Last Updated On: 17 March 2026

• From September 1, 2025, the minimum GIC amount for students in all Canadian provinces and territories (except Quebec) is 22,895 CAD as per the official information from Immigration, Refugees and Citizenship Canada (IRCC).
• For Quebec, if you apply as of January 1, 2026, the minimum amount required to cover essential expenses for one year for 1 person is 24,617 CAD – Government of Quebec.

Please Note: Although the new GIC amount is 22,895 CAD as per IRCC, some colleges and universities are still requesting the old 20,635 CAD as proof of funds for GIC or sometimes even less. The amount depends on your educational institution and also your ability to prove financial capacity during your study permit process.

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Canada is a popular study abroad destination among Indian students. 

The main reason for this being the easy immigration process to Canada, a friendly native population and government.

That being said, if you are a student aspiring to study in Canada, then you should be knowing everything about GIC Account. Especially what it is and how to send money to it from India.

So buckle up and get ready to know all that there is to know about GIC account in Canada.

What is a GIC account in Canada for International students?

GIC stands for Guaranteed Investment Certificate.

A GIC account is essentially an investment account offered by Canadian banks.

There are different types of GIC products, but in this context we are referring specifically to Student GIC accounts used by international students going to Canada for higher studies.

In this account, students deposit a fixed amount of money before travelling to Canada. This amount acts as proof of funds (living expenses) required during the study permit process.

As per the official information from Immigration, Refugees and Citizenship Canada (IRCC), the minimum proof-of-funds amount for one student is 22,895 CAD (excluding tuition and travel costs) for all provinces and territories except Quebec, effective September 1, 2025.

For Quebec, students applying from January 1, 2026 must show 24,617 CAD to cover one year of essential expenses.

However, some colleges and universities may still request the earlier GIC amount of 20,635 CAD or a slightly different amount, depending on their internal requirements and the student’s overall financial documentation.

The deposited amount is held in the student’s GIC account and is released after the student arrives in Canada. Depending on the bank’s program, students may receive a portion of the funds upfront and the remaining amount in monthly instalments, or in some cases access the full amount after completing arrival formalities, along with the applicable interest.

Previously, opening a GIC account was mandatory for Indian students applying through the Student Direct Stream (SDS). However, the Canadian government discontinued the SDS program on November 8, 2024.

Today, students apply through the regular study permit stream, where a GIC is not mandatory but remains one of the most widely accepted and commonly used ways to demonstrate financial capacity during the visa process.

Checkout Canadian Dollar rate in India Today

How To Open a GIC Account?

Opening a GIC Account is a pretty simple process.

1. The first step is to choose the bank where you would like to have your Guaranteed Investment Certificate (GIC) Account. For deciding this you need to consider if the bank you choose has a wide network of branches and ATMs in Canada, especially in the region where you are going to stay.
   
   Open GIC Account in Canadian Banks via ExTravelMoney. Compare and select the best bank.
   
2. Most banks have an online process to Register a GIC account. Use that to complete and submit the application online. Your documents such as Passport Copy and/or Proof of Enrollment (if available) etc would be required.
   
3. You’ll receive your Account Number and the payment instructions by email. Transfer the funds via “Wire Transfer” to the GIC Account.
   
4. An Investment Balance Confirmation will be sent to you via email once funds are credited to your GIC Account. Using this document, you can apply for a Canadian Study Permit.
   
5. Finally, once you land in Canada, you must visit your bank branch where you hold GIC account for in-person verification. With this step, your GIC account would be activated.

Documents required for opening a GIC Account;

1. Passport Copy (first and last page) 
2. Copy of acceptance letter from Canadian University/College

How Does a GIC Account work?

Here is a simple explanation of how a student GIC account works, using an example deposit amount of 22,895 CAD (the minimum proof-of-funds requirement set by IRCC for most provinces except Quebec).

Step 1: Open a GIC account and transfer the required funds

A student planning to study in Canada opens a Student GIC account with a participating Canadian bank such as Scotiabank, CIBC, BMO, ICICI Bank Canada or SBI Canada Bank.

The student then transfers the investment amount plus the bank’s program fee.

Typical transfer amounts may look like:

• Investment amount: 20,635 CAD – 22,895 CAD (depending on institution requirements)
• Program / processing fee: 150 CAD – 200 CAD (varies by bank)

For example:

• Investment: 22,895 CAD
• Program fee: ~200 CAD
• Total transfer: ~23,095 CAD

Once the funds are received, the bank issues a GIC Investment Certificate or confirmation letter, which can be used as proof of funds during the study permit application.

Some banks, like the ICICI Bank Canada, provide students with the option to withdraw the GIC funds fully upfront on arriving Canada. Students also have the option to withdraw the funds fully after the maturity period and maintain it as an investment by adding more amounts into the account.

Step 2: Arrive in Canada and activate the account

After arriving in Canada, the student must verify their identity with the bank. This may require:

• Visiting a bank branch, or
• Completing the bank’s online arrival verification process

Once the identity verification is completed, the GIC account becomes active, and the student gains access to their Canadian bank account.

Step 3: Receive an initial deposit for immediate expenses

After account activation, most banks transfer an initial portion of the GIC amount to the student’s Canadian bank account to help with initial living expenses.

Typical initial deposits vary by bank, for example:

• Scotiabank: about 4,127 CAD + interest
• SBI Canada Bank: about 4,895 CAD
• BMO: about 6,895 CAD + interest
• CIBC: roughly 2,000 CAD – 12,000 CAD depending on the program option

This money can be used by the student for rent, food, transportation and other initial expenses.

Step 4: Receive monthly payments for the remaining amount

The remaining balance in the GIC account is then released in monthly instalments over approximately 10–12 months, along with the applicable interest.

Typical monthly payments range between:

• 1,300 CAD – 1,600 CAD per month, depending on the bank and payout structure.

For example:

• Scotiabank: about 1,376 CAD per month for 12 months
• SBI Canada Bank: about 1,500 CAD per month for 12 months
• BMO: about 1,600 CAD per month for 10 months

By the end of the payout period, the student would have received the entire deposited amount (22,895 CAD or the invested amount) along with interest.

Some banks, such as ICICI Bank Canada, also offer flexible options where students may withdraw a larger portion or the full GIC amount upfront after arriving in Canada, depending on the selected program.

How to send money to a GIC account in Canada from India?

There are two ways to do this;

1. Through your bank – Approach your bank in India where you hold a savings bank account. Place a request for “Money Transfer” to GIC Account abroad. Submit KYC document copies. Initiate fund transfer. But the exchange rate you have to pay is non-negotiable and fixed by your bank.
   
   Hint: Usually it’s way more than the rate you see in Google.
   
2. Through ExTravelMoney – We have tie-ups with both banks and RBI-licenced money changers. Compare exchange rates near you and choose the best rate. 100% of the time, you can find a better rate in our online portal. We have the same process as above but online.
   
   Check us out!
   
   Send Money To GIC Account In Canada From India – ExTravelMoney
   
   We facilitate money transfer to Canada from India for other purposes too.

GIC Account Opening Letter Sample

The GIC account opening letter contains the instructions from the bank to the student.

The list of instructions covers various points such as who can fund the GIC account, the minimum and maximum amount that can be sent, and what to expect after sending the funds, etc.

Here is a sample below from CIBC Bank;

Frequently Asked Questions – GIC Account

1. When is the best time to open a GIC Account for studying in Canada?

After giving your IELTS exam, and applying for admission to a Canadian University/College and receiving Confirmation of Enrollment.

Before applying for a Canadian Study Permit.

The in-between time period is the best time to apply for a GIC Account in Canada.

2. Can ExTravelMoney transfer money to GIC account in Canada from India?

Yes, ExTravelMoney can transfer money from Indian bank account to GIC account in Canada.

We regularly facilitate such transactions for Indian students going to study abroad in Canada and are well versed with GIC Account transfers.

3. Is it possible to initiate the first transfer to a GIC/blocked account through ExTravelMoney?

When you receive an account opening letter for a GIC/blocked account there will be a clause given.

If it’s mentioned that the first transfer should be directly from the student’s account or that parents or 3rd party transfers are not allowed to transfer, then the transfer should happen from the student’s bank itself (even in such cases, we’d be able to help most of the times).

However, after the first transaction, we would be able to make a transfer to a GIC/Blocked account.

This varies according to the rules provided by the bank where you are having your GIC/blocked account.

4. What are the different banks for Indian students which offer GIC Account in Canada?

1. Bank of Montreal – GIC
2. TD Bank – GIC
3. Scotiabank – GIC
4. SBI Canada Bank – GIC
5. ICICI Bank Canada – GIC
6. Royal Bank of Canada – GIC

But before you choose a bank to open your GIC account with, check if they have ample branches in Canada, particularly where you are going. 

After going to Canada, you’ll have to do verification from a bank branch closest to you. So make sure to choose a bank with plenty of branches and ample coverage across Canada.

5. Can we open a GIC Account in Canada from India itself?

Technically, we can’t open a GIC account in Canada from India.

Why?

Because GIC account is opened only after doing in-person verification at the bank in Canada.

But what you can do is apply for a GIC account in Canada from India.
The process can be done online or offline at Indian banks which have branches in Canada ( SBI, ICICI Bank)

6. Can we start a GIC Account in Canada online?

Yes, many banks provide the provision of applying for a GIC Account online.

Check out the links provided in question number 4 of the FAQ.

7. What are the minimum and maximum amount of money we can put in a GIC Account?

The Canadian government does not technically set a minimum or maximum investment limit for opening a GIC account itself. However, students must meet the minimum proof-of-funds requirement for living expenses when applying for a study permit.

As per Immigration, Refugees and Citizenship Canada (IRCC), the minimum proof-of-funds amount for one student is 22,895 CAD (excluding tuition and travel costs) for all provinces and territories except Quebec, effective September 1, 2025.

For Quebec, students applying from January 1, 2026 must show 24,617 CAD to cover one year of living expenses.

However, in practice, the required GIC investment amount may depend on:

• The educational institution
• The bank offering the GIC program
• The student’s overall financial documentation

Some colleges and universities may still request the earlier GIC amount of 20,635 CAD, or allow students to show funds through a combination of GIC and other financial documents.

Most banks offer GIC investment ranges such as:

• 20,635 CAD – 50,000 CAD (for example CIBC)
• 22,895 CAD – 75,000 CAD (for example BMO)
• 22,895 CAD – 30,000 CAD (for example ICICI Bank Canada)

Banks typically charge a program or processing fee between 150 CAD and 200 CAD for setting up the student GIC account.

Students can invest more than the minimum required amount if they want higher monthly payouts or additional financial support during their stay in Canada.

8. How can we withdraw funds from a GIC Account?

Students can access their GIC funds after arriving in Canada and completing identity verification with the bank where the GIC account was opened.

Once the account is activated, the bank credits an initial portion of the funds to the student’s Canadian bank account. This initial payout usually ranges between 4,000 CAD and 7,000 CAD, depending on the bank and the program.

The remaining balance is released in monthly instalments, typically around 1,300 CAD to 1,600 CAD per month for about 10–12 months, along with the applicable interest.

Students can withdraw or use this money through their Canadian bank account using a debit card, ATM withdrawals, or online banking.

Some banks, such as ICICI Bank Canada, may also offer options where students can withdraw a larger portion or even the full GIC amount upfront after arriving in Canada, depending on the program selected.

9. What happens to the funds in my GIC Account if my Canadian Study Permit application is rejected?

Your Canadian Study Permit could get rejected for any number of reasons. It is unfortunate but sometimes it happens.

Whatever the reason, in such a circumstance, you can request a refund of the funds in your GIC account.

All of you have to do is prove any one of the following;

Your Canadian Study Permit/Visa has been cancelled or rejected.
The Canadian University/College that you applied to is no longer inviting you to study there.
You are not a student anymore at the Canadian University/College because you have withdrawn your application.

Get in touch with your GIC bank for the refund. It may take up to 4 weeks to get back the funds.

10. Can a third-party in India transfer or deposit funds into my GIC Account?

Yes, third party transfers to GIC accounts are possible from India. However, for a 3rd party to deposit funds into the GIC Account, prior authorization from the student must be submitted to the Bank.

Have any doubts?
Feel free to address in the comments below and we’ll get back to you as soon as possible!

Also Read: A-Z Guide To Indian Students For Canadian University Admissions

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