Canada is a popular destination for international students, and Indian students make up a significant portion of this population. To study in Canada, international students need to obtain a study permit, which requires them to prove that they have enough money to cover their living expenses while in Canada. One way for Indian students to show this financial capacity is by obtaining a Canada Student GIC (Guaranteed Investment Certificate). In this article, we will discuss the benefits of Canada Student GIC for Indian students.
What is Canada Student GIC?
Canada Student GIC is a financial product offered by some Canadian banks that allow international students to deposit a certain amount of money, which will be held in a GIC account until they arrive in Canada. The amount required for the GIC varies depending on the student's program duration and location, but it usually ranges from CAD $10,000 to CAD $20,000. Once the student arrives in Canada, they can access the funds in the GIC account to cover their living expenses during their studies.
Benefits of Canada Student GIC for Indian Students
- Helps meet financial requirements: As mentioned earlier, international students need to prove that they have enough money to cover their living expenses while in Canada to obtain a study permit. The Canada Student GIC is an easy and convenient way for Indian students to show this financial capacity. By depositing the required amount into a GIC account, they can satisfy this requirement and focus on other aspects of their application.
- Access to funds upon arrival: The funds in the GIC account are available to Indian students as soon as they arrive in Canada. This means that they do not have to worry about running out of money during their initial days in the country. They can use the funds to cover their expenses until they set up a bank account and receive their first paychecks.
- No service charges: Some Canadian banks offer Canada Student GIC without any service charges or fees. This means that Indian students can deposit the required amount without incurring any additional expenses. They can also earn interest on their deposits, which can help them cover some of their expenses.
- Guaranteed investment: The term 'Guaranteed Investment Certificate' means that the principal amount deposited by Indian students is guaranteed and will be returned to them at the end of the investment period, which is usually one year. This provides Indian students with a sense of security and stability, knowing that their money is safe.
- Easy to obtain: Canada Student GIC is easy to obtain for Indian students. They can apply for it online and do not have to visit a bank branch. They need to provide some basic information and documents, such as a passport and a letter of acceptance from a Canadian educational institution. Once their application is approved, they can transfer the required amount to the GIC account.
- Helps build credit history: By opening a GIC account and making regular deposits, Indian students can start building their credit history in Canada. This can be beneficial when they apply for a credit card, a loan, or a mortgage in the future.
- Provides a financial cushion: Living in a new country can be expensive, and unexpected expenses can arise at any time. The funds in the GIC account can provide Indian students with a financial cushion to fall back on in case of an emergency.
Conclusion
In conclusion, Canada Student GIC is a beneficial financial product for Indian students who wish to study in Canada. It helps them meet their financial requirements, provides them with easy access to funds, and offers a guaranteed investment. It is also easy to obtain and helps build credit history. Overall, Canada Student GIC provides Indian students with financial security and peace of mind while pursuing their education in Canada.
