ICICI Bank is a multinational bank and financial services company in India & also the second largest bank in India in terms of assets and third in term of market capitalization. The bank has subsidiaries in the United Kingdom and Canada with branches in 9 countries and representative offices in 5 countries. The company’s Canada subsidiary recently launched Student Guaranteed Investment Certificate program for students planning to study in Canada.
With the announcement of this program, ICICI Bank becomes the first Indian bank to offer the program to Indian students aspiring to study in Canada. Before Canadian High Commission authorized ICICI Bank Canada to accept GIC, Indian students planning to study in Canada were required to apply for a study permit under the Student Partner Programme (SPP). For this they were supposed to invest in a GIC of 10,000 Canadian dollar with a bank in Canada authorized to offer this facility.
Talking in actual terms, ICICI Bank Canada is the participating bank in the Student Partners Program (SPP) in India. With the ICICI Bank Canada Student GIC Program, student can open an investment account in Canada from India and invest in a Guaranteed Investment Certificate (GIC) in Canada.
A GIC is a Canadian investment instrument and is very much similar to a ‘fixed deposit’ in India that offers a guaranteed interest rate over a fixed period of time. Aspiring students who have confirmed admission to a Canadian educational institution are only eligible to apply for the ICICI Bank Canada Student GIC Program. Candidates will also be paid interest over and above the amount as per the latest interest rates for Student Investment Account and GIC under the Student GIC Program.
Now with Guaranteed Investment Certificate program, the life of students from India has been made hassle free, as they will be able to fulfill the prerequisite of purchasing a GIC by transferring funds from any bank account held by them in India to their ICICI Bank Canada account.
There is no specific date to apply for the ICICI Bank Canada Student GIC Program. Candidates are free to apply at any time during the year and deposit funds into their investment account. While applying candidates have to upload few documents namely : Complete and signed copy of the ICICI Bank Canada Student GIC Program application, copy of passport pages (photograph page and the last page) and copy of acceptance/offer letter from a Canadian educational institution.
Further students from India that have study permits and are coming to Canada for their Masters degree program, are eligible for students loan whereas students enrolled in undergraduate programs are not eligible.
The investment done by students is secure as ICICI Bank Canada is a member of the Canada Deposit Insurance Corporation (CDIC). Only deposits held in Canadian currency, with a term of five years or less and payable in Canada, are insurable under the Canada Deposit Insurance Corporation Act.