Study in Canada: GIC For Canada Amount to be Revised in 2019
The monetary fund requirements of a country is one of the many important aspects one should check before applying for a University abroad. Normally, the visa process requires the proof of monetary funds for the students, as a confirmation that they can sustain themselves for the duration of their program. Similarly, the SDS program to Study in Canada asks for a GIC Certificate and account in a canadian Bank with a definite amount of funds. However, There are news going on about the increase in the amount of the GIC for Canada over the internet.
GIC for Canada 2019:
GIC Full Form: Guaranteed Investment Certificate
Under SDS program in Canada, student are required to purchase a GIC of CAD 10000 for a successful application in study permit. SDS is a faster way for students in India, Philippines, Vietnam and China to speed up their study permit application in Canada. Students need to purchase the GIC for Canada certificate from the banks to start their SDS application for Canada. Students need to deposit amount of 10000 CAD in Canadian banks such as Scotia Bank and ICICI. Students can withdraw 2000 CAD when they arrive in Canada, and the remaining 8000 CAD after 12 months of beginning of program for 12 months. (approx 667 for 12 months). Students will also receive the interest on the amount they deposit.
Also Read: List of SDS Colleges in Canada for 2019
Scotia and ICICI GIC Canada: Amount Revised to CAD 20,000
As per the sources, the Scotia Bank and ICICI have revised their amount for GIC for the SDS program, and the revised amount will be CAD 20000 compared to the previous amount of CAD 10000 for GIC for Canada. The new amount is to be paid by the students who will be applying for the student permit in Canada under the SDS program from 1st of April, 2019. However, there are no official announcements made by the major banks like Scotia and ICICI GIC Canada, or the IRCC (Immigration, Refugees and Citizenships Canada) as of now. We will keep you updated as soon as an update is available. As far as current applicants are concerned, amount of GIC for Canada will be 10000 CAD till the April 1st.
Is GIC Compulsory for Canada?
Technically speaking, GIC is not compulsory for Canada. Only if you are applying for Study Permit in Canada under SDS program, GIC for Canada is mandatory. However, under the non-SDS study permit application to study in Canada, you are required to have a proof of monetary funds around CAD 10000 or education loan for the same amount for the first year of your program. In short, the fund of CAD 10000 is required any which way. Under the SDS student visa program for Canada, GIC is compulsory, and it is supposed to be increased to CAD 20000 from 1st April, 2019.
GIC Certificate Time: After you transfer money to a Canadian Bank, it takes minimum of five (5) working days, up to 2 weeks for the GIC certificate to be generated. The Processing time and the certificate generation time can be different for the banks, therefore students are advised to check the GIC certificate time with the bank before applying.