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

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

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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.

GyanDhan
Rahul Srivastava
Updated on:  11 Mar 2024  | Reviewed By: 
Aman 
| 25.8K | 5  min read

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

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How CIBC Student GIC Works?

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

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

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What are the Main Features of CIBC Student GIC?

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

Service Fees

Nil

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

Bonus

Student gets 25 CAD exclusive bonus if they apply using GyanDhan’s referral code

No bonus offered

Proximity

  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  

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

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

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

 

Check Your Education Loan Eligibility

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

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What are the Steps To Apply for CIBC Student GIC?

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

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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!

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