{"id":4955,"date":"2023-06-13T07:13:46","date_gmt":"2023-06-13T07:13:46","guid":{"rendered":"https:\/\/leverageedu.com\/explore\/?p=4955"},"modified":"2023-06-13T07:13:46","modified_gmt":"2023-06-13T07:13:46","slug":"gic-full-form","status":"publish","type":"post","link":"https:\/\/leverageedu.com\/explore\/study-abroad-faqs\/gic-full-form\/","title":{"rendered":"What is the Full Form of GIC?\u00a0"},"content":{"rendered":"\n<p>The full form of GIC is <strong>Guaranteed Investment Certificate<\/strong>. It is issued by banks and firms giving a guarantee that the investor will get a certain return after a set period of time. The return on Investment is usually lower than other investment options like mutual funds, bonds and equities as the risk is quite low in GIC.\u00a0<\/p>\n\n\n\n<p>As part of the Student Partnership Program (SPP), Chinese and Indian students who are applying to a Designated Learning Institute (DIL) for admission have to deposit a GIC to their Canadian bank accounts.\u00a0<\/p>\n\n\n\n<h2 id=\"some-important-details-related-to-gic\" class=\"wp-block-heading\">Some Important Details Related to GIC\u00a0<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Students are encouraged to open a GIC account who are applying with SPP.<\/li>\n\n\n\n<li>GIC is offered in both cashable\/Redeemable and non-cashable forms to international students.\u00a0<\/li>\n\n\n\n<li>In the case of cashable or redeemable GICs, without incurring any fees students can get their money back at any time.\u00a0<\/li>\n\n\n\n<li>In the case of non-cashable GICs, at any point in time, students are not allowed to ask for the money back without incurring fees.\u00a0<\/li>\n\n\n\n<li>It is worth noting that the students should have GIC worth CAD 10,000 (INR 6.07 Lakh) which could cover their living expenses (excluding tuition fees) every year.\u00a0<\/li>\n\n\n\n<li>Deposit affects the interest rate directly as it increases with the length of the warranty.\u00a0<\/li>\n\n\n\n<li>\u00a0For the next 12 months, each month students can receive interest on a portion of the deposit.<\/li>\n\n\n\n<li>Students will receive their entire deposit along with interest at the end of the college year.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 id=\"benefits-of-gic-for-international-students\" class=\"wp-block-heading\">Benefits of GIC for International Students\u00a0<\/h2>\n\n\n\n<p>GICs provide a guarantee to the investors for the total deposit along with the interest that is pre-decided for the period of deposit. This makes GIC a safe investment option and provides a sense of security to investors. Following are some of the reasons which support the fact why a student should purchase GIC:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Along with the documents of tuition fee payment, Indian students are required to purchase GIC for 6 months to 10 years who want to apply at SPP colleges in India.\u00a0<\/li>\n\n\n\n<li>Having a GIC ensures that the student goes through the simple and speedy procedure for a study permit or visa application.\u00a0<\/li>\n\n\n\n<li>\u00a0A GIC acts as a promise to the Canadian Government that the holder has enough funds to cover their living expenses.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-background\" style=\"background:linear-gradient(135deg,rgb(255,245,203) 0%,rgb(182,227,212) 68%,rgb(51,167,181) 100%)\">Also Read: <a href=\"https:\/\/leverageedu.com\/blog\/study-in-canada\/\"><strong>Study in Canada: Colleges, Fees, Eligibility, Scholarships<\/strong><\/a><\/p>\n\n\n\n<h2 id=\"banks-offering-gic\" class=\"wp-block-heading\">Banks Offering GIC\u00a0<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>TD Canada Trust<\/li>\n\n\n\n<li>SBI Canada Bank<\/li>\n\n\n\n<li>Industrial and Commercial Bank of China<\/li>\n\n\n\n<li>HSBC Bank of Canada<\/li>\n\n\n\n<li>DesjardinsFootnote1<\/li>\n\n\n\n<li>Bank of China<\/li>\n\n\n\n<li>Bank of Xian Co. Ltd<\/li>\n\n\n\n<li>Canadian Imperial Bank of Commerce (CIBC)<\/li>\n\n\n\n<li>Bank of Beijing<\/li>\n\n\n\n<li>Bank of Montreal (BMO)<\/li>\n\n\n\n<li>Habib Canadian Bank<\/li>\n\n\n\n<li>ICICI Bank<\/li>\n\n\n\n<li>RBC Royal Bank<\/li>\n\n\n\n<li>Scotiabank, Sympli Financial<\/li>\n<\/ul>\n\n\n\n<h2 id=\"important-information-related-to-gic-holders\" class=\"wp-block-heading\">Important Information related to GIC Holders\u00a0\u00a0<\/h2>\n\n\n\n<p>Following are the documents given by the bank to GIC applicants which attest to the investment made:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A GIC certificate<\/li>\n\n\n\n<li>An investment direction confirmation<\/li>\n\n\n\n<li>An investment balance confirmation<\/li>\n\n\n\n<li>A letter of attestation<\/li>\n<\/ul>\n\n\n\n<p>When it comes to releasing money the bank needs to authenticate the identity of the investor. A GIC holder can hold the investment in one of two accounts \u2013 a student account or an investment account, which the student cannot touch until they reach Canada. Following is the way in which banks release the money:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The initial lump sum amount is paid after the GIC holder arrives in Canada and get their identity authenticated.\u00a0<\/li>\n\n\n\n<li>The remaining amount is released in 10 to 12 months.\u00a0<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>We hope you liked this article, where we tried to cover GIC full form and other important information related to it. For more such informative articles keep following <a href=\"https:\/\/leverageedu.com\/explore\/category\/study-abroad-faqs\/\"><strong>our page<\/strong><\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"The full form of GIC is Guaranteed Investment Certificate. It is issued by banks and firms giving a&hellip;\n","protected":false},"author":14,"featured_media":4956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"editor_notices":[],"footnotes":""},"categories":[12],"tags":[],"class_list":{"0":"post-4955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-study-abroad-faqs"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is the Full Form of GIC?\u00a0 | Leverage Edu Explore<\/title>\n<meta name=\"description\" content=\"The full form of GIC is Guaranteed Investment Certificate. 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