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If you're a student from India or Philippines, the Scotiabank Student GIC Program can help you plan for your studies in Canada.
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Scotiabank is one of the largest banks in Canada, serving over 23 million customers all over the world. When you bank with Scotiabank, you will have access to over 1,000 branches and more than 3,500 Scotiabank ABMs across Canada, so it's easy to find one near your school or residence.
The Scotiabank StartRight® Program1 for international students doesn’t just help you apply for your Study Permit, it offers so much more including: a banking package that lets you bank with no monthly fees2, an unsecured credit card with free movie rewards3 and a suite of products and services that can help you enjoy your time in Canada. We collaborate with the Canadian government to assist students pursue their studies in Canada.
The Scotiabank Student GIC Program (SSGP) enables you to meet the requirements of the Citizenship and Immigration Canada guidelines and provides access to funds to help pay for living expenses while you’re studying in Canada.
Under this program, 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
- $2,000 CAD plus any accrued interest will be deposited into your personal bank account when you arrive in Canada.
- Each month, for 12 months, you'll receive a portion of the balance 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- You have withdrawn enrolment from the Canadian Educational Institution.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 your home country.
We'll close your account(s), then you can request your refund when you return to your home country.
Follow these 2 simple steps to request your Scotiabank Student GIC Program refund. Once Scotiabank has approved your refund request, it may take up to 4 weeks for you to receive your refund.
If you have additional questions or require support, please call us collect and speak to Scotiabank Student GIC Customer Service at (001) 416-288-4119(001) 416-288-4119. Our representatives in Canada are available to speak with you Monday to Friday, 9:00 a.m. to 9:00 p.m. Eastern Time (excluding Canadian public holidays).
- 1 The Scotiabank StartRight Program, is created for Canadian Permanent residents from 0-3 years in Canada, International Students and Foreign Workers.Read More
- 2 Both the Student Banking Advantage® Plan and the Getting There Savings Program® for Youth offer unlimited transactions and free banking. Eligibility: 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 post-secondary institution each academic year prior to November 30th. When you are no longer enrolled fulltime 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 behavior. Personal identification requirements must be met. The Getting There Savings Program for Youth is available to customers up to a certain maximum age. The Getting There Savings Program for Youth account has no monthly Account fees. All other fees not covered by your banking package will continue to apply, including fees charged by other financial institutions and access fees to use non-Scotiabank banking machines (e.g. Interac††, Visa** or PLUS* fees). When you reach the maximum age for the account, the account will automatically be converted to an account that is suitable for you based on your recent transaction behavior. Please see the Day-to-Day Banking Companion booklet for further details about these services and fees, including the maximum age.
- 3 SCENE VISA cardholders will earn 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.
- ◊Registered trademark of Cineplex Entertainment LP, used under license.