GIC Canada: What Indian Students Need to Know About Guaranteed Investment Certificates

If you are planning to study in Canada, you must be aware of the Guaranteed Investment Certificate (GIC), a key financial requirement for a Canadian student visa under the Student Direct Stream (SDS).

A GIC is a secured investment that ensures international students have sufficient funds to cover their living expenses in Canada. This guide will help you understand what GIC is, how it works, the best banks to get one, and how MSM Unify can help you with the process.

1. What is a Guaranteed Investment Certificate (GIC)?

A Guaranteed Investment Certificate (GIC) is a fixed deposit account that international students must open in a Canadian bank to meet the financial proof requirement for their study permit application under the SDS program.

📌 Key Features of a GIC:

✔ Mandatory for Indian students applying under SDS

✔ Minimum deposit required: CAD 10,000

✔ Funds are locked but released in installments

✔ Helps cover living expenses in Canada

💡 Tip: A GIC ensures financial security for students during their first year in Canada.

2. Why Do Indian Students Need a GIC for a Canada Student Visa?

The Canadian government requires international students to show proof of funds to cover their living expenses.

📌 Why is GIC Required?

✅ Ensures students have financial stability

✅ Required under the Student Direct Stream (SDS)

✅ Helps in faster visa processing

✅ Provides a regular income for students in Canada

💡 Tip: Without a GIC, students may need to apply through the regular study permit stream, which takes longer.

3. How Does GIC Work for International Students?

The GIC process involves depositing CAD 10,000 into a Canadian bank, and funds are released in monthly installments to cover living expenses.

📌 Step-by-Step Process to Get a GIC:

✅ Step 1: Choose a Canadian Bank

Select a bank that offers GIC accounts for international students. Popular options include:

✔ Scotiabank – Scotia International Student GIC Program

✔ ICICI Bank Canada – Student GIC Program

✔ HSBC Canada – International Student GIC

✔ CIBC – Student GIC Program

✔ RBC (Royal Bank of Canada) – RBC Student GIC

✅ Step 2: Open a GIC Account

Apply for a GIC online through the bank's website. You will need:

✔ Passport

✔ Study permit approval (LOA - Letter of Acceptance)

✔ Canadian bank account details

✅ Step 3: Transfer Funds to Your GIC

✔ Transfer CAD 10,000 (minimum) + bank fees from an Indian bank to your GIC account

✔ The bank issues a GIC Certificate, required for your student visa application

✅ Step 4: Withdraw Funds in Canada

✔ Once in Canada, you will receive CAD 2,000 upfront

✔ The remaining CAD 8,000 is paid in monthly installments (approx. CAD 667/month)

💡 Tip: Some banks offer higher interest rates, so compare options before selecting a bank.

4. Best Banks for GIC in Canada

Here are some of the best banks offering GIC accounts for international students:

Bank Name Initial Deposit (CAD) Processing Time Withdrawal Structure

Scotiabank 10,000+ 3-5 days 2,000 upfront, rest monthly

ICICI Bank Canada 10,000+ 1-2 days 2,000 upfront, rest monthly

HSBC Canada 10,000+ 4-7 days 2,000 upfront, rest monthly

CIBC 10,000+ 3-5 days 2,000 upfront, rest monthly

RBC 10,000+ 5-7 days 2,000 upfront, rest monthly

💡 Tip: MSM Unify can help students compare the best GIC options for their study visa needs.

5. How MSM Unify Helps with GIC & Student Visa Process

🎯 Bank Selection: Compare top GIC banks to choose the best option

🎯 Hassle-Free Account Opening: Get step-by-step guidance on opening a GIC account

🎯 Secure Fund Transfer: Assistance with international money transfers

🎯 Faster Student Visa Processing: Get a GIC certificate to speed up your SDS visa approval

📢 Start your Canada study journey with MSM Unify today!

Final Thoughts

A Guaranteed Investment Certificate (GIC) is a crucial requirement for Indian students applying for a Canada student visa under the SDS program. By choosing a reliable Canadian bank and securing a GIC, students can ensure financial stability, meet visa requirements, and enjoy a smooth transition to Canada.

🎯 Need expert help with GIC & student visas? MSM Unify provides expert support for GIC, student visas, and study abroad services!

Also read: Career Opportunities in Canada for International Graduates: Jobs & PR Pathways