ICICI Bank Canada launches student GIC programme

ICICI Bank Canada, a subsidiary of ICICI Bank, today said it has been authorised by Canadian High Commission to accept GIC (Guaranteed Investment Certificate) for students aspiring to study in Canada.
As per the requirement, students applying for a study permit under the Student Partner Programme (SPP), are required to invest in a GIC of 10,000 Canadian dollar with a bank in Canada authorised to offer this facility, ICICI Bank said in a statement.
Canadian High Commission recently authorised the bank to accept GIC.
This programme enables students from India to fulfill the prerequisite of purchasing a GIC by transferring funds from any bank account held by them in India to their ICICI Bank Canada account, ICICI Bank said in a statement.

As per the terms of the programme, the amount of 10,000 Canadian dollar is paid back to the student while he/she is studying in Canada in 12 equal installments along with the interest amount, it said.
The processing fee for applying to this programme is 150 Canadian dollar, it added.