What is GIC and How GIC can help you get your Canadian student visa?

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Learn how GIC can help you get your Canadian student visa

Canada is the country with the largest number of job opportunities for the students. If you are an international student, then once you must have dreamed of studying in Canada. Canada is a country that fulfills the dreams of most of the students. Canada is a great option for those looking to make a career abroad. To pursue your higher education in Canada, you need to do a lot of planning. To make the process easier, there are a few requirements that you need to meet and know. There is a guaranteed investment certificate that helps you get a Canadian student visa. A guaranteed investment certificate is a proof of funding for a student visa.

You must read it: How to apply for your dream college in Canada?

What is GIC?

GIC is a very important document that is related to money and helps you in the form of money for your Canada student visa. The full form of GIC is Guaranteed Investment Certificate. These certificates are more useful for those students who opt for the student direct stream program. After getting GIC you will not need any other document for IRCC. This allows you to cover your tuition and living expenses.

You should read:- Minimum ILETS score requirement for Canada

How does the GIC work?

To get your GIC, you need to open an account with a Canadian bank and make a liquid investment. This investment can be up to CAD 10,000. This investment helps you a lot with Canadian expenses and it covers your living expenses for 1 year. In this you are given money every 2 months.

  • A GIC certificate
  • A confirmation of Investment Directions
  • A letter of attestation
  • A confirmation of Investment Balance

Important Guide:- Study in CANADA - Top Universities, Courses, Scholarships, Fees, Visa

How can you open a GIC Account?

The process to open a GIC account in Canada is very simple but varies from bank to bank. You must open this account to live in Canada. The GIC account opening process is done online. Let us know what is the process to be followed to open a GIC account?

  • First you need to register with the bank you have chosen
  • After that the application for GIC Account has to be submitted
  • Then deposit your investment fee
  • And finally get your GIC certificate

Know about Designated GIC banks in India

Not every bank in Canada provides GIC Here is some of the banks that provide GIC and you can apply there. Here are some such banks which are the best GIC providing banks in Canada; they provide you very good facilities.

  • ICICI bank
  • Scotiabank
  • Canadian Imperial Bank of Commerce
  • HSBC Bank of Canada
  • SBI Canada

Conclusion

After reading this article you must have come to know why GIC is needed to study in Canada and how you can apply for GIC. Along with this, we have also told these are the banks in Canada that provide GIC is a certificate of funding for your student visa. If you have any problem related to this topic then you can talk to IDP's international education experts.

Tag This :- How does the GIC work for Issuing Canadian student visa

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