Guaranteed Investment Certificate or GIC is issued by Canadian bank or trusted companies that provide low risk fix rate of return, For International Student GIC (Canada) is issued as the living expenses required in Canada which is $10,000 CAD. On the recent note GIC Canada may hike to $20,000 CAD from 1st of April 2019.
The rule will be applicable for which bank?
Both the bank ICICI and Scotia Bank that issues GIC certificate for Canada will implement this rule If from 1st of April 2019 If in case confirmed by CIC. The confirmation of hike in GIC is not yet confirmed. For now both the bank charges $10,000 +$200(approx.) CAD for the GIC Canada Certificate. The amount that may be charged will be $20,000 +$ 200 (approx.) CAD.
When will this Rule be implemented?
As per the information the GIC Canada new rule might be implemented from 1st of April 2019 and it might be applicable for both May and September intakes and will be same for further intakes too.
Will it be applicable to present students Applying Visa 2019?
If you are applying your GIC before 1st of April 2019 for any intakes, your GIC amount will be $10.000+ $200(approx.) CAD but If your GIC amount has to be deposited after 1st April 2019 it will cost you $20,000+$200(approx.)CAD to be eligible for the student visa and receive GIC certificate.( If in case CIC confirms the hike )
Why GIC is needed for International Student?
GIC (Canada) is a condition put forward by the Canadian government before any International Student apply for Visa. GIC guarantees that student has sufficient funds for survival during his study period. In absence of GIC certificate maximum of time Visa is not issued by the concerned embassy and student has to face Visa rejection.
Who provides guarantee for GIC?
Canada Deposit Insurance Corporation (CDIC) provides guarantee for GIC Canada. CDIC was formed in 1967 by the Canadian parliament. There major task was to help with deposit insurance to the depositors in Canadian commercial banks.
How much Safe is GIC amount?
GIC amount is taken under consideration by reputed organization or bank. They are verified by the Canadian government. There is no doubt that GIC is secured and safe. For India to Canada GIC is issued by either ICICI bank or Scotiabank and both the bank are operating since decades in the financial sector which make them trust worthy.
How much is minimum and maximum amount of GIC for Canada?
The minimum amount for GIC till 31st March 2019 is $10,000 CAD and after 1st of April it may increase to $20,000 CAD. The maximum amount for GIC is $50,000 and somewhere reaches to $100,000 CAD.
Note: CIC has made no announcement for changes in GIC amount from $10K CAD to $20K CAD SO DON’T PANIC and APPLY NOW for upcoming intakes.