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.

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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 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.

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 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

GET STARTED

1. Read the Scotiabank Student GIC Program Guide.

The Scotiabank Student GIC Program Guide will help you complete your Scotiabank Student GIC Program Application and answer any questions you may have about the Program.

2. Complete your Scotiabank Student GIC Program Application

Complete the Scotiabank Student GIC Application online ensuring you fill out all required fields.Apply Now

3. We send you a link to register for the Scotiabank Secure email Service

A Scotiabank email from ems@scotiabank.com will be sent to your personal email within a few minutes of your application submission. Follow the instructions to access the Scotiabank Secure Email Service. This service ensures that all communications between Scotiabank and you, including your personal and confidential information is protected.

Important: Register for the secure email service using the same email address you provided on your Scotiabank Student GIC Program Application.

Once you have accessed your secure mailbox, you will see an email confirming that we have received your Scotiabank Student GIC Program Application.

4. We open a Scotiabank Investment Account

We'll process your application right away and send you a secure email with your Scotiabank Investment Account number and wire transfer details. Keep this information. You'll need it to wire funds to Scotiabank from your bank in India.

SEND FUNDS

5.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, and $200 CAD will pay for the program fee).

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

Once Scotiabank receives your wire transfer, we will 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 plan 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

7. 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 Canadian Visa office(s) guidelines for Study Permit application submission dates for each session intake. We accept applications for the Scotiabank Student GIC Program year round and we will issue a confirmation when funds are received, however you must allow for sufficient time meet study permit application deadlines.

SETTLE IN CANADA

8. Open your Scotiabank personal bank account

When you arrive in Canada, visit your choice of over 1,000 Scotiabank branches to open a personal bank account and complete the Scotiabank Student GIC Program process.

9. 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 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.

1. Review the Scotiabank Student GIC Program Guide

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

2. Complete the Scotiabank Student GIC Refund Request

Complete the Scotiabank Student GIC Refund Application online. Start Now

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 re-apply.
  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 bank account in India. For security reasons, funds can only be returned to a bank account in your own name (or jointly with your parents) in India.
  4. We send an email confirmation
    We'll email you confirmation of the transfer through Scotiabank Secure Email Service.
  5. You receive your funds
    The international wire transfer may take 5 (or more) business days to reach your account in India.

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).

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