Get Complete information about Scotiabank GIC Applying. Check the details about Application progress, Funding, GIC Program & Student Application progress.
The Scotiabank GIC program assists international students to meet the study permit requirements of Citizenship and Immigration Canada by showing proof of funds and also provides them access to money to bear the living expenses while pursuing higher education in Canada.
The Canadian Government has introduced the Student Partnership Program (SPP) to promote Canadian education and also to streamline admission and visa processes for students from India and China. To apply for the SPP program, students must have a Guaranteed Investment Certificate (GIC) of $10,000 or as specified by Immigration, Refugees & Citizenship Canada (IRCC) for the respective province. Scotiabank GIC and ICICI Bank GIC are some of the popular GIC programs for Indian students willing to pursue studies in Canada.
The Bank of Nova Scotia also called Scotiabank is one of the largest banks in Canada serving more than 23 million customers worldwide. It is one of the only two banks in Canada participating in SPP. The StartRight Program offered by Scotiabank assists international students to apply for a Canadian study permit and also offers them a banking package with no monthly fees and an unsecured credit card with added perks.
Table of Contents
- What is a Scotiabank Student GIC Program?
- Scotiabank GIC Application Process
- Scotiabank GIC Funding
- Scotiabank GIC Account Activation
- Documents Required for Scotiabank GIC Refund
What is a Scotiabank Student GIC Program?
The Scotiabank Student GIC Program helps international students to plan for their education by helping them with their study permit approval and living expenses. A Scotia GIC is an investment account for international students that offers a guaranteed interest rate over a fixed period of time. The details about the Nova Scotia GIC Program are given below:
- International students can invest anywhere between $10,000- $50,000 in the Scotiabank GIC account
- An amount of $10,200 should be transferred to Scotiabank through Wire Transfer. $200 will go towards payment of the program fee and the remaining $10,000 is deposited into the Scotiabank Investment Account
- Around $2,000 plus any interest will be deposited into the student’s Scotiabank GIC account when he/ she arrives in Canada
- The students can avail of a portion of their investment back each month for up to 12 months that comes up to approximately $667 per month
- At the end of 12 months, the student will have received $10,000 back plus any interest.
Scotiabank GIC Application Process
With the Scotia GIC program, students can purchase a GIC worth $10,000 from Scotiabank. International students can avail of $2,000 along with accrued interest at the time of arrival in Canada. The detailed application process for the Nova Scotia bank GIC is given below:
- The first step is to submit the Scotia GIC application online. The applicant should read through the Scotiabank Student GIC Program Guide and complete the online application.
- The students should then register for the Scotiabank Secure Email Service using the registration link provided by [email protected]
- The application is processed instantly and a Scotiabank Investment Account is opened
- The students are provided with a secure email that consists of the Scotiabank Investment Account number and wire transfer details.
- International students should send a wire transfer of $10,200 to Scotiabank from any financial institution in their home country. $10,000 goes to the Scotiabank Investment Account and $200 if the Nova Scotia GIC program fee.
- The students receive a confirmation mail from Investment Directions when funds are successfully transferred to the Scotiabank Investment Account
- Students can proceed to apply for a study permit by submitting this Investment Directions Confirmation and the completed Study Permit application to the Canadian visa authorities in the home country
- Once the student arrives in Canada, he/ she can visit one of the 1,000+ Scotiabank branches to open a bank account and complete the Nova Scotia GIC Program process.
Scotiabank GIC Funding
International students can transfer funds to the new investment account by using the Scotiabank Investment Account number and wire transfer details. An international wire transfer generally takes around 5 business days to reach the Scotiabank student account. The details about the funding of the Nova Scotia GIC account are listed below:
- International applicants need to remit $10,200 to Scotiabank for their Scotiabank Investment Account. This includes an administrative fee of $200.
- The amount should be transferred to Scotiabank from the applicants’ own bank account in the home country. The funds transferred from third-party accounts will be rejected. This is one of the main reasons for the rejection of the Scotiabank Student GIC Program.
- Once the fund transfer is successful, the applicant receives a confirmation mail namely “Investment Directions Confirmation” that can be used a proof while applying for a student visa for Canada.
Scotiabank GIC Account Activation
International students are required to visit any branch of Scotiabank after arriving in to Canada for activating their Scotiabank GIC account. The steps for activating the Nova Scotia bank GIC account are as follows:
- Once the international student arrives in Canada, he/ she needs to make an appointment to visit any branch of Scotiabank to activate their account
- The student should open a personal bank account using certain identification documents such as Investment Directions confirmation, valid foreign passport, Letter of Enrolment from a Canadian DLI (or a student ID card), Study Permit, and Welcome Letter.
- An initial deposit of $2,000 plus any accrued interest is credited to the applicants’ personal account from their Scotia Investment Account.
- The remaining $8,000 is offered to the students as fixed monthly payments in the Student Banking Advantage Plan account.
- In the case of the students’ study permit application being rejected, the entire amount of $10,000 is refunded back to the student by Scotiabank.
- The student needs to prove that his/ her study permit/ visa is declined and they are no longer invited to pursue studies at the Canadian DLI.
- The refund is processed even if the student has withdrawn admission to the Canadian educational institution due to various reasons
- In the case that the student decides to discontinue studies in Canada and move back to their home country, Scotiabank closes all accounts in the students’ name and initiates the refund process.
- It takes approximately 4 weeks for the students to receive the refund amount once the refund is approved.
Documents Required for Scotiabank GIC Refund
Students can apply for a Scotiabank GIC refund at any time for any valid reason. The student should fill and submit the online application to request for refund on the official website of Scotiabank. A set of documents need to be submitted depending on which the refund process is initiated. Find below some of the documents needed for the Scotiabank GIC refund process:
- Reasons for requesting a refund
- Scotiabank Investment Account number
- Wire return bank account details (if applicable)
- Original case number
The officials at Scotiabank will then move to verification of the study permit/ visa rejection reasons with the Canadian Visa Authorities in the applicants’ home country. The refunding process is initiated once the authorities are convinced about the reasons. Once the funds are refunded back to the applicant’s bank account, he/ she will receive a confirmation mail on their secure mail that includes the ICN (Internal Control Number) that can be used to check the status of the wire transfer to the bank account in the home country, if needed.