Withdraw Your Full GIC After Landing in Canada with ICICI Bank
Great news for students applying for a Canada study visa! If you’re making your Guaranteed Investment Certificate (GIC) deposit with ICICI Bank, you can now withdraw your full GIC immediately after landing in Canada.
Previously, when you deposited a GIC of approximately $21,000, a portion of it (at least $12,000) remained blocked for one year, and you could only withdraw up to $9,000 after arriving in Canada. However, ICICI Bank has just introduced a major update: now you can
This is a fantastic development for all students applying for a study visa and using ICICI Bank for their GIC. With this new update, students can access their full GIC immediately upon arrival, offering them more financial flexibility. You can even choose to send the funds back if you wish.
In this blog, I will walk you through all the important details about ICICI Bank’s GIC program and how this update can help you with your Canada study visa application. Be sure to read until the end for all the essential information!
1.1 Why GIC?
The Guaranteed Investment Certificate (GIC) is a financial requirement for many international students applying for a Canada study visa. Even though the SDS (Student Direct Stream) category no longer exists, depositing a GIC remains crucial for improving your chances of visa approval. While it is still possible to apply for a study visa without a GIC, not submitting one can significantly reduce your chances of success, especially if you are from a country where GIC was previously required.
1.1.1 GIC: A Confidence Booster for Visa Officers
If you are from a country that was once eligible for the SDS category, it is highly recommended that you deposit a GIC to boost your chances of obtaining a study visa. When you deposit a GIC of approximately CAD 21,000 (to be precise, CAD 20,635) into a Canadian bank account, it demonstrates that you have sufficient funds to support your stay in Canada. This reassures the visa officer that you are financially prepared for your studies. Even though the SDS category is no longer available, submitting a GIC still helps create a strong, positive impression for your visa application.
1.1.2 Applying as "SDS" Despite the Changes
Although the SDS category is no longer in existence, you should still apply with the mindset of the old SDS process. To improve your visa chances, it’s recommended that you:
- Pay your first-year tuition fees.
- Deposit a GIC of CAD 21,000 (CAD 20,635).
- Complete your medical exam.
- Have your final letter of acceptance (LOA).
- Submit your IELTS, PTE, or TOEFL scores.
These documents, while not mandatory under the current non-SDS category, greatly improve your visa application and reduce the risk of refusal. Without them, your chances of a successful application may be lower, so it’s best to include them if possible.
1.1.3 GIC: An Important Step for Non-SDS Applicants
For applicants under the non-SDS category, there are no mandatory requirements such as paying tuition fees or submitting a GIC, but these actions still play an essential role in your application. The GIC is particularly important as it ensures that you have the financial means to support yourself while in Canada. Even though the SDS category no longer exists, depositing a GIC remains a vital part of your application and will help improve your visa chances.
1.2 GIC with ICICI Bank
ICICI Bank offers a great opportunity for students by allowing them to manage their GIC funds in a more flexible way. With ICICI Bank, you can deposit your GIC and withdraw the full amount immediately upon landing in Canada, eliminating the previous condition of having to keep a portion of the funds blocked for one year. This gives you the freedom to use your GIC funds for tuition fees, living expenses, or even send the money back to your home country if needed.
You can choose to withdraw the full GIC amount immediately, or over a period of six, nine, or twelve months. The key point is that there is no longer a requirement to retain these funds for a full year, providing you with more flexibility and control over your finances
1.2.1 GIC Amounts for Spouse Open Work Permit Applicants
If you’re applying for a spouse open work permit, the GIC amount you need to deposit may vary depending on your family situation. Here are the different GIC amounts:
- CAD 26,000 if you are applying without children.
- CAD 32,000 if you have one child.
- CAD 39,000 if you have two children.
Once you land in Canada, you can withdraw the entire amount and use it as you see fit. Whether you decide to spend it on living expenses, tuition, or send it back home, you have the flexibility to do so.
Depositing a GIC remains a vital step in securing your Canada study visa application, even without the SDS category. With the new flexibility offered by ICICI Bank, you can manage your GIC funds better and have access to them immediately upon arrival in Canada. By depositing your GIC and meeting the other necessary requirements, you can improve your chances of a successful visa application and have greater financial freedom once you reach Canada. Don’t overlook the importance of the GIC in your visa application process!
1.2.2 Why GIC with ICICI Bank?
The recent update from ICICI Bank regarding the GIC program is a significant development for students applying for a Canada study visa. This new update offers an excellent opportunity to improve your visa chances while providing you with the added benefit of not having your money locked in Canada. Unlike the previous policy, which required students to keep a portion of their GIC funds blocked for one year, ICICI Bank now allows you to access the entire GIC amount immediately upon landing in Canada. This flexibility not only makes managing your finances easier but also gives you more control over your funds, offering great advantages to students.
Opting for the GIC program with ICICI Bank provides numerous advantages that help streamline your financial management as you settle in Canada. Here are the key benefits:
- Full Refund After Landing in Canada
Once you arrive in Canada, you can access the full GIC amount within one month. After landing, simply activate your RBC Bank account to transfer and withdraw the entire amount. - Cashback upon Account Activation
After activating your RBC account, you can receive cashback ranging from $100 to $400, depending on current offers. This cashback will be deposited directly into your RBC account. - Seamless Online GIC Application
ICICI Bank allows you to apply for the GIC program online, making it convenient to open your account and manage your funds. We can assist you with the entire process to ensure it’s done smoothly. - No Account Fees for Students
RBC offers fee-free accounts for students. Once your account is activated, you won’t be required to pay any account maintenance fees, making it a cost-effective option. - Flexible Funding Options
Funds for the GIC can be deposited by various individuals, including parents, spouses, or siblings. There are no restrictions on who can contribute, providing flexibility in managing your GIC. - Option to Keep Funds in a Blocked Account
If you prefer not to withdraw the full amount immediately, you can choose to keep your funds in a blocked account for 6, 9, or 12 months. During this time, you will receive automatic instalments, which can help with budgeting. - Easy Access to Funds with RBC
RBC has many branches across Canada, so once your account is activated, you can access your funds from anywhere, providing convenience and peace of mind.
1.3 Why Choose ICICI Bank for Your GIC?
When it comes to selecting a bank for your Guaranteed Investment Certificate (GIC) in Canada, ICICI Bank offers several unique advantages:
- Higher Credit Card Limit
ICICI Bank provides a credit card with a limit ranging from $1,000 to $2,000, which is a significant benefit compared to other banks that typically offer only up to $1,000. This gives you more flexibility and purchasing power upon arriving in Canada. - Fast GIC Certificate Issuance
ICICI Bank issues your GIC certificate quickly, usually within just 2 days. The entire process is efficient and can be completed 24/7, providing you with a smooth experience when preparing for your journey to Canada. - Local Support and Availability
ICICI Bank is a well-established, reliable, and secure option for international students. As a trusted bank, it offers prompt and dependable services, including GIC processing and customer support, making it a great choice for your financial needs. - Exclusive Full Refund Option
Unlike other banks, ICICI Bank allows you to withdraw your full GIC amount immediately after arriving in Canada. This option is not available with other major banks like CIBC or Scotiabank, making ICICI Bank a standout choice for students looking for flexibility. - IRCC-Approved
ICICI Bank’s GIC program is approved by the IRCC (Immigration, Refugees, and Citizenship Canada), ensuring that your GIC deposit will meet all the necessary requirements for your study visa application. - Secure and Reliable Banking Services
ICICI Bank offers secure and reliable banking services, giving you peace of mind that your funds are well-managed and protected.
1.3.1 Why Avoid Scotiabank and CIBC
While other banks like CIBC and Scotiabank are options for GICs, there are notable drawbacks:
- Scotiabank: It is strongly recommended to avoid doing your GIC with Scotiabank. Many users have reported poor experiences with their services for GIC, making it the least favourable option.
- CIBC: Though CIBC is a well-known bank in Canada, it does not offer the same full refund option after arriving in Canada. If you’re seeking flexibility with your funds, ICICI Bank is the better choice.
1.4 Hello Canada Account with ICICI Bank
The Hello Canada Account is an excellent option for individuals who are not applying for a study permit but need to show funds in Canada for various applications, such as Canada PR, spouse visa, or other immigration purposes. It provides a convenient way to transfer and store your funds in Canada, making it easier to meet the financial requirements of your application.
1.4.1 Benefits of the Hello Canada Account:
- Perfect for Non-Students
While the GIC is specifically designed for students, the Hello Canada Account is available to anyone who needs to show funds in Canada but is not a student. This makes it ideal for individuals applying for Canada PR, spouse visas, or other immigration-related applications. - Flexible Deposit Amount
There are no minimum or maximum deposit limits with the Hello Canada Account. You can deposit as little as $100 or as much as $100,000—it’s entirely up to you. This flexibility makes it suitable for individuals with varying financial needs. - $100 Bonus After Account Activation
Once you activate your Hello Canada Account after landing in Canada, you will receive a $100 bonus. This is an added incentive for using this account to manage your funds while applying for Canadian immigration programs. - Access Your Funds After Landing in Canada
Just like a GIC, the Hello Canada Account lets you access your entire balance once you arrive in Canada. Whether you want to withdraw the funds or use them to pay for living expenses or application fees, you have complete control over your money. - No Monthly Fees for Checking Account
One of the major benefits of the Hello Canada Account is that there are no monthly fees for the checking account for the first year. This can save you anywhere from $10 to $20 per month, which adds up to significant savings over time. Most other banks charge a monthly fee, especially for non-students, so this is a great advantage. - Free Money Transfers and Bill Payments
The Hello Canada Account offers free money transfers using Interac e-Transfer, as well as free cheque books and bill payments. These features are incredibly useful for managing your finances and making payments while you’re in Canada. - Easy Online Application Process
Everything related to the Hello Canada Account can be done online. From opening the account to transferring funds, the entire process is simple and efficient. Once your account is activated, you will have access to your funds without any hassle. - Show Your Funds for Various Applications
This account is an excellent way to show your funds for immigration applications. If you need to prove that you have sufficient funds but your money is new in your home country (e.g., India), transferring it to Canada through the Hello Canada Account allows you to meet the financial requirements of your application. - Withdraw Funds from Anywhere
You can withdraw the entire amount after landing in Canada, or if you need to access your funds before reaching Canada, you can withdraw them from your home country as well. This makes it a highly flexible option for managing your finances remotely.
The Hello Canada Account offers many advantages for those applying for Canadian immigration programs. Whether you’re a prospective immigrant or applying for a spouse visa, this account provides a convenient and cost-effective way to manage your funds. With no monthly fees for the first year, free transfers, and easy access to your money, it’s a great tool to help you meet the financial requirements of your application.
1.5 Eligible Countries for GIC and Hello Canada Account
ICICI Bank offers GIC and Hello Canada Account services to individuals from a wide range of countries. If you’re planning to apply for a Canadian study visa, PR, or other immigration programs, you can easily open a GIC or Hello Canada account from the following eligible countries:
- India (ICICI Bank’s home country)
- Bahrain
- China
- Germany
- Hong Kong
- Philippines
- Singapore
- UAE
- UK
- USA
- Vietnam
- Nepal
ICICI Bank operates in all these countries, allowing you to complete the GIC process or open a
for fund transfer and immigration purposes. Whether you’re applying for a study permit or other Canadian immigration programs, you can access these services from these eligible countries.
1.6 Apply Through Globexa for Canada Study Visa
If you want to apply for your Canada Study Visa or need help with PGWP or SOWP, feel free to reach out to us for any assistance.
