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GIC Account in Canada for Indian Students

Canada is a promising land with world-class education facilities and attractive job opportunities. The multicultural society and mixed blend of cultures give better exposure to the world of activities!

It takes a lot of preparation and tenacity to arrive in Canada and begin your higher education. It is always a better idea to review the requirements set forth by the Canadian government to make the process run more smoothly. The GIC is one such requirement. This blog is all about GIC Accounts.

What is a GIC account?

Guaranteed Investment Certificate account is an account opened to deposit certain amount of money by the students intending to travel to Canada. GIC is the short-term liquid investment offered by the Canadian government, usually for a year. GIC is proof of funds to be eligible for a Canadian Visa. A Guaranteed Investment Certificate is a life saviour for students planning to visit Canada. 

Addressing the immigration, refugee, and other issues of students while they are studying in Canada makes it easier to apply for a study visa. It is a low-risk investment that will safeguard you from fluctuating exchange rates. A GIC account represents saving money for a specific purpose, such as a down payment.

GIC is a pledge to the Government of Canada that your account has sufficient money to cover your needs while you are away from home. Additionally, it speeds up the processing of your VISA.

GIC also act as a basic account for the students, as parents can easily transfer the funds. The GIC account application is processed online and delivers funding details promptly.

What is SDS?

You can apply to Canadian Universities and Colleges in two ways:

  • SDS- Study Direct Stream
  • General Application (College-wise)

SDS: It is designed for students from India, China, Morocco, Pakistan, the Philippines, Senegal, and Vietnam, by the Canadian government and the Association of Canadian Community Colleges (ACCC). For Chinese and Indian students, it replaces the Student Partner Program (SPP). A GIC account has to be opened for SDS, the Study Direct Stream Program in Canada, per the Canadian government’s guidelines. 

General Application: General Application is when the students find a college and apply for it.

What is the amount of money to be remitted towards GIC?

The students should deposit a minimum amount of CAD 10,000 offered by a Canadian Bank. It is proof of funds that will be released to the student every month for twelve months. 

How do you open a GIC Account?

Opening a GIC Account is a simple process which is done online. Application process may vary from one financial institution to other. You can pick the bank that is closest to you. The bank will send an invoice with payment instructions to the GIC account after opening the GIC account so that the GIC payments to Canada will be recognized. Listed below are the easiest way of opening a GIC account:

  • Choose a Service Provider: Always use your wise ideas to choose a trusted service provider. A trusted service provider will make your transactions and deposits even safer. The No. 1 trusted service provider in India, Unimoni, is an approved dealer in the II category who can assist you in opening a GIC account.
  • Apply Online: The next step is to proceed with applying online. Most service operators will have an online process to register a GIC account.
  • Fill out the application form: Complete the application form online.
  • Deposit Funds: Transfer the stipulated amount to the GIC account
  • Confirmation Message: You will get a confirmation message once everything gets over. This is proof of your finance when you are travelling to Canada.

Documents required for opening a GIC account?

The documents required to open a GIC account depend upon the service provider.

  • Valid passport
  • Admission letter from the university (offer letter)

How do you transfer money to your GIC account?

Over time, sending and receiving money has become much simpler, and there are now more options than only banks for sending and receiving money internationally.

You must have appropriate knowledge before making any transfer decisions. Always start by looking for a simple, efficient, and economical solution.

Remitforex by Unimoni is an online platform which will assist you in opening a GIC account and getting the certifictae right from applying online to obtaining the confirmation message. 

You just have to walk into the nearest Unimoni branch after obtaining the offer letter. Submit all the required documents to start the process. With a bunch of trained experts and years of experience, Unimoni is spread over 300+ branches across India! 

What is the duration of obtaining a GIC certificate? 

After the successful completion of necessary procedures and required deposits, the GIC account will take a minimum of  24 hours to obtain the certificate. It can also take also take 3-10 business days depending on the service operator you choose.

The Canadian embassy advises a minimum amount of CAD 20,635 in GIC payments to Canada to obtain a student visa. This sum, which can be anywhere between 20,000 and  50,000 CAD, is deposited by students into their savings accounts. Students must deposit at least 10,000 CAD with the registered Canadian embassy and the approved lender as part of the registration process.

Epilogue

The need for GIC payments to Canada is projected to increase even in the upcoming years as they gather high momentum. GIC is a guarantee to the Canadian government that you have sufficient money in your account to enwrap your living expenses for at least one year while you are a resident of Canada. Your GIC enables the speedy processing of your Canadian visa or study permit.

To Know more:

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