Planning to Study in Canada from India? Then, opening a GIC account in Canada is one of the most crucial steps in your visa application process. Designed specifically for international students, a Guaranteed Investment Certificate (GIC) ensures you meet financial requirements set by Canadian immigration authorities. In this comprehensive guide, we’ll walk you through what a GIC account is, the GIC amount for Canada, how to open one from India, how much you need to deposit, and how to pay GIC Canada from India at the best rates possible.
Table of contents
- What is a GIC Account in Canada?
- Why is a GIC Account Mandatory?
- What is the GIC Amount in Canada for International Students?
- Benefits of Opening a GIC Account
- How to Open a GIC Account in Canada from India?
- Top Banks Offering GIC Accounts in Canada
- How to Transfer Funds to a GIC Account from India?
- GIC Refund Process – What If Visa Gets Denied?
- Why Choose Supreme Forex for Your GIC Payment Needs?
- FAQs – GIC Account Canada for Indian Students
- Final Thoughts – Start Your Canadian Dream with Supreme Forex
What is a GIC Account in Canada?
A Guaranteed Investment Certificate (GIC) is a financial product offered by Canadian banks that securely holds your money for a fixed term while paying you interest. For international students, it serves a dual purpose. Not only does it act as an investment, but it is also a mandatory requirement for the Student Direct Stream (SDS) visa application. The Government of Canada uses the GIC to verify that you possess sufficient funds to support yourself during your first year of study, ensuring financial stability from the moment you arrive.
Why is a GIC Account Mandatory?
The Canadian government mandates international students to show proof of funds to support themselves during their studies. This is where the GIC comes in, it guarantees that you’ll have access to a fixed monthly income to cover basic living expenses.
Without a valid GIC, the authorities may delay or reject your study permit application under the Student Direct Stream (SDS), making it essential to secure one before applying.
What is the GIC Amount in Canada for International Students?
As of 2025, the minimum GIC amount required for Canada is CAD 22,895 (Effective from Sept 1, 2025) updated from the previous CAD 20,635 requirement. This ensures students can afford the rising cost of living in Canada.
GIC Canada Amount in Rupees
Depending on the current exchange rate, CAD 22,895 equals approximately INR 14.62 Lakhs (As of 7th August 2025). This amount must be transferred in full to the Canadian bank before applying for your study visa.
Benefits of Opening a GIC Account
A GIC account provides multiple advantages beyond just visa compliance:
- Mandatory for SDS Visa: Required by the Canadian government for faster visa processing under the Student Direct Stream (SDS).
- Financial Proof: Demonstrates sufficient funds for living expenses during your first year.
- Structured Disbursal: Ensures monthly payouts for better budgeting and expense management.
- Earns Interest: Provides returns on your deposited amount over time.
- Secure Investment: Offered by regulated Canadian banks, ensuring safety of funds.
- Simplifies Settlement: Gives quick access to funds upon arrival in Canada.
- Refundable: A full amount will be refunded if your visa is rejected.
How to Open a GIC Account in Canada from India?
Opening a GIC account from India is simple when you follow the right steps. Here’s a quick breakdown:
- Choose a Bank: Select a Canadian bank like Scotiabank, ICICI Bank Canada, or CIBC that accepts GIC deposits from Indian students.
- Online Application: Apply for a GIC account on the bank’s website
- Upload Documents: Submit passport, study permit/letter of acceptance, PAN card, and ID proof. Once approved, you’ll get bank details (SWIFT code, account number).
- Fund the GIC Account: Use Supreme Forex to send funds via international wire Transfer at the best exchange rates with full RBI compliance.
- Receive GIC Certificate: Once funds are received, the bank will issue your GIC certificate Canada.
Eligibility Criteria for Opening a GIC Account in Canada
- Valid Passport: Must have a passport with at least 6 months’ validity.
- Letter of Acceptance from a Canadian DLI: You must be accepted by a Designated Learning Institution (DLI) in Canada.
- Applying Under SDS (Student Direct Stream): GIC is mandatory only if you’re applying through the SDS route for a faster visa process.
- Indian Citizenship: Must be a resident Indian citizen at the time of application and fund transfer.
- Valid PAN Card: Required for transferring funds from an Indian account.
- Ability to Transfer CAD 22,895 (or more): Must have sufficient funds to remit the required GIC amount.
Timeline:
- Application to funding: 2–5 working days
- GIC certificate issuance: 24–48 hours after fund transfer
Top Banks Offering GIC Accounts in Canada
Below are popular banks that support GIC accounts for Indian students:
- CIBC – Competitive interest rates and wide accessibility
- Scotiabank – StartRight Program; widely used
- ICICI Bank Canada – Known for Indian-specific support
- SBI Canada Bank – Trusted brand for Indian families
- HSBC Canada – Strong international banking network
How to Transfer Funds to a GIC Account from India?
- Choose Your Bank: Finalize the Canadian bank where you’ve opened your GIC account (e.g., Scotiabank, ICICI Canada).
- Get Beneficiary Details: Collect the GIC account’s SWIFT code, account number, and bank address.
- Visit Supreme Forex: Connect with us online or at your nearest branch.
- Submit KYC Documents: Provide passport, PAN card, admission letter, and GIC form.
- Book the Transfer: Lock in the best INR to CAD rate and complete payment.
- Track Transfer: Get real-time updates and confirmation within 24–48 hours.
GIC Refund Process – What If Visa Gets Denied?
If your study permit is refused or cancelled, banks allow you to apply for a refund of your GIC amount.
Refund Steps:
- Inform the bank immediately with the refusal letter.
- Submit necessary documents (passport, application number, refund form).
- The bank processes the refund in 4 to 6 weeks.
Required Documents:
- Study permit refusal letter
- GIC certificate
- Original transfer proof
- Valid ID and passport copy
Refunds are generally sent back to the original source account in India.
Why Choose Supreme Forex for Your GIC Payment Needs?
At Supreme Forex, we specialize in international student remittances. Whether you’re sending money for your GIC or managing your forex needs abroad, Supreme Forex offers reliable, secure, and student-friendly services.Our experts help you:
- Best INR to CAD Exchange Rates – Save more on every transfer.
- Zero Hidden Charges – Transparent pricing, no surprises.
- RBI-Authorized – 100% compliant and secure.
- Fast Processing – Quick turnaround and real-time tracking.
- Student-Centric Support – Dedicated assistance for GIC and documentation.
- Trusted by Thousands – Preferred by Indian students for studying in Canada.
- Free Guidance – From bank selection to GIC refund support.
FAQs – GIC Account Canada for Indian Students
Q1: What is the GIC amount in Canada for international students?
As of 2025, students must deposit CAD 22,895, which covers one year of living expenses.
Q2: How does a GIC account work in Canada?
You deposit the full amount pre-arrival. After arrival, you receive CAD 2,000 upfront and the rest in monthly installments.
Q3: How to open a GIC account from India?
Choose a participating Canadian bank, complete the online form, upload documents, and transfer funds via Supreme Forex.
Q4: Can I withdraw a GIC anytime?
No, you cannot withdraw a GIC at any time. Since GICs are fixed-term investments, banks only permit early withdrawals in specific situations, such as when your visa application gets denied.
Q5: What is the GIC amount in Indian rupees?
As of current rates, CAD 22,895 equals approximately ₹14.62 lakhs, depending on currency fluctuations.
Q6: What documents are required for GIC?
- Passport
- PAN card
- Admission letter from Canadian institution
- Study permit (if available)
- ID proof and Indian bank account details
Q7: What is the difference between a GIC and a savings account?
A GIC serves as a fixed investment required for visas and provides guaranteed monthly payments. In contrast, a savings account offers flexible access to funds and remains an optional choice for managing money, making it more versatile.
Final Thoughts – Start Your Canadian Dream with Supreme Forex
Opening a GIC account in Canada is a critical step for international students planning to study under the Student Direct Stream (SDS). With the new GIC amount and tighter financial requirements, partnering with a trusted service like Supreme Forex can save you time, money, and stress.
Get started on your study abroad journey today – open your GIC account with ease and fund it confidently with Supreme Forex!
Also Read –
https://www.supremeforex.com/blogs/study-abroad/part-time-jobs-for-students/
https://www.supremeforex.com/blogs/study-in-canada-the-ultimate-guide-for-indians/
https://www.supremeforex.com/blogs/guide-to-blocked-accounts-for-indian-students-in-germany/
