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You can open your Canada Student GIC account with no service fee with CIBC. With GyanDhan referral code, you get an exclusive 25 CAD bonus! Read on to know more.
Rahul SrivastavaUpdated on: 12 Sep 2023
If you are aspiring to study in Canada, you must have various key information about the admission process, education loans, accommodation options, etc. In addition to it, you must know about the investment account that can help you get the study permit for Canada- GIC. All overseas students have to deposit their one year’s living expenses into any Canada-based bank in order to qualify for a Canada student visa and GIC is considered the best way to meet the requirement.
GIC stands for Guaranteed Investment Certificate. It is an investment account recommended for international students who want to pursue Canadian study programs that come under the SDS (Student Direct Stream).
Canadian Imperial Bank of Commerce (CIBC) is offering the Student GIC Program in which you can open the GIC account with no service fee. Moreover, you can also earn an exclusive bonus of $25 CAD on using GyanDhan’s referral code. This Student GIC Program includes a student bank account and a GIC investment which will be paid into your student bank account over the period of 12 months once you arrive in Canada.
So when it comes to opening a student GIC account, CIBC Student GIC emerges as a clear winner in comparison to its peers. You can also check the comparison table to know why there’s no other bank that can offer a better deal on the student GIC than CIBC. But first, let’s explore the nitty-gritty of CIBC GIC in detail…
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With CIBC Student GIC Program, students can transfer 10,000 CAD to 20,000 CAD, Here's an example:
Annual Interest Rate of CIBC Student GIC is 0.50% for each of the GIC payments (8 equal payments of 1000 CAD each). Simple interest is calculated and paid at the maturity of account. No interest is earned after maturity.
If you apply to CIBC GIC via GyanDhan, you will earn an exclusive $25 CAD bonus which will be credited to your bank account with CIBC Canada.
How is CIBC Student GIC Better Than GIC Programs of Other Banks?
Usually Charge 150-300 CAD as the Service Fee
Takes around 5 minutes to complete the application online
Long & tedious process of application
Student gets 25 CAD exclusive bonus if they apply using GyanDhan’s referral code
No bonus offered
More than 4,000 ATMs and 1100+ banking centers across Canada. In proximity to all the major colleges
Proximity to college is a widely-faced issue by the students
Documents that you must keep ready to complete your application include:
You will be able to track the status of your application by logging on to the bank’s online platform.
Note: You can only make 1 wire payment until you arrive in Canada and activate your account.
GyanDhan’s team is highly informed about all the financial requirements for study in Canada. When students contact us, they get best-in-class personalized assistance in every step- right from test preparations, admissions, SOP review, education loan, visa interviews, forex, and of course the GIC account! To open your CIBC Student GIC account with an exclusive bonus, get in touch with us now!
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