Guaranteed Investment Certificate Canada- Best GIC Bank for Indians
Are you looking for the best bank for GIC in Canada?
Indian students get stuck in this common dilemma of choosing a good bank for GIC. Having so many good choices creates confusion in selecting the right bank for them.
When you plan to move out a financial management plan is also necessary. How will you withdraw money for your use and how will it be taken care of? Every little transaction cost or fee on various services from the bank can add more burden to your shoulders.
The easiest way to decide on a good bank is to know how it is beneficial for you. Services and offers that different banks offer could mean different things for you and the other person. When you know the difference in their services, it becomes easier to choose a good bank for you.
UPDATED
IRCC Increases Minimum Financial Requirement for Study Permits
Effective January 1, 2024, Immigration, Refugees and Citizenship Canada (IRCC) has increased the minimum financial requirement for international students applying for study permits.
This means that you will now need to demonstrate access to more funds to cover your living expenses and tuition fees in Canada.
Minimum Financial Requirement for Study Permits:
Single Applicants:
Minimum financial support increases to C$20,635, up from C$10,000.
This amount covers your first full year of tuition and living expenses.
The minimum Guaranteed Investment Certificate (GIC) amount has also been raised to C$20,635.
Who is Affected:
This change applies to all new study permit applications received on or after January 1, 2024.
This includes applications submitted through the Student Direct Stream, which previously required a GIC of only C$10,000.
Why the Change:
IRCC aims to ensure that international students are adequately prepared for the rising cost of living in Canada.
The new minimum financial requirement reflects the latest low-income cut-off figures reported by Statistics Canada.
What You Need to Do:
Review the updated financial requirements: Visit the IRCC website for detailed information on the new financial requirements and how to demonstrate your financial support. This includes information on acceptable sources of funding and how to calculate your living expenses.
Plan your finances: Start saving or securing funding to meet the new minimum financial requirement. Consider factors such as tuition fees, accommodation costs, food, transportation, and other essential expenses.
Explore GIC options: Research different GIC providers and choose the one that best suits your needs. Consider factors such as interest rates, fees, and withdrawal options.
Apply early: Submit your study permit application well in advance of your intended start date, as processing times may vary.
Check Your Eligibility Here - [ Click Here ]
8 Important factors to consider before choosing a bank for GIC in Canada
Location of the bank (if it is available at the college or near your place)
Monthly Maintenance Cost
Transfer cost (Free or not)
E-transfer cost (Free or not)
Access to ATMs
Credit card fee (Free or not)
Maintenance balance (Low or high)
Can Earn Rewards
Choose the right bank for GIC with Triple I Business Services
Which Bank is best for GIC in Canada?
There is a long list of banks in Canada. Each bank demands a minimum amount to deposit for GIC (Guaranteed Investment Certificate). Also, every bank offers different returns with its unique services.
Online application availability in these banks makes the process easier for students applying for student visas. Other than that, you can find many other facilities provided by these banks. Let’s check out the features of the top 4 banks in Canada for students.
Scotiabank- The Bank of Nova Scotia
Branches available in Canada- 1,100+ branches
Monthly Maintenance- Free account with no monthly fee
Transfer & E-transfer- Unlimited free debit transactions & e-transfers
Credit card fee- Free Credit Card
Rewards- Signup bonus- $60 welcome fee on opening an account
SCENE rewards for Movie fanatics
Interest Rate- 0.1%-1%
Investment Amount- 10,000 CAD - 50,000 CAD
Program Fee- 200CAD
Initial Expense cost on opening the account- 2000CAD + interest
Monthly Receivables - 667CAD + interest (on the deposit of 10,000 CAD)
Application processing Time- 2-10 days
CIBC- Canadian Imperial Bank of Commerce
Branches available in Canada- 1,200 + 4000 ATMs
Monthly Maintenance- Free account with no monthly fee
Transfer & E-transfer- nlimited free transactions & e-transfers
Credit card fee- Free Credit Card
Rewards- Travel, cashback and referral rewards
Interest Rate- 1.25%
Investment Amount- CAD 10,000 - CAD 20,000
Program Fee- Free
Initial Expense cost on opening the account- CAD 2000 + interest
Monthly Receivables - CAD 1,000 + interest (on the deposit of CAD 10,000)
Application processing Time- 2-4 days
ICICI Bank Canada
Branches available- 7 in Canada and 3,600 ATMs
Transfer & E-transfer- Limited transfers
Credit card fee- No annual fee
Rewards- Cashback Rewards
Interest Rate- 1%
Investment Amount- CAD 10,000 - CAD 25,000
Program Fee- CAD 175
Initial Expense cost on opening the account- 2000CAD + interest
Monthly Receivables- CAD 667 + interest (on the deposit of CAD 10,000)
Application processing Time- 2-5 days
SBI Canada
Branches available- 7
Monthly Maintenance Cost- Yes
Transfer & E-transfer- ree transactions
Interest Rate- 1.05%
Investment Amount- CAD 10,000
Program Fee- CAD150
Initial Expense cost on opening the account- CAD 2000 + interest
Monthly Receivables - CAD 667 + interest
Application processing Time- 4-10 days
Which Bank should you open a GIC account with?
Among all the four banks, CIBC and Scotiabank have the highest number of branches available in Canada. More number of branches make them more accessible.
CIBC and ICICI banks take the lowest time in processing the application. That means you will not have to wait longer for the GIC.
Scotiabank has the highest program fee but provides a bonus amount on signing up.
Wire Transfer in CIBC and Scotiabank is free.
CIBC provides $25 as a signing bonus.
SBI bank and ICICI bank have equal no. of branches. Still, ICICI bank is preferred due to its faster processing and larger deposit amount limit than SBI bank.
Scotia bank has special rewards for movie fanatics. SCENE rewards make your plan for free. The first bonus reward you get on signing up a new account with Scotiabank.
CIBC is most preferred due to its no program fee, high monthly transfers, multiple rewards, like travel, cashback and referrals, and free unlimited transactions.
Choosing the right bank is crucial when you are depositing a large amount in a foreign bank. It is worth researching and consulting with an experienced person on selecting the right bank.
In India itself, we talk to multiple consultants or bankers who can guide us to a profitable and trustworthy bank. So, when you are trusting a foreign bank, make sure you have done enough research on return rates, branches, transactions and other costs.
Consult with a Study Abroad Consultant of Triple I Business and let us make the process easier for you.
Have more questions about choosing the right bank?
Let us help you.
Check Your Eligibility Here - [ Click Here ]
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