How To Obtain A GIC To Pursue Study In Canada
Discover how well GIC can assist you with your Canadian Student Visa.
The GIC, or Guaranteed Investment Certificate, is an excellent way to supplement your Canadian student visa application. It is a safe and dependable way to save money for Canadian education.
The GIC is a minimal investment that guarantees a return on your money. The GIC offers a variety of services to enable learners to comprehend the procedure of applying for a student visa and provides application assistance.
The GIC can also assist students in understanding the requirements for a student visa, such as the documents required, the application fees, and the timeline for the application process.
What exactly is GIC?
GIC stands for Guaranteed Investment Certificate.
It’s a particular type of investment that financial institutions such as banks provide. It is a low-risk investment with an assured return on investment.
GICs are an excellent way of saving for the future because they offer a guaranteed return on investment and are unaffected by market fluctuations.
Banks, credit unions, and other financial institutions issue GICs, which are supported by the Canadian Deposit Insurance Corporation (CDIC).
Its headquarters are in Singapore, with offices in over 20 countries.
How exactly does the GIC function?
A GIC is similar to a savings account in that you make deposits into it and then earn a return upon that. The distinction is that you’re required to keep the funds in a GIC record for a specific amount of time.
Depending on what kind of GIC users own, you might be required to incur a charge if you consider taking it out slightly earlier.
Once you purchase a GIC, users consent to extend credit to a financial organization or bank for a set time frame, perhaps up to five years.
After that, your money will accrue interest in the transfer. The longer the phrase, the greater the rate of interest you will receive. At the term’s conclusion, you will receive the amount you deposited in interest payments.
How do I create a GIC account?
- Sign up for a bank’s secure email system.
To begin, you must go to the financial institution’s website with which you wish to open a GIC Canada account.
Once you’ve arrived at the website, look for the “Register” button. This link will redirect you to the registration form, where you must enter your personal data, like your full name, address, contact information, and email address.
After you have entered all the necessary information, you must create a password and a username for your account.
- Fund your account
You are primarily investing in a fixed-term deposit with such a financial institution when you open a GIC. The money you put into a GIC is kept in an account until the term of the GIC expires.
Using any savings account in India, fund the ‘Canada Student GIC Program’ account to C$10,000 and C$150 as a transaction fee.
After depositing the C$10,000 in the GIC student account with the Canadian bank, you will obtain an ‘Investment Balance Confirmation’ in your interest-bearing account.
- Apply for Study Visa
The next step is to apply for a student visa to study abroad in Canada.
You may apply for a Canadian study from any office in India.
Along with your study visa proposal, include a printed version of your ‘Investment Balance Confirmation.’
The Canada student visa application procedure will be simple and fast if you consider doing that.
- Finalize the reporting requirements in Canada
Upon arrival in Canada, users must contact any banking institution to finish the paperwork procedure.
Open a private banking account with just an ICICI Bank Canada branch, a Scotia Bank branch, or any other Canadian bank of your choice, as well as obtain the GIC.
C$2,000 will be transferred into your personal bank account, and C$8,000 will indeed be placed into your GIC account for a 1-year term with equal monthly instalments.
How can GIC be beneficial if you want to pursue your studies in Canada?
The GIC can help with the application procedure by assisting with completing the application form, advising on the right method to submit the application, the whole process of study in Canada, and offering assistance with the paperwork required to support the application.
The GIC also offers details regarding the different types of student visas accessible, including study permits, work permits, and visitor visas.
Finally, the GIC can help with the post-arrival process, such as finding work, providing information on the Canadian education system, and advising on adjusting to life in Canada.
The GIC is an excellent resource for students seeking a Canadian student visa, and it can make the application procedure simpler and more efficient.
