ICICI Student GIC Program

ICICI Bank Canada is a wholly-owned subsidiary of ICICI Bank Limited which has its headquarters in Mumbai, India. ICICI Bank Limited is a leading private sector bank in India.

Established in December 2003, ICICI Bank Canada is a full-service direct bank and it is a member of the Canada Deposit Insurance Corporation. The Bank offers a wide range of financial solutions to their customers.

Studying in Canada presents many opportunities for international students. If you are an international student considering pursuing your studies in Canada under the Student Direct Stream (SDS), the ICICI Bank Canada Student GIC Program is tailor-made for you.

In order to apply for a study permit under the SDS program, you must purchase a Guaranteed Investment Certificate (“GIC”) in the amount of CAD 10,000 or as specified by Immigration, Refugees & Citizenship Canada (IRCC) for the specific province of arrival. Students applying for a study permit outside of the SDS (e.g. for university programs) may also purchase a GIC to act as proof of funds to cover their living expenses for the first year of their stay in Canada.

With the ICICI Bank Canada Student GIC Program, you will receive a portion of your investment plus interest every month for a 12-month period. The fee to participate in this program is CAD 150, non-refundable.

Benefits of opening Account with ICICI Bank:

GIC Account application is completely online.
Receive the account and funding details instantly.
Quick issuance of GIC Receipt.
Once account is funded, the debit card will be delivered to student’s Indian address within 3 weeks.
Online Activation form through the dedicated App or webpage.
Online KYC or in person verification at over 6000 Canada post locations.
Once activated, GIC account is converted to Chequing account.
ABM access to over 3600 ABM’s in Canada.

Overview of Student GIC Application Process:

Register for our Secure Mail Service.
Complete and submit the Student Account application online.
You will receive your Student Account number immediately on successful submission of the application.
Deposit your funds into your Student Account as per the instructions provided on the account confirmation page. You will also receive a confirmation email in your secure mailbox.
An Investment Balance Confirmation will be sent to your secure mailbox once the funds are credited to your Student Account. You can apply for a Canadian Study Permit with this confirmation.
Upon your arrival in Canada and after successful in-person verification, ICICI will open a personal chequing account for you. ICICI will also transfer the funds to your new chequing account, as well as open a GIC account.