Student GIC Program
Pursue your studies in Canada
If you’re a student from India, the Scotiabank Student GIC Program can help you plan for your studies in Canada.
Scotiabank is one of the largest banks in Canada, serving over 21 million customers all over the world. We work with the Canadian High Commission, India to help students like you pursue their studies in Canada. Currently we’re the only Canadian financial institution that participates in the Student Partners Program (SPP) in India.
Under the Scotiabank Student GIC Program (SSGP), you can purchase a Guaranteed Investment Certificate (GIC) from Scotiabank for $10,000 Canadian dollars (CAD). A GIC is a Canadian investment account that offers a guaranteed interest rate over a fixed period of time.
- Each month, for 12 months, you’ll receive a portion of your investment back, plus interest.
- You can use these funds to help pay for living expenses while you’re studying in Canada.
- After 12 months, you’ll have received your $10,000 CAD investment back.
- The fee for this program is $200 CAD.
How the process works
APPLY FOR YOUR STUDY PERMIT
SETTLE IN CANADA
If your Visa or Study Permit is declined or cancelled
If your Visa or Study Permit is declined or cancelled, Scotiabank will return your $10,000 CAD investment or the remaining balance if you have already received a portion of the funds. You will need to prove that:
- Your Visa and/or Study Permit has been declined or cancelled.
- Your application for admission to a Canadian Educational Institution has been declined.
- You have withdrawn enrolment from the Canadian Educational Institution.
If you withdraw from your studies in Canada, tell your Scotiabank branch that you’re returning to India.
We’ll close your account(s), then you can request your refund when you return to India.
Follow these 3 simple steps to request your Scotiabank Student GIC Program refund. Once Scotiabank has approved your refund request, it may take up to 8 weeks for you to receive your refund.
If you have additional questions or require support, please contact Scotiabank Student GIC Customer Service toll-free at 000 800 100 8747. Our representatives in Canada are available to speak with you Monday to Friday, 9:00 a.m. to 8:00 p.m. Eastern Time (excluding Canadian public holidays).