SBI GIC Program: Do you want to study in Canada? Here is some good news for you from the State Bank of India (SBI).”Tell us about your education plans to study in Canada and we will financially back you. The Student GIC Program offered by SBI Canada Bank comes with many benefits,” SBI said in a tweet.
What is GIC
GIC stands for “Guaranteed Investment Certificate” which is a short term liquid investment usually for up to a year offered by Canadian Banks. As per the Citizen Immigration Canada (CIC) requirements under Student Partner Program (SPP) Visa, the students applying under SPP Visa Category for studies in Canadian Colleges are required to invest CAD 10,000 in the form of GIC with Canadian Banks.
What is SBI Student GIC (Guaranteed Investment Certificate) Program?
SBI Canada Bank has introduced the Student GIC Program which will benefit the students migrating from India to Canada. Features of the product are as under
- GICs are available both in Canadian Dollar (CAD) and US Dollar (USD).
- Interest in the GICs has compounded annually and paid out at the end of the term.
- If the GIC is for a term of less than one year, a simple rate of interest calculated on the entire term of the investment shall be paid.
- An amount of $2,000.00 (CAD) plus accrued interest will be credited to the student’s high interest-bearing Super Saver Account at the time of his/her first in-person branch visit.
The residual amount of $ 8,000.00 (CAD) will be invested in a Non-redeemable GIC account of a one-year term. An equated monthly installment (EMI of principal +interest) will be paid from this Non-redeemable GIC account and credited to the student’s super saver account each month for 12 continuous months. The service charges for this program are CAD 100.00 and it is not refundable. For further details please visit studentgic.sbicanada.com/ or write to us on firstname.lastname@example.org. You can also visit your nearest SBI NRI / NRI-Intensive branch to know more. Please click here for a list of branches.
How much does it cost?
The service charges to set up this account are:
• CAD100, if the funds are sent through SBI.
• CAD150, if the funds are sent from a bank other than the SBI.