Open GIC Account at CIBC With Zero Service Fee & Earn Exclusive GyanDhan Referral Bonus

    Updated 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…  

    To Open GIC Account at CIBC With Exclusive GyanDhan Bonus

    Fill this form and get in touch with an expert

    How CIBC Student GIC Works?

    With CIBC Student GIC Program, students can transfer 10,000 CAD to 20,000 CAD, Here's an example:

    • After the successful application, you transfer 10,000 CAD with no transaction fees.
    • When you visit a CIBC Banking Center in Canada and activate your account, the bank deposits 2,000 CAD into your account.
    • The bank invests the remaining 8,000 CAD
    • You will get the full amount back with interest in 8 equal payments over a year.

    What is the Annual Interest Rate of CIBC Student GIC?

    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.

    Explore Scholarships to Study Abroad

    What are the Main Features of CIBC Student GIC?

    • No service fees
    • Application done online in about 5 minutes
    • Branches located near most of the popular colleges in Canada
    • No monthly fees up to 4 years

    Why Use GyanDhan’s Referral Code While Applying for CIBC Student GIC? 

    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?



    Other Banks

    Service Fees


    Usually Charge 150-300 CAD as the Service Fee

      Application Time  

    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  

    What are the Documents Required to Apply for CIBC Student GIC?

    Documents that you must keep ready to complete your application include:

    • Your Passport
    • Your Letter of Admission (in pdf/jpg format)
    • The Name of the Campus You Will Be Attending


    Check Your Education Loan Eligibility Apply Here

    You will be able to track the status of your application by logging on to the bank’s online platform.

    What are the Steps To Apply for CIBC Student GIC?

    1. Visit CIBC’s GIC link
    2. Click on ‘Apply’
    3. You will be redirected to the payment page. Here, select the Student GIC Program, the minimum amount you want to deposit, and your payment country i.e. the current country you are currently living in (Foreign exchange rates applied).
    4. Scroll down to the payment options and enter the currency in which you want to transfer your money. Then click on ‘Student Information’. 
    5. You will be redirected to the ‘student information’ page. Fill all the information correctly. You will be given 20 minutes to complete the entire form. First, you will have to fill the student’s details (You will also have to upload your Admission letter in PDF or JPG format).
    6. Scroll down and fill the student contact information details. You will also have to set your password to login to your account in the future. 
    7. Enter passport details
    8. Enter remitting bank’s name (bank account from which you will be transferring the money), bank account number, and PAN number (if available).
    9. Select the boxes and declare your agreement with the terms and conditions.
    10. In the referral section 
      • For referral type, select “Other” from the drop-down list. 
      • Write “Gyandhan” in the Details box 
      • Put “” under Email Address of Referrer box
      • Using that code, you will earn a $25 CAD bonus which will be credited to your bank account with CIBC Canada
    11. You will be redirected to the summary page. Read all the information clearly. Scroll down to the bottom and select the agreement box. Then click on the ‘submit’ button.
    12. Your process is completed. The bank will contact you within 2 business days through your registered email address to provide you the wire payment instructions and your account number.

    Note: You can only make 1 wire payment until you arrive in Canada and activate your account. 

    How Does GyanDhan Help You?

    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!

    First published date: 27 Jul 2020


About author

Rahul Srivastava
A vampire hunter, a renowned archaeologist, and an Oscar-winning filmmaker... Rahul is none of them. He is just a curious soul whose interest in education and finance sectors goes beyond his journalism degree and the monthly salary.

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