ICICI Bank Canada, a subsidiary of ICICI Bank, announced the launch of Student GIC (Guaranteed Investment Certificate) program for students aspiring to study in Canada.
As per the requirement, students applying for a study permit under the Student Partner Program (SPP), are required to invest in a GIC of C$ 10,000 with a bank in Canada authorised to offer this facility.
ICICI Bank Canada is the first Indian bank to be authorised by Canadian High Commission to accept GIC from Indian students.
This program enables students from India to fulfill the prerequisite of purchasing a GIC by transferring funds from any bank account held by them in India to their ICICI Bank Canada account. Students can do this while they are in India.
As per the terms of the program, the amount of C$10,000 is paid back to the student while he/she is studying in Canada in 12 equal installments along with the interest amount. The processing fee for applying to this program is C$ 150.
Mr. Vijay Chandok, President, ICICI Bank, said "At ICICI Bank, we work towards addressing customer needs to make their lives simpler.
Canada is one of the fastest growing destinations for students from India. The Student GIC Program will help the student fulfill their dream of studying in Canada and also help their parents facilitate their overseas banking needs in an easy and convenient manner.
Students and their parents in India have a strong connect with ICICI Bank and we look forward to servicing the needs of the students while they study in Canada."