Student’s Guide to SBI Canada Guaranteed Investment Certificate (GIC)

    Updated on: 11 Oct 2023 11 min read


    Want to study in Canada? Other than knowing all the information about the college admission process, education loans, visa process, etc., you should also know about the financial compliances compulsory to fulfill before going to study in Canada.

    Here, we are discussing one such mandatory financial compliance- the Student Guaranteed Investment Certificate (GIC). 

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    Frequently Asked Questions 

    What are the risks of GIC?

    The most significant risk associated with GICs is the possibility of capital erosion or the possibility that your GIC's interest rate would lag behind the current rate of inflation.

    Why is GIC rejected?

    A GIC is most commonly rejected if the applicant is unable to provide a source(s) of funds (CAD 10,000+processing fees), such as from parents, guardians, scholarships, self-earned through a job, or send funds from a source, such as money exchange, that the Bank has made clear is not an acceptable source.

    Can I withdraw money from GIC?

    If you have a redeemable GIC, you can cash it in before maturity if certain conditions are met.

    How does a five-year GIC work?

    When you purchase a GIC, you are committing to lend money to a bank or financial institution for a set number of months or up to five years. Your money will earn interest in exchange. The longer the duration, the higher the interest rate. You will receive the amount you deposited plus interest at the end of the period.

    Is GIC compulsory for a Canadian student visa? 

    Yes, GIC is now required in order to obtain a student visa to study in Canada. They normally do not examine applications that do not include a GIC because a GIC is a savings account that provides fixed returns to all eligible candidates over a certain length of time.



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Written by Brinda Khurana


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Reviewed by Aman Jain

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.


Specializes in:
Education loan , Study Abroad Admissions


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