Introduction: Why Indian Students Need a GIC for Canada
For Indian students dreaming of studying in Canada, the Guaranteed Investment Certificate (GIC) is more than just a financial product—it’s a mandatory requirement under the Student Direct Stream (SDS) visa process. The Government of Canada requires proof that international students have sufficient funds to cover their living expenses while studying, and the GIC serves as that assurance.
As of 2025, the minimum GIC amount required is CAD 20,635, a sum that gets partially returned to you in monthly instalments once you land in Canada. While the concept may seem complex at first, opening a GIC is a simple but crucial step in ensuring visa approval and preparing for life as a student in a new country.
In this guide, we’ll walk you through what a GIC account is, why it matters, how to open one, which banks to consider, and how Finnest can help you navigate every step of the process confidently and correctly.
What is a GIC Account?
A GIC (Guaranteed Investment Certificate) is a secure investment account offered by select Canadian financial institutions, primarily designed to hold the mandatory living expenses of international students applying through the Student Direct Stream (SDS).
When you open a GIC account, you deposit a fixed amount of money (CAD 20,635 as of 2025), which gets locked in and earns minimal interest. Once you arrive in Canada, this amount is released to you in monthly instalments (after an initial lump sum payout), ensuring that you have a steady stream of funds to support yourself while studying.
Key Features of a GIC Account:
- Meets Canadian visa requirements under SDS.
- Funds are safe and non-volatile, as they’re held in a regulated financial instrument.
- Provides monthly disbursements to help manage living costs.
- Available only through IRCC-approved banks like Scotiabank, ICICI Bank Canada, CIBC, and SBI Canada.
GICs are not just a visa formality—they provide you with financial stability in your first year in Canada and are a trusted signal to immigration officers that you are well-prepared for your academic journey.
How Much Money Do You Need in a GIC?
As of 2025, the minimum amount required in a GIC account for Indian students applying to study in Canada under the Student Direct Stream (SDS) is CAD 20,635. This requirement is set by Immigration, Refugees and Citizenship Canada (IRCC) to demonstrate that you have adequate funds to support your living expenses for one year in Canada.
Breakdown of the GIC Amount:
- Total deposit: CAD 20,635
- Initial disbursement on arrival: ~CAD 2,000 (varies by bank)
- Remaining amount: Paid monthly over 10–12 months
This structure ensures that international students have a consistent cash flow for essentials like rent, food, transportation, and utilities—without needing to rely entirely on part-time jobs or emergency funds.
Keep in mind that this GIC does not cover tuition fees—those must be paid separately and upfront to your chosen institution.
Step-by-Step Process to Open a GIC Account
Opening a GIC account is a straightforward process, but it requires attention to detail to meet both banking and visa requirements. Here’s a step-by-step guide tailored for Indian students:
1. Choose an IRCC-Approved Bank
Popular options include:
- Scotiabank
- ICICI Bank Canada
- SBI Canada Bank
- CIBC
Make sure the bank is authorized to provide GICs for SDS applications.
2. Submit an Online Application
Visit the selected bank’s website and fill out the GIC application form. You’ll need to provide:
- Passport copy
- Letter of admission from a Canadian institution
- Student ID (if available)
3. Receive the GIC Account Details
Once your application is reviewed, the bank will send you:
- GIC account number
- Wire transfer instructions
- Beneficiary details
4. Transfer Funds from India
Transfer CAD 20,635 (or the required amount) from your Indian bank account to the GIC account. Be sure to:
- Use your own (or parent’s) account
- Include reference/beneficiary details correctly
- Retain the SWIFT transfer receipt
5. Get the GIC Certificate
After funds are received, the bank issues a GIC Investment Confirmation/Certificate, which must be included in your SDS visa application.
6. Activate After Arrival in Canada
Visit the bank in person with your passport and study permit. The bank will:
- Verify your identity
- Release an initial lump sum (~CAD 2,000)
- Set up monthly disbursements
Top GIC-Eligible Banks for Indian Students
Choosing the right bank for your GIC account is crucial—it affects how quickly your funds are processed, how much you’re charged, and how flexible your account will be. Below is a comparison of the most popular IRCC-approved banks for GICs:
| Bank | Processing Time (India → Canada) | Account Setup Fee | Monthly Disbursement | Key Features |
| Scotiabank | ~7–10 business days | CAD 50 | CAD 2,000 initially + monthly balance | Free money transfers once in Canada |
| ICICI Bank Canada | ~5–7 business days | CAD 65 | CAD 2,000 initially + instalments | Indian bank tie-ups, fast processing |
| SBI Canada Bank | ~10–12 business days | CAD 60 | CAD 2,000 initially + instalments | Good support for NRIs and Indian account transfers |
| CIBC | ~5–8 business days | CAD 75 | CAD 2,000 initially + instalments | Strong online banking and student support |
Which bank should you choose?
- Fastest transfers: Choose ICICI or CIBC if you’re on a tight timeline.
- Lowest fees: Scotiabank is best if you prefer minimal setup costs.
- NRI-friendly: SBI Canada is tailored for Indian-origin students with Indian linkages.
What Happens After You Land in Canada?
Once you arrive in Canada, your GIC account becomes active—but there are a few important steps you must follow to access your funds:
1. Visit the Bank in Person
You’ll need to visit your chosen bank’s local branch with:
- Your passport
- Your study permit
- A copy of your GIC certificate or confirmation
2. Identity Verification
The bank will verify your identity and cross-check the documents submitted during your application process.
3. Account Activation
Upon successful verification, the bank:
- Releases your initial lump sum (usually around CAD 2,000)
- Schedules the remaining funds to be disbursed monthly into your student account over 10–12 months
4. Set Up a Local Account (if not already done)
Most banks will require or assist you in opening a Canadian chequing/savings account to manage your monthly GIC payouts and personal finances.
5. Use the Funds Wisely
These monthly payments are meant to cover your living expenses, such as rent, groceries, transportation, and utilities. Budget accordingly to avoid overspending.
Activating and managing your GIC properly ensures financial stability during your initial months in Canada and is a key part of your successful transition to international student life.
What If My Visa Gets Rejected?
Navigating the GIC process for the Canada student visa can feel overwhelming—especially with tight deadlines, document requirements, and financial formalities. At Finnest, we simplify the entire journey for Indian students with expert-backed, end-to-end support.
1. Personalized Guidance on GIC Banks
We help you compare and choose the right IRCC-approved bank for your specific needs—whether you’re focused on speed, cost, or convenience.
2. Document and Transfer Assistance
From understanding the GIC application to generating accurate remittance instructions, our team ensures:
- Minimal documentation errors
- Secure and timely fund transfers from your Indian account
- Proper SWIFT/transaction receipts for embassy submissions
3. Real-Time Updates
We provide status updates throughout your GIC process—right from application submission to fund confirmation—ensuring peace of mind.
4. Visa-Ready GIC Certificate Support
We ensure you receive your GIC Investment Confirmation in time for your Student Direct Stream (SDS) application and guide you on how to include it in your visa file.
5. Post-Arrival Help
Finnest continues to support you after landing—whether it’s help with activating your GIC, setting up your Canadian bank account, or budgeting your initial expenses.
With Finnest, your focus stays on preparing for your education—not on financial logistics.
How Finnest Helps with GIC and Visa Fund Planning
Ready to Secure Your GIC and Begin Your Study Abroad Journey?
At Finnest, we don’t just help you fund your dream—we help you simplify every step of it. Whether you need support opening a GIC, comparing loan options, or meeting student visa financial requirements, our expert team is here to guide you from India to Canada—seamlessly and confidently.
Start your GIC process with Finnest today.
- Trusted by thousands of Indian students
- Fast, transparent, and IRCC-compliant process
- Full financial support—from document prep to visa filing
Talk to a Finnest advisor now and take the first step toward your Canadian education.
FAQs
1. Is a GIC mandatory for a Canada student visa?
Yes, if you’re applying through the Student Direct Stream (SDS), a GIC is a mandatory requirement. It serves as proof that you have sufficient funds to cover your living expenses for the first year in Canada.
2. How much money should I deposit in my GIC account for 2025?
For 2025, Indian students are typically required to deposit CAD 20,635 into their GIC account to meet IRCC’s updated minimum financial requirement for cost of living.
3. Which banks are approved for opening a GIC account?
IRCC-approved banks include:
- Scotiabank
- ICICI Bank Canada
- CIBC
- SBI Canada Bank
Ensure you choose a bank that participates in the GIC program for SDS applicants.
4. How long does it take to open a GIC account from India?
Most banks process GIC applications and confirm fund transfers within 5 to 10 business days, depending on the bank and accuracy of your documents.
5. Can Finnest help if I face issues with my GIC process?
Absolutely. Finnest offers full support—from selecting a bank and transferring funds, to troubleshooting delays and ensuring your GIC certificate is visa-ready.
