GIC, also known as Guaranteed Investment certificate offers a definite rate of return over a fixed period of time. According to CIC-Citizenship and Immigration Canada, guidelines under the Student Partners Program (SPP), you will require approximately $10,000 Canadian (CAD) per year, not including tuition fees, to cover your living expenses. This requirement is fulfilled through the purchase of a GIC.
The SPP is a combined guide venture between Citizenship and Immigration Canada’s visa offices in India and China and the Association of Canadian Community Colleges (ACCC). Scotiabank is one of the major banks in Canada, which serves more than 21 million customers all over the world. When you bank with Scotiabank, you will get access to more than 1,000 branches and almost 4,000 Scotiabank ABMs across Canada. Therefore, it is easy to find a one near your school or residence. With the Scotiabank StartRight Program, international students can do so much more than just help you apply for your Study Permit. You can also get guidance in choosing a banking package that lets you bank with no monthly fees to an unsecured credit card. The authorities of Scotiabank also work with the Canadian High Commission, India to help students like you pursue their studies in Canada.
Under the Scotiabank Student GIC Program (SSGP), you can also purchase a Guaranteed Investment Certificate (GIC) from Scotiabank for $10,000 Canadian dollars (CAD). A GIC is an investment account that offers a guaranteed interest rate over a fixed period of time.
- Each month, for 12 months, you’ll receive a portion of your investment back, in addition to interest.
- You can use these funds to help pay for living expenses while you’re studying in Canada.
- After 12 months, you will receive your $10,000 CAD investment back
- The fee for this program is $200 CAD.
You will be required by the Canadian Embassy in China to remit $10,000 CAD to Scotiabank for the Scotiabank Investment Account. In addition to it, you will also be required to pay $200 CAD to cover administrative fees. The sum total of the amount becomes around $10,200 CAD.
The money sent to GIC with Scotiabank in Canada must come from your own bank account. If you are transferring funds from other sources such as Money Exchange or Money Transfer Services, it will be rejected. Intermediary banks usually charge a fee for wire transfers. International wire transfer may take up to 5 business days to reach us. To know more details, you can refer to the official website of the GIC.