To open a GIC account in Canada, Indian students need to follow a simple four-step process. Firstly, they must choose an authorized bank and register for an email account. Secondly, they submit their GIC program application online, providing necessary documents such as a copy of their passport and the admission letter. Thirdly, a minimum deposit of CAD 20,865 is required, along with a processing fee. Finally, upon completion, students receive an Investment Balance Confirmation and a Certificate of Investment.
Opening a GIC account is crucial for Indian students applying for a student visa in Canada, particularly under the SPP Visa category. It serves as a support mechanism, assuring the Canadian government that the student has enough cash to cover their housing expenditures for at least one year. Furthermore, having a GIC account speeds up the visa application process because it meets the financial requirements without requiring additional financial documentation.
GICs serve as a safe investment option because they are backed by the Canadian government, providing investors with some amount of security. The guaranteed return and the insurance provided by the government make GICs a reliable choice for individuals seeking stability and risk mitigation.
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