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.

Overview

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

GET STARTED

1. Register for Scotiabank Secure Email Service

You must sign up for the Scotiabank Secure Email Service. This is:

  • The only way you can submit your Scotiabank Student GIC Program Application.
  • The way we ensure that your personal information is protected and confidential during online communications with Scotiabank.

When you register for Scotiabank Secure Email Service, use the same email address that you will provide on your Scotiabank Student GIC Program Application.
Register now

2. You complete and submit the Scotiabank Student GIC Program Application

You’ll receive a link to the application and instructions through the Scotiabank Secure Email Service.

  1. Read the Scotiabank Student GIC Program Guide. The information will help you correctly fill out your Student GIC Program Application.
  2. Download and complete the Student GIC Program Application (PDF format).
  3. Submit your Scotiabank Student GIC Program Application. Simply use your Scotiabank Secure Email Service mailbox and “Reply” to the secure email you received from us.

3. We open a Scotiabank Investment Account

We’ll process your application within 5 business days and email your Scotiabank Investment Account number to you. Keep this information. You’ll need it to wire funds to Scotiabank from your bank in India.

SEND FUNDS

4. You transfer funds to Scotiabank

You must wire transfer $10,200 CAD from your bank in India to Scotiabank in Canada ($10,000 CAD will be deposited into your Scotiabank Investment Account. $200 CAD will pay for the program fee.).

5. We email you a confirmation when funds are in your Scotiabank Investment account.

Once Scotiabank receives your wire transfer, it will take approximately 5 business days for us to move the funds to your Scotiabank Investment account and send you an email with an “Investment Directions Confirmation”.

International wire transfers may take 5 days (or more) to reach Scotiabank, so please account for the full time required.

Print a copy of the Investment Directions Confirmation for your records, as emails sent through the Scotiabank Secure Email Service will be automatically deleted after 180 calendar days.

APPLY FOR YOUR STUDY PERMIT

6. You apply for your Study Permit

Submit your completed Study Permit application and your Investment Directions Confirmation to the Canadian High Commission, India.

Please refer to the VFS website and the Canadian Visa office guidelines for Study Permit application submission dates for each session intake.

SETTLE IN CANADA

7. Open your Scotiabank personal bank account

When you arrive in Canada, visit any Scotiabank branch to open a personal bank account and complete the Scotiabank Student GIC Program process.

8. We will deposit funds into your new personal bank account

Your Scotiabank branch will transfer funds from your Scotiabank Investment Account as follows:

  • $2,000 CAD plus any accrued interest will be deposited into your personal bank account, and
  • $8,000 CAD will be deposited into a 1-year fixed term GIC. Your GIC amount and interest will be automatically deposited into your personal bank account in 12 monthly payments.


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:

  1. Your Visa and/or Study Permit has been declined or cancelled.

    OR
  2. Your application for admission to a Canadian Educational Institution has been declined.

    OR
  3. 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.

1. Review the Scotiabank Student GIC Program Guide

The Scotiabank Student GIC Program Guide will help you properly complete your GIC Refund Request. If you do not complete the request form correctly your refund will be delayed.

2. Complete the Scotiabank Student GIC Refund Request

Download the Scotiabank Student GIC Refund Request form. Please be sure to fully complete and sign your request.

3. Submit the Refund Request through Scotiabank Secure Email Service

  • Sign into the Scotiabank Secure Email Service and “Reply” to the last secure message you received.
  • If you don’t have an email in your Scotiabank Secure Email Service, you must re-register.
  • Ensure your subject line is Scotiabank Student GIC Program – Your Full Name (Given/First and Surname/Last) – PASSPORT # – Refund Request
  • Email a single PDF file that includes all the required documents.

View the complete refund process

The refund process

  1. We review your application
    If information is incomplete or incorrect we will return your refund request with an explanation. You will need to correct the problem and submit your refund request again.
  2. We seek confirmation
    Once your refund request is approved, we’ll contact the Canadian High Commission, India. We’ll confirm with them that your Study Permit or Visa has been declined or cancelled.
  3. We wire funds to your bank in India
    We’ll wire your funds back to your original bank account in India. For security reasons, funds can only be returned to the account that they originally came from.
  4. We send an email confirmation
    We’ll email you confirmation of the transfer through Scotiabank Secure Email Service.
  5. You receive your funds in 5-8 business days
    The international wire transfer may take up to 5-8 business days to reach your account in India.

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).