Planning to study in Canada? Learn how Indian students can open a GIC account for Canada student visa (SDS) with step-by-step instructions and a list of approved banks.
How to Open a GIC Account from India for Canada Student Visa (2025)
If you’re applying for a Canada study permit under the SDS (Student Direct Stream), opening a GIC (Guaranteed Investment Certificate) account is mandatory. This helps prove you can cover living expenses in Canada for the first year.
In this guide, we explain what a GIC is, why it’s required, which banks to choose, and how to open a GIC account from India in 2025.
What is a GIC and Why Do You Need It?
A Guaranteed Investment Certificate (GIC) is a secure investment offered by Canadian banks. For student visa purposes, it:
- Shows that you can support yourself financially
- Covers living expenses (~C$10,000) for the first year
- Is mandatory for SDS applicants from India
Amount Required:
C$10,000 (approx. ₹6.2 lakhs)
- ~C$150–C$200 as processing/admin fee
Banks in Canada That Offer GICs for Indian Students
Here are the IRCC-approved financial institutions:
| Bank Name | GIC Amount | Processing Fee | Apply From India? |
| Scotiabank (Student GIC Program) | C$10,000 | C$200 | Yes |
| ICICI Bank Canada | C$10,000 | C$150 | Yes |
| SBI Canada Bank | C$10,000 | ~C$100 | Yes |
| CIBC (Global Money Transfer + GIC) | C$10,000 | Free/Low | Yes |
| HSBC Canada | C$10,000 | C$150–C$200 | Yes |
Tip: Choose a bank with easy online processing and good support in Canada.
Step-by-Step Guide to Opening a GIC Account from India
Step 1: Choose a Participating Bank
Go to the GIC section of your chosen bank’s official website.
Step 2: Register Online
Create an account with the bank’s student portal and fill in your details.
Step 3: Submit Required Documents
You’ll typically need:
- Passport (scanned copy)
- Offer Letter from Canadian institution
- PAN Card
- Indian address proof
- Admission Letter (some banks)
Step 4: Transfer Funds
Once your account is approved, wire C$10,000 + processing fee from your Indian bank.
- Use SWIFT transfer
- Ensure the beneficiary details are exact
- Save the SWIFT receipt as proof
Step 5: Receive GIC Certificate
Once the transfer is confirmed, the bank issues a GIC certificate or investment confirmation — you’ll need this for your SDS visa application.
Documents Required to Open a GIC
| Document | Required |
| Valid Passport | Yes |
| PAN Card (for tax) | Yes |
| College Offer Letter | Yes |
| Proof of Address (India) | Yes |
| Bank Account for Wire Transfer | Yes |
GIC Disbursement Process After Landing in Canada
When you arrive in Canada:
- Visit your bank branch
- Show your passport, visa, study permit, etc.
- Complete identity verification
- You will receive:
- Initial lump sum (~C$2,000)
- Monthly payments (C$650–800) for the next 10–12 months
GIC Account FAQs
Q: Is GIC refundable if visa is refused?
Yes, most banks refund your full GIC amount minus processing fees upon proof of rejection.
Q: How long does it take to open a GIC?
5–10 working days, depending on the bank.
Q: Can I open multiple GIC accounts?
No, only one GIC of C$10,000 is needed for SDS visa.
Q: What happens if I delay opening a GIC?
Your visa application could be delayed or rejected. Always open your GIC early.
Bonus Download: GIC Application Checklist PDF
Stay organized and avoid missing any step in the GIC process.
Download Now – GIC Checklist for Indian Students (2025)
Related Articles:
- Canada Student Visa Requirements for Indians (2025)
- Step-by-Step Guide to Canada Study Permit
- Cost of Studying in Canada for Indian Students (2025)
Featured Image Suggestion:
A visual showing a GIC document on one side, Indian passport, and Canadian flag on the other (with a student in background)
Final Thoughts
Opening a GIC account from India is a crucial and simple step in your Canada study visa process. Choose the right bank, keep your documents ready, and initiate your transfer early.
With this step done, you’ll be one step closer to beginning your academic journey in Canada!