Easy Way to Open GIC Account in India for Indian Students


GIC Account


For Indian students planning to pursue higher education in countries like Canada, opening a Guaranteed Investment Certificate (GIC) account is a mandatory requirement. A GIC account serves as proof of funds to cover living expenses during the course of their studies abroad.

While the process may seem daunting, this article will outline an easy and straightforward way for Indian students to open a GIC account in India.

Understanding the GIC Account:

A Guaranteed Investment Certificate (GIC) is a financial product offered by Canadian banks to international students. It functions as a secure investment where a fixed amount of money is deposited into the account, and the student receives a predetermined amount with interest upon arrival in Canada. The GIC acts as a financial safety net, ensuring that students have access to funds for their living expenses.

Choosing a Participating Bank:

To open a GIC account, Indian students need to select a participating bank approved by the Canadian government. Currently, there are a few banks and Financial Institution like Orient Exchange  that offer this service in India. It is advisable to compare the interest rates, terms, and conditions offered by different banks and other financial Institutions before sending money abroad.

Gathering Required Documents:

Before proceeding with opening a GIC account, students must gather the necessary documents. These typically include:

l Proof of acceptance from a Designated Learning Institution (DLI) in Canada.

l Valid passport.

l Passport-sized photographs.

l Proof of identity, such as an Aadhaar card or PAN card.

l Proof of address, such as a utility bill or bank statement.

Visiting the Financial Institution/Bank Branch:

Once the required documents are in order, the next step is to visit the chosen Financial Institution or bank branch in person. It is advisable to book an appointment beforehand to avoid unnecessary waiting time. During the appointment, the bank representative will guide students through the process and explain the terms and conditions of the GIC account. 

Completing the Application Form:

The representative will provide an application form for opening a GIC account. Students need to carefully fill in their personal details, including name, address, contact information, and passport details. They will also need to provide their Canadian study permit or visa details, as well as the details of the Designated Learning Institution (DLI) they will be attending.

Depositing the Required Amount:

One of the key elements of opening a GIC account is depositing the required amount of funds. As per the current regulations, students must deposit a minimum of CAD $10,000 into the GIC account. This amount will be locked for a specific duration, usually one year, during which the student will receive monthly installments of CAD $833.33 as a living expense.

Students can choose wire transfer to Transfer Money from India to Canada.

Signing the Agreement:

After depositing the required funds, students will be required to sign an agreement with the bank. This agreement will outline the terms and conditions of the GIC account, including the interest rate, the duration of the investment, and the process for accessing the funds upon arrival in Canada.

Receiving the GIC Certificate:

Once all the formalities are completed, the bank will issue a GIC certificate to the student. This certificate serves as proof of the investment and must be submitted along with other necessary documents when applying for a Canadian study permit or visa.

Conclusion:

Opening a GIC account in India for Indian students planning to study in Canada is a relatively simple and straightforward process. By choosing a participating bank, gathering the required documents, visiting the bank branch, completing the application form, depositing the required funds, and signing the agreement, students can easily fulfill this essential requirement. It is important to carefully read and understand the terms and conditions of the GIC account and maintain all the necessary documents for future

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