Canada has become one of the most popular destinations for international students and for good reason. Quality education, multicultural cities, and excellent post-graduation opportunities make it a top choice for Indian and global students. One of the key requirements to study in Canada is proving you have enough funds to cover your living expenses. This is where a GIC Account (Guaranteed Investment Certificate) comes into play.

In this guide, we’ll walk you through everything you need to know about opening a GIC account in Canada - eligibility, requirements, best banks to choose from, and helpful tips for a smooth process.

📌 What is a GIC (Guaranteed Investment Certificate)?

A GIC (Guaranteed Investment Certificate) is a special savings account that international students must open to demonstrate funds for living costs in Canada while studying. When you apply for a Canadian study permit, you’re required to show proof that you have enough money to support yourself — and the GIC helps satisfy that requirement.

With a GIC:

• Your funds are guaranteed and secure.

• You receive a fixed rate of interest.

• A portion of the money is released to you throughout the year for living expenses.

📋 Current GIC Requirements for International Students

Before you open a GIC account, you should be familiar with the most up-to-date requirements. Although policies can change, these are the standard criteria international students need to meet:

✔ 1. Proof of Funds

You must show that you have sufficient funds to cover:

• Tuition fees

• Living expenses

• Return transportation (if required)

✔ 2. Minimum GIC Amount

Most financial institutions require you to invest a minimum amount in the GIC. The general guideline is:

• CAD $10,000 minimum — this amount is considered enough to cover your first year living costs.

✔ 3. Valid Passport

You must provide a valid passport to open the account.

✔ 4. Study Permit or Letter of Acceptance

Some banks allow you to open the GIC before you receive your study permit, while others require it. The safest approach is to have at least your Letter of Acceptance from a Canadian institution.

✔ 5. Bank Verification Letter

Once your GIC is opened and funded, the bank will issue a Bank Verification Letter which you must include with your study permit application.

🏦 Top 5 Best Banks to Open a GIC Account in Canada

Here’s a curated list of banks that are popular, reliable, and student-friendly for opening a GIC account. These are ideal for Indian or international students planning to study in Canada.

1️⃣ BMO – Bank of Montreal

• Easy online application process

• Trusted by international students

• Provides Bank Verification Letter

• Competitive GIC interest rates

👉 BMO is widely recommended for its quick setup and strong customer support.
Click here to Open GIC account at BMO : Click here!

2️⃣ RBC – Royal Bank of Canada

• One of Canada’s largest banks

• Offers secure GIC plans for internationals

• Seamless online process

• Excellent reputation and support

👉 Students appreciate RBC for its reputable service and reliability.
Click here to Open GIC account at RBC : Click here!

3️⃣ TD Bank – Toronto Dominion

• Strong international student GIC program

• Online account opening available

• Great customer service

• Recognized by immigration authorities

👉 TD Bank makes it easy for students who want a straightforward GIC setup.
Click here to Open GIC account at TD : Click here!

4️⃣ Scotiabank

• Good GIC solutions for students

• Offers competitive services

• Strong international presence

👉 Scotiabank is another reliable option if you want alternatives.

5️⃣ CIBC 

• Offers student-focused banking products

• Helps with GIC account opening

• Provides support for newcomers

👉 CIBC can be a good fit depending on your preferences and bank services.

🧾 Step-by-Step Process to Open Your GIC

1. Choose a Bank: Pick one of the banks above based on fees, interest, and ease.

2. Apply Online: Most banks allow online GIC application from India.

3. Upload Documents: Passport, Letter of Acceptance, etc.

4. Make Payment: Transfer funds to the bank’s GIC account (usually via wire transfer).

5. Receive Bank Verification Letter: This is crucial for your visa application.

6. Submit with Study Visa Application.

📞 Need Help Opening Your GIC Account?

If you face any difficulty opening a GIC account with BMO, RBC, TD Bank or any other provider—we’re here to help!
✔ Personalized assistance
✔ Documentation support
✔ Step-by-step guidance

👉 Contact us today and let our experts assist you throughout your study visa journey!

📌 Final Tips

✔ Start your GIC setup early
✔ Ensure your documents are correct
✔ Keep your Bank Verification Letter safe
✔ Contact your bank support if you need clarification