ICICI Bank Canada, a subsidiary of ICICI Bank, has launched 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.
ICICI Bank is India's largest private sector bank. The Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.
