Student GIC Program

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If you are a student from India applying to study in Canada, establish a Guaranteed Investment Certificate to apply for a Study Permit.

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Changes to Scotiabank Student GIC Program Effective May 1 2014

We are pleased to announce that effective May 1, 2014, changes will be made to the Scotiabank Student GIC Program so that we may serve you better. Key changes are as follows:

  • New Product Type: We are replacing the GIC product type from Cashable GIC to Guaranteed Income Optimizer (GIO). You will receive the GIO as your Investment Product if your Investment Account open date is May 1, 2014 or later.
  • Payment Frequency: To ensure easy access to your money, payment frequency will change from every 2 months to monthly.

A Guaranteed Investment Certificate or GIC, is a Canadian investment that offers a guaranteed rate of return over a fixed period of time.

At present, Scotiabank is the only Canadian financial institution that participates in the Student Partners Program (SPP) in India. Through this program, you may choose to purchase a Guaranteed Investment Certificate (GIC) from Scotiabank in the amount of $10,000 CAD.

  • Available exclusively through Scotiabank's participation in the SPP in India.
  • Guaranteed Investment Certificates (GIC) are available in the amount of $10,000 CDN
  • Study permit application requirements (300 kb) may apply.
  • To apply, simply complete the application form and submit it by email or mail.

How it works

When your application is accepted:

  • Scotiabank will open a GIC for a 1 year term and email you the GIC account number within 10 business days, along with other remittance details, which will allow for a wire transfer of funds from India.
  • You can then wire transfer $10,000 CAD (plus $100 CAD to cover administration fees etc.) to open a GIC.
  • Upon arrival in Canada, you'll be required to visit a Scotiabank branch to activate the GIC and open a deposit account. Once the account is opened, an initial amount of $2,000 CAD will be transferred to your deposit account. The remaining amount will be automatically transferred in four (4) equal installments of $2,000 CAD every two months.

If you have already applied for the Scotiabank Student GIC Program, find out how to access your funds or how to request a refund.

Begin application

How to apply

Please refer to the VFS website and the Canadian visa offices guidelines for Study Permit application submission dates applicable to each session intake.

Apply for the Scotiabank Student GIC Program in three easy steps:

  • Step 1

    Read the Application Program Guide in full

  • Step 2

    Download and complete your application

  • Step 3

    Submit your application by email

Be prepared

To ensure your Student GIC Program application is prepared properly and processed in a timely manner, please begin by reviewing:

Complete your application

Download and complete the application form (980 kb).

Submit your application

  1. Scan your completed application along with all other supporting documentation, including:
    1. a valid passport and sign each page (including pages showing place/date of issue, photograph and signature); and
    2. your Letter of Acceptance from a Designated College or University, that is a member institution of the Association of Canadian Community Colleges (ACCC)
  2. Create an email, with the subject line "Scotiabank Student GIC Program", and attach your application and scanned copies of supporting documentation. Send your email to
  3. If mailing your application, please follow the instructions provided on the application form.

Please note that in order for Scotiabank to send customer sensitive information, we will send you a Scotiabank Webmail portal link. For a step-by-step guide to using this webmail link, please refer to the Secure Email Client User Guide (530 kb).

How to access your funds

When you arrive in Canada:

  1. You will need to visit a Scotiabank branch of your choice to open a personal deposit account and to activate the GIC.
  2. At the Scotiabank branch you will be required to provide the original documents outlined in your Student GIC Program Welcome Package. Copies of these documents are NOT ACCEPTABLE.
  3. Initial principal payment of $2,000 CAD will be made within five (5) business days after the Scotiabank personal deposit account is opened.

How to Request a Refund

Full redemption of the outstanding principal of your GIC cannot occur prior to the Maturity Date unless you provide us with proof that:

  1. your Study Permit has been declined; or
  2. your application for admission to a Canadian educational institution has been declined; or
  3. you have withdrawn from enrolment at the Canadian educational institution after your arrival in Canada.

Please note: upon receipt of proof of any of these events and confirmation from the Canadian High Commission, we will redeem the outstanding principal plus, for GICs outstanding for more than thirty days, any accumulated interest.

In order to process your refund, Scotiabank Canada will require the following to be emailed in 1 single PDF file to

  • the 3 pages of your refusal letter or cancelled Study Permit as provided by the Canadian High Commission;
  • the original TT Receipt;
  • and the completed Refund Wire Transfer Form (1.1 mb)

Note: the subject line of your email should state: Refund Request – IP number, passport number and date of birth.

Please see the Application Guide (70 kb) for further details regarding refund requests or postponing your GIC.