ICICI GIC: Application Process, Account Activation, Refund Process and GIC Programs

The ICICI GIC Program is currently available to students who are citizens of India, China, the Philippines, Vietnam, Morocco, and Senegal. International students planning to pursue studies in Canada under the Student Direct Stream (SDS) can make use of this program to purchase a Guaranteed Investment Certificate (GIC) of $10,000 or as specified by Immigration, Refugees & Citizenship Canada (IRCC) for the specific province of arrival.

Students applying for a study permit under the SDS program require a GIC to be able to study in Canada. Students applying for a study permit outside of the SDS program can also purchase a GIC that acts a a proof of funds to cover their living expenses for the first year of their stay in Canada.

A Guaranteed Investment Certificate is a secure investment option for international students that guarantees the full amount of the original investment as well as the interest over a pre-determined and fixed timeframe. With the ICICI GIC Program, students can receive a portion of their investment plus interest every month for a 12-month period. Students will have to bear the cost of applying for the ICICI Bank Canada Student GIC Program that is $150 and non-refundable.

ICICI Bank GIC Program for International Students

ICICI Bank Canada is the subsidiary of ICICI Bank Limited which is the second largest bank in India. Students from India planning to study in Canada under SPP can apply for a GIC account at ICICI Bank Canada. As a part of the ICICI Bank Student GIC Program, students will receive a portion of their investment along with interest for the next 12 months while they are in Canada. Other key features of the ICICI Bank GIC program are given below:

• The participation fee of the ICICI GIC program is $150 and it is non-refundable
• $2,000 along with the accrued interest is deposited into the students’ personal account at the time of arrival in Canada
• The student will receive parts of the total deposited amount in addition to the interest every month for the next 12 months
• Students can use this amount to bear the living expenses in Canada
• At the end of 12 months, the student will have received the total deposited amount back
• Students are initially required to deposit $10,175 in their Student Investment Account via wire transfer. The entire amount should be deposited to the Investment account in a single transaction
• $10,000 accounts to the principal amount to be transferred by the student to their ICICI Bank Canada GIC Account as specified by IRCC
• $150 is the non-refundable participating fee to be paid by the student
• The remaining balance of $25 is to cover any bank charges (if applicable)
• An international wire transfer may take up to 5 working days or more to reach ICICI Bank Canada
• The ICICI GIC refund is initiated if the Canadian study permit is rejected or declined because of any reason. Students are required to prove that they are no longer pursuing studies in Canadian educational institutions or have withdrawn their admission.

ICICI GIC Canada Application Process

The first step towards applying for the ICICI GIC program is to register for the program on the official website of ICICI Bank Canada. The detailed ICICI GIC Canada application process is shown below:

• The student should first register for the Secure Mail Service by ICICI Bank
• He/ she should complete and submit the Student Account application online
• On successful submission of the application, the applicant receives the Student Account number
• The student should deposit the required amount into their Student Account by following the instructions provided on the account confirmation page after which he/ she will receive a confirmation email in their secure mailbox
• Once the funds are credited to the Student Account, a Investment Balance Confirmation is sent to the secure mailbox
• Using this confirmation, the student can apply for a Canadian Study Permit
• Upon arrival to Canada and successful in-person verification, a personal chequing account is opened for the student. All funds are then transferred to the new chequing account and a GIC account is also opened
• In the case of the Student Visa/Permit request declined or cancelled, or if the student withdraws from his/ her studies after arriving in Canada, a refund request can be initiated. The students can get a full refund of $10,000 or the remaining balance in their Student Account

Documents Required to Apply for the ICICI GIC Program

Students must provide the following documents in order to apply for the ICICI GIC Program.

• Copy of passport pages
• The passport page that contains your photo, birth date, passport number, birthday, and other personal information
•  The page of your passport that contains other information, such as your parents' or guardians' names and addresses.
• Your current address must be shown on your passport
• Proof of enrollment from a Canadian educational institution.

Funds to be Deposited

You must deposit a minimum amount of CAD 10,175 into your student account through a wire transfer following the breakdown below:

• CAD 10,000 CAD: This amount must be deposited into your student account
• CAD 150: For account processing fee, which is non-refundable
• CAD 25: Any other applicable bank charges are covered by this amount

Be sure to send all funds from your bank account at once - do not make multiple deposits into your student account before coming to Canada. Once your funds have been received, the ICICI bank (Canada) will send you an Investment Balance Confirmation through their secure mailbox. It is recommended that you keep a copy of the same for your records. 

ICICI Bank GIC Account Activation

ICICI Bank Canada has an customized app called the ‘ICICI Bank Canada SPP’ app that helps in the easy activation of the ICICI Student GIC account. International students can proceed with the activation either through the mobile app or online. The steps to be followed for activation of the ICICI Bank GIC account are as follows:

• Students should first download the aforementioned mobile app that is available in Android version only
• On arrival to Canada, the student should fill the activation form online or through the mobile app by uploading the scanned copies of all the required identification documents
• The applicant should then visit any ICICI Bank Canada branch to complete in-person verification
• On successful completion of the verification process, the bank will open a personal chequing account for the applicant
• An amount of $2,000 along with any accrued interest is then transferred from the Student Investment Account to the Personal Chequing Account
• The remaining amount of $8,000 is invested in a 1-year fixed-term GIC
• ICICI Bank Canada then deposits parts of the total principal amount along with interest to the personal chequing account in 12 equal monthly installments.

ICICI GIC Refund Process

The Canadian study permit may get rejected due to various reasons. A student may also decide to not pursue studies in the Canadian university/ college. In such a case, the entire amount of $10,000 or any remaining balance (if a portion of the fund is already received) is refunded back to the student by ICICI Bank Canada under the Guaranteed Investment Certificates (GICs) - Refund Policy. It may take up to 6 weeks for the students to receive the refund once the refund is approved. The detailed ICICI GIC refund process is explained below:

• Firstly, the student should fill and submit an application for the refund. The application form can be downloaded from Secure Email or from the link given on the website
• The applicant should then submit the completed application form along with all the necessary supporting documents using ICICI Bank Canada Secure Email Service
• If the refund request is incomplete or incorrect, ICICI Bank Canada rejects the application and provides the feedback. The student needs to make the necessary changes and submit the application again
• One the refund request is approved, ICICI Bank Canada will confirm that the reason stated is correct and the applicant’s study permit is no longer valid
• Once all the formalities are completed, the funds are wired back to the student’s bank account and a confirmation is mailed to the student using ICICI Bank Canada Secure Email Service
• Funds are expected to be transferred back to students in about 6 weeks.