ICICI BANK Student GIC Program

by / Sunday, 07 February 2016 / Published in Canada Visa

ICICI Bank Canada launches Student GIC Program

ICICI Bank Canada has recently launched the Student GIC Program. This program supports students applying to eligible Canadian educational institutions under the High Commission of Canada’s Student Partner Program (SPP) of India.

After receiving a completed application for the Student GIC Program and the required funds from the student, ICICI Bank Canada will open a Student Investment Account in the name of the student and issue an Investment Balance Confirmation. At this point, the student will start earning interest on this investment, and may use the Confirmation to apply for a visa/study permit.

After arrival in Canada, the student needs to visit one of the local branches to complete the documentation formalities and activate his/her Student Investment Account. The Bank will then open two accounts for them – a GIC account and a personal chequing account.  The money in the Student Investment Account will be transferred to these two new accounts.

Every month, a portion of the GIC principal amount plus interest will be transferred to the student’s personal chequing account for a period of 12 months. As a result, the full investment will be paid out to the student by the end of this period.

Signing up for ICICI Bank CanadaStudent GIC Program is easy:

  1. Register for a secured email account – Go to ICICI Bank Canada’s website and register for a secured email account for receiving an application form and communicating with the Bank.
  2. Submit an application – Students can submit the completed application form via the secure email account, or in person at one of the designated branches of ICICI Bank in India.
  3. Fund the account – When the Student Investment Account is opened, transfer C$10,000 plus a processing fee of C$150 into the account, from any bank in India.
  4. Complete the documentation formalities – Upon arrival in Canada, the student has to visit a local branch to complete the residual documentation of the program.

To know more about the Student GIC Program, visit ICICI Bank Canada’s website at www.icicibank.ca  or click on any of the direct links below.

For any queries, write to us at customercare.ca@icicibank.com or call us at 1-800-200-3340 (Toll free in India)


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