GIC
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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
A GIC is a secure investment option (similar to a fixed or term deposit) that guarantees the full amount of your original investment as well as the interest over a pre determined and fixed timeframe
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.
