GIC , Canada.

Countries: CanadaCategory: Student
Time: 1 week
Fees: $10,000 CAD

A Guaranteed Investment Certificate (GIC) is a Canadian investment that offers a guaranteed rate of return over a fixed period of time, most commonly issued by trust companies or banks. Due to its low risk profile, the return is generally less than other investments such as stocks, bonds, or mutual funds.

What is a GIC bank account?
A Guaranteed Investment Certificate (GIC) is a secure investment that guarantees 100% of the original amount that you invested. Your investment earns interest, at either a fixed or a variable rate, or based on a pre-determined formula.
What is a certificate of investment?
An investment certificate is an investment product offered by an investmentcompany or brokerage firm designed to offer a competitive yield to an investor with the added safety of their principal.
What is the full form of GIC?
The General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed to control and operate the business of general insurance in India.
Firstly visit this link http://www.scotiabank.com/startright/en/files/12/10/application-form-india-student-gic.pdf
and download the pdf file
fill out the pdf file and do a print out of the file
now sign the the printed file with space to sign it
now also do a photocopy of your passport both first and last page
sign both of these pages
now scan all the documents and create a single pdf containing following documents

– copy of passport
– copy of acceptance letter ( your offer letter)
– completed and signed copy of your scotia bank application form given in the above link

now send this pdf to newaccount  @  scotiabank.com
clearly mentioning the subject as ( Scotiabank Student GIC Program )

after sending this email you will recieve an auto reply

after 6 to 10 working days you will recieve your personal ip number which is a 8 digit no
this address will be used as an account no to send money

now you can do wire transfer through any bank (any bank means any bank)

there are rumours that you can only purchase gic from kotak bank but its definately not true
kotak bank is an associate of scotia bank they help people whose bank doesnt give option to wire transfer money nothing else

after 6 to 10 working days you will recieve your gic certificate in email
which will be used in your application file
you will also recieve welcome kit with that email which will be used later

after when you have applied for visa
and you recieved visa and now you are in canada
you need to visit your nearst scotia bank
submiting following things

-passport
-letter of acceptance or colledge id card
-welcome package recieved via email

then the bank will open a deposit account and $2000 will be transfered to you account
and the rest will be transferred as $2000 instalment after every two months

if unfortunately visa is rejected or student is unable to go to canada then
the student should submit supporting documents given by the canadian ambassy to the bank to apply for refund
the bank will than charge $50 and amount will be transferred to your bank account from which it was paid

i hope this answers most of the questions
if still you have any questions please feel free to ask
any please correct me friends if i m wrong about something

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