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. When you bank with Scotiabank, you will have access to over 1,000 branches and nearly 4,000 Scotiabank ABMs across Canada, so it's easy to find one near your school or residence. And with the Scotiabank StartRight® Program1 for international students we can do so much more than just help you apply for your Study Permit; from a banking package that lets you bank with no monthly fees2 to an unsecured credit card that offers free movie rewards3, we have the products and services you need to enjoy your time in Canada. We work with the Canadian High Commission, India to help students like you pursue their studies in Canada. Currently we're the only top five 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 an 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- You have withdrawn enrolment from the Canadian Educational Institution.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).
- 1 The Scotiabank StartRight Program, created for Canadian Landed Immigrants from 0-3 years in Canada, International Students and Foreign Workers. The Scotiabank StartRight Mortgage Program, created for Canadian Landed Immigrants and Foreign Workers from 0-5 years in Canada. Read More
- 2 Qualifying students are full-time students enrolled at a Canadian university, community college, CEGEP or other recognized post-secondary institution. To take advantage of the Student Banking Advantage Plan account benefits, you will need to provide your branch with proof that you are enrolled full-time at a qualifying postsecondary institution each academic year prior to November 30.th When you are no longer enrolled full-time or you have not presented proof of enrolment, the plan will be removed and the account will automatically be converted to an account that is suitable to you based on your recent transaction behaviour. Personal identification requirements must be met.
- 3 SCENE VISA cardholders will receive points for purchases made with their SCENE VISA card. SCENE VISA cards must be connected to a SCENE membership in order to earn points. SCENE Points can only be redeemed at participating Cineplex Entertainment? theatres or scene.ca. Points are not awarded for cash advances, credit vouchers, returns, interest charges or service/transactions charges, balance transfers and Scotia® Credit Card Cheques. Some conditions and limitations apply. Visit www.scotiabank.com/scenevisa for complete details.