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 will not hike to $20,000 CAD.
What amount will be applicable to students Applying Visa 2019?
If you are applying your GIC for April 2019 intakes, your GIC amount will be $10.000+ $200(approx.) CAD.
Will it remain $10,000 for future?
As per the current information the GIC is not changing. No further information is available.
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.
From where can I get GIC certificate?
Scotiabank and ICICI bank are the most popular banks among students for GIC certificate.
How much is minimum and maximum amount of GIC for Canada?
The minimum amount for GIC $10,000 CAD and The maximum amount up to $100,000 CAD.