Guaranteed Investment Certificate (GIC)
Canada is among the top study destination country for students from India and other countries of the world. Under Student Direct Stream (SDS) students from India, Pakistan, China, Vietnam and the Philippines can apply for faster processing of study permit.
To be eligible for faster processing through SDS you must:
1. Be a legal resident living in above mentioned countries
2. Have a acceptance letter from the Canadian College/University and
3. Have a Guaranteed investment Certificate of CAD 10,000/-
What Is GIC?
GIC is a secure investment option (like fixed deposits in India) that guarantees the full amount of the original deposit plus interest over a pre-determined and fixed timeframe. A GIC acts as proof of funds to cover their living expenses for the first year of their stay in Canada. With most of the Banks who offers GIC, you will receive a portion of your investment plus every month for a 12 month period. The participation fee for GIC program is CAD 150- 200 (Non Refundable) for most of the banks.
Who provides guarantee for GIC?
Aspirant students can get GIC from a bank listed on Canadian Deposit Insurance company website. Make sure the bank you choose offers a GIC and meets the criteria for the Student Direct Stream. The following banks offer GICs that meet the criteria:
· Scotia Bank (The Bank of Nova Scotia)
· ICICI Bank Canada
· Canadian Imperial Bank of Commerce (CIBC)
· SBI Canada Bank
· RBC Royal Bank
· HSBC Bank of Canada
· Bank of Montreal and few other banks.
Edflight provides all kind of GIC and Forex related services like GIC Account Opening (The Bank of Nova Scotia, ICICI Bank Canada and CIBC), GIC account Activation, GIC payment (Forex Outward Remittance), GIC Investment Balance Certificate and GIC refund etc to our clients students.
If you have any questions or require assistance on GIC, please contact Edflight Education Services Pvt. Ltd. by:
Call: +91 9781530660