How To Open Gic Account

CIBC Student GIC (Guaranteed Investment Certificate) is a financial product that allows international students to meet the financial requirements for studying in Canada. Here’s how it works:

1. What is a Student GIC? A Student GIC is a special type of GIC account that international students can open with a Canadian bank to show proof of funds for their studies. It is a requirement for obtaining a study permit in Canada.
2. How to open a Student GIC with CIBC? International students can open a Student GIC with CIBC by following these steps:

a. Visit CIBC’s website and select the “Student GIC Program” page. b. Choose the CIBC branch nearest to you. c. Complete the online application form, which requires personal and financial information. d. Once the application is approved, you will receive an email with instructions on how to transfer the funds to CIBC.

3. How much money do you need to deposit in a Student GIC? The Canadian government requires that international students have at least $10,000 CAD in their Student GIC account to cover their living expenses for the first year of their studies in Canada.
4. How does the money in a Student GIC work? Once the international student deposits the required amount into their Student GIC account, the money is held in the account for the duration of their studies in Canada. The student can only access the funds once they arrive in Canada and have begun their studies.
5. What happens to the money in a Student GIC after the first year? The funds in the Student GIC account can be used to cover international students’ living expenses for the first year of their studies in Canada. After that, the funds can be withdrawn by the student as needed.
6. What happens if you don’t use all the money in a Student GIC? If there are any funds remaining in the Student GIC account after the student completes their studies in Canada, they can withdraw the funds from the account. However, there may be penalties or fees associated with early withdrawal, depending on the terms of the GIC account.

The annual interest rate of CIBC Student GIC can vary and is subject to change. As of my knowledge cutoff of September 2021, the annual interest rate for CIBC Student GIC was 0.75%. However, it’s important to note that the interest rate can fluctuate depending on various factors such as market conditions, and the bank can update it at any time. It’s best to check with CIBC for the most up-to-date information on their Student GIC interest rates.

The main features of CIBC Student GIC (Guaranteed Investment Certificate) are as follows:

1. Proof of funds: CIBC Student GIC is designed to serve as proof of funds for international students who wish to study in Canada. The Canadian government requires international students to have at least $10,000 CAD in their Student GIC account to cover their living expenses for the first year of their studies in Canada.
2. Fixed term: CIBC Student GIC has a fixed term of one year, which means that the funds in the account cannot be accessed until the student arrives in Canada and starts their studies.
3. Guaranteed return: CIBC Student GIC guarantees a fixed return on the deposited funds, which makes it a low-risk investment option for international students.
4. Online application: International students can apply for CIBC Student GIC online from anywhere in the world, and the application process is straightforward and user-friendly.
5. No account maintenance fees: CIBC does not charge any account maintenance fees for Student GIC accounts.
6. Interest rate: CIBC Student GIC offers a competitive annual interest rate, which can vary and is subject to change.
7. Withdrawal options: After the first year, international students can withdraw the funds from their Student GIC account as needed. However, there may be penalties or fees associated with early withdrawal, depending on the terms of the GIC account.

Using GyanDhan’s referral code while applying for CIBC Student GIC can provide several benefits for international students who plan to study in Canada. Here are some reasons why:

1. Cashback: By using GyanDhan’s referral code, students can receive a cashback of up to $20 CAD on their CIBC Student GIC account. This can help offset some of the expenses associated with studying abroad.
2. Dedicated support: GyanDhan offers dedicated support to international students throughout the application process. This can be particularly helpful for students who are new to the Canadian financial system and need guidance and assistance in opening their Student GIC account.
3. Faster processing: GyanDhan has a direct relationship with CIBC, which can help facilitate faster processing of the Student GIC application. This means that students can receive their proof of funds faster and start their studies in Canada without delays.
4. Value-added services: In addition to the cashback offer, GyanDhan also provides value-added services such as education loans, visa guidance, and travel insurance for international students. This can help simplify the process of studying abroad and provide students with a comprehensive range of services.

CIBC Student GIC is one of several Guaranteed Investment Certificate (GIC) programs available to international students who wish to study in Canada. Here are some reasons why CIBC Student GIC may be better than GIC programs offered by other banks:

1. Competitive interest rates: CIBC Student GIC offers a competitive interest rate compared to other GIC programs. The interest rate can vary and is subject to change, but as of my knowledge cutoff of September 2021, CIBC Student GIC offered an interest rate of 0.75%, which is higher than some other GIC programs.
2. No account maintenance fees: CIBC does not charge any account maintenance fees for Student GIC accounts. This can help students save money on account-related expenses.
3. Online application: CIBC Student GIC can be applied online, making it easy and convenient for international students to open their accounts from anywhere in the world.
4. Faster processing: CIBC has a reputation for processing Student GIC applications quickly, which means that students can receive their proof of funds faster and start their studies in Canada without delays.
5. Rewards programs: CIBC offers rewards programs, such as the CIBC Aventura® program, that allows international students to earn points on their purchases that can be redeemed for travel and other rewards.
6. Partnership with GyanDhan: CIBC Student GIC is offered in partnership with GyanDhan, which provides value-added services such as cashback offers, dedicated support, and access to education loans, visa guidance, and travel insurance.

To apply for CIBC Student GIC (Guaranteed Investment Certificate), international students need to provide the following documents:

1. A valid passport: International students must have a valid passport to apply for CIBC Student GIC.
2. Proof of admission to a Canadian university or college: Students must provide a letter of acceptance from a Canadian educational institution to apply for CIBC Student GIC.
3. Proof of identity: International students must provide a government-issued ID, such as a driver’s license or national ID card, to verify their identity.
4. Proof of address: Students must provide a document that confirms their current address, such as a utility bill or bank statement.
5. Proof of financial ability: International students must provide proof that they have the financial resources to support themselves while studying in Canada. This can be demonstrated through a bank statement or letter from a financial institution showing that they have at least $10,000 CAD in their account.
6. CIBC Student GIC application form: International students must complete and sign the CIBC Student GIC application form, which can be found on the CIBC website.
7. GyanDhan referral code: If international students plan to use GyanDhan’s referral code, they will need to provide it during the application process.

Here are the general steps to apply for CIBC Student GIC (Guaranteed Investment Certificate):

1. Obtain a letter of acceptance: Before applying for CIBC Student GIC, international students must obtain a letter of acceptance from a Canadian educational institution.
2. Gather required documents: Collect all the necessary documents required for the CIBC Student GIC application, including a valid passport, proof of identity, proof of address, proof of financial ability, and the CIBC Student GIC application form.
3. Choose a GIC amount: Decide on the amount of money to be invested in the GIC. The minimum amount required to open a CIBC Student GIC account is $10,000 CAD.
4. Apply online or in person: International students can apply for CIBC Student GIC online through the CIBC website or by visiting a CIBC banking centre in person.
5. Complete the application form: Fill out the CIBC Student GIC application form with all required information and sign the form.
6. Provide referral code (optional): If using GyanDhan’s referral code, provide the code during the application process.
7. Transfer funds: Transfer the selected amount of funds to the CIBC Student GIC account using the wire transfer instructions provided by CIBC.
8. Wait for account confirmation: CIBC will confirm receipt of funds and provide a confirmation of the Student GIC account within 3-5 business days.
9. Receive proof of funds: Once the account is confirmed, CIBC will issue a confirmation of deposit that serves as proof of funds for the study permit application.

GyanDhan is a student-centric financial services company that helps students with their education financing needs. Here are some ways in which GyanDhan can help:

1. Education loan assistance: GyanDhan helps students find education loans from various financial institutions in India and abroad. They provide personalized assistance in finding the right loan options, completing the application process, and obtaining loan disbursement.
2. Scholarship search: GyanDhan helps students search for scholarships based on their academic profile and other criteria. They also provide guidance on how to apply for scholarships and increase the chances of receiving them.
3. Forex services: GyanDhan provides forex services to students who need to make international payments for tuition fees and other expenses. They offer competitive rates and help students with the entire forex process.
4. Referral codes: GyanDhan provides referral codes that students can use while applying for education loans or other services to receive discounts or other benefits.
5. Financial advice: GyanDhan provides financial advice to students, helping them understand the financial implications of their education decisions and make informed choices.

Conclusion On How To Open a

Opening a GIC account can be a great way to earn a safe and reliable return on your investment. With a guaranteed rate of return and minimal risk to your principal investment, GICs are a popular investment option for those who prioritize stability and low-risk investments.

When opening a GIC account, it’s important to do some research to compare different financial institutions and their rates and terms. You should also consider the term and amount of your investment to ensure that it meets your financial goals and needs.

Overall, opening a GIC account is a simple process that can be done online, by phone, or in person. Once your account is open, you can sit back and watch your investment grow over the term of the GIC.

At the end of the term, you’ll receive your principal investment plus the interest earned, and you can decide whether to renew, cash out, or transfer the funds to another investment product.