. The money in your non-renewable GIC account will earn interest. These funds will be paid to you in Monthly instalments of principal i.e. CAD 1,375 and monthly accrued interest over a 12-month period and credited to your Savings or Chequing account.

A Savings or Chequing account:

We will credit the residual amount of CAD 4,135 plus accrued interest, if any, to your SBIC Savings or Chequing Account. You can access these funds right away.

For interest rates and the terms and conditions of non-redeemable Student GIC, savings and Chequing accounts, please see our Interest Rates page.

You are responsible for ensuring that you have adequate resources to meet your living expenses in Canada.

Step 9 – Claiming a refund

Are you eligible for a refund?

There may be circumstances when you no longer require your student GIC investment and you are eligible to request a refund of your investment and you are eligible to request a refund of your CAD 20,635 investment. These include:

The Canadian High Commission declined your application for a study permit. In this case you must submit the following documents along with your signed refund application:
- Copy of the Refusal letter issued by the Canadian visa office in your country.
The Canadian educational institution, you applied to, declined your admission. In this case you must submit the following documents along with your signed refund application:
- Copy of the Refusal letter or Email sent to you by the educational institution confirming the refusal of admission.
The Canadian educational institution approved your admission and you have obtained Study Visa, but you have decided not to pursue your studies and have withdrawn before arriving in Canada.
- Clear Copy of all pages of your passport.
- Confirmation from the educational institution on withdrawal of your admission, and /or
- Confirmation from educational institution on the refund of your academic fees.
After making your Student GIC investment, you decided not to apply for a Canadian study permit.
- Confirmation from the educational institution on withdrawal of your admission,
- Confirmation from educational institution on the refund of your academic fees, and / or
After arriving in Canada, you withdrew your enrolment from the educational institution and are now pursuing your education in a country other than Canada
- In this case, you must provide SBI Canada Bank with:
  1. Proof that you have returned to your country, such as a copy of the passport page showing the entry date stamped by the immigration authorities at the airport as proof of your return.
  2. Confirmation from the educational institution on your withdrawal of your admission, and /or
  3. Confirmation from educational institution on the refund of your academic fees.

Please note that irrespective of your moving to a country other than Canada, the refund will only be issue to your account from where SBI Canada Bank received the funds at the time of creating the Student GIC.

How to claim your refund:

Login to the Student GIC Portal. You will need to use your existing username and password that you used while applying for your Student GIC.
Complete and print your refund application form.
You will need to take a print and sign your refund application and upload the scanned copy of the refund application along with the required document(s) mentioned above (as applicable).
Your refund application must contain all the required documents/information to be processed. If your refund application is incomplete, we will return it to you with an explanation to help you correct the mistake and provide the missing information or documents.
You must revise and re-submit the application after making the necessary correction(s) and attaching all the required documents.
SBI Canada Bank might contact the Canadian High Commission in your country to confirm your application status (for example, the refusal or the cancellation status of the study permit). The refund process will be strictly subject of receiving this confirmation from the Canadian authorities.
It may take up to four weeks to process your refund request.
Once your request has been approved by the Canadian High Commission, SBI Canada Bank will cancel your investment. SBI Canada Bank will redeem the outstanding balance from your SBIC Student GIC Investment Account, along with accumulated interest (if any), and wire the funds to the same bank account and the same bank from which the wire transfer initially originated.
The original administrative fee of CAD150 is not refundable.
SBI Canada Bank will deduct a money transfer fee of CAD 25 from the eligible refund amount.
Please note that additional fees may be charged by intermediary banks or correspondent banks during the wire transfer of the refund. You are responsible for paying any additional fees as charged by the intermediaries’ correspondents during the refund process.
SBI Canada Bank will notify you on your registered email confirming the transfer of funds and the closure of the accounts.
SBI Canada Bank will advise IRCC that we have processed the refund request received from the student.

For any clarifications, please feel free to drop in a message on webform available on our website or write to us at admin.studentgic@sbicanada.com.

Please note we operate on all business days Monday to Friday from 9:00 AM to 5:00 PM EST.