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Study Abroad > Canada > New GIC Scotia Bank 2016

Study in Canada

New Scotia GIC FAQs; What is New Scotia GIC? How to apply for New Scotia GIC?

About Canada | Facts | Education System | Why Canada? | Cost | Colleges | Universities | Student Partner Program (SPP)

At present, Scotiabank and ICICI Bank Canada are the participating Canadian Bank to purchase the GIC.

How to obtain Guaranteed Investment Certificate GIC from Scotiabank, Now it’s Online, Easy & Fast

How the process works:

  1. Read the Scotiabank Student GIC Guide
  2. Complete your Scotiabank Student GIC Program online Application
  3. Scotiabank will send a link to register for the Scotiabank Secure email service
  4. They open a Scotiabank Investment Account
  5. You Transfer funds to Scotiabank
  6. Scotiabank will sent you a confirmation when funds are in your Scotiabank Investment Account
  7. Apply for the study permit
  8. Open your Scotiabank Personal Bank Account by visiting nearest Scotiabank Branch
  9. Scotiabank will deposit funds into new personal bank Account

New Changes

  • Now it’s online & fast Process so no need to send application via Scotiabank Secure email.
  • No Need to attached passport copy and Offer Letter (But it is require to bring with you at the time of online application)
  • You can submit the application online & in person at Scotiabank Branch
  • Will Receive account details within a 2 to 3 days
  • New Refund Process (Online Process)
  • Updated New Scotiabank guideline please click here

Step by Step Process of GIC Application

Step-1: Just do online Application by using the link http://www.scotiabank.com/ca/en/0,,5698,00.html 
              You will see + sign in front of option #2 under Get Started, just click on Apply Now.

Step-2:

  • After clicking on apply now you will see a window in which you have to mention Expected Arrival Date.
  • Select “I have read and consent to the Application Disclosure Statement above”
  • Then Click on Start Button.

Step-3:

  • After Clicking on Start button you will see another window.
  • Just mentioned all the information as required and click on Next Button.

Step-4:

  • In step 2 Mentioned travelling Details.
  • In educational Institution box if your college name is not there just select “other” in drop down menu
  • Click on Confirm button

Step-5:

  • After Completion of all detail you will see step 3 mentioned below.
  • 1st click on “Print Button” & take a print out (It is very Important to take print out of the Application it will require at the time of refund application)
  • Then click on “Submit Button”
  • After click on Print button you will see print preview window in new tab.

 Step-6: Final Window

  • After submission of this application within 2 days you will receive 2 Emails from Scotiabank with the link from “ems@scotiabank.com” to register with Scotiabank secure email service.
  • Just go to that link mentioned in Emails.
  • Register your email at Scotiabank portal and you will receive temporary password (Register same email ID which you have mentioned at the time of Online Application)
  • By using Temporary password you need to create New Password and login to Scotiabank portal.
  • After login in to Scotiabank portal there is an email with the account information that used for the wire transfer.
  • Transfer the fund.
  • Scotiabank will sent GIC Certificate.
  • Apply for the Student Visa.

For further information please use Scotiabank GIC Guide

Instructions for sending a wire transfer for the Scotiabank Student GIC Program: 

Before you begin, please review the following notes: 

  • Any fees associated with sending the wire transfer must be paid by you, and Scotiabank must receive a minimum of $10,200 CAD.
  • The wire transfer must originate from your bank account in your name.  

Incoming wire transfers will be rejected with funds being returned (less our charges) in the following scenarios:

  1. Scotiabank receives less than $10,200 CAD; (We suggest to transfer $10,280 CAD)
  2. A wire transfer is sent from a source that is not a bank where you hold an account (e.g. money transfer services, forex services, etc.);
  3. Payment is received from a third party (e.g. parents, relatives, friend, etc.);
  4. Wire transfer is sent from a bank outside India.

IMPORTANT NOTE:
Please do not use intermediate forex financial institution to purchase GIC. Students MUST have to use their personal Bank account to purchase GIC. Please do not use other method to purchase GIC. (Transfer from Parents or Relatives accounts is not recommended)

If your visa or Study Permit is approved.

  1. Open Your Scotiabank Personal bank account.
     When you arrive in Canada, visit your choice of over 1,000 Scotiabank branches to open a    personal bank account and complete the Scotiabank Student GIC Program process.
  2. Scotiabank will deposit funds into your personal bank account.

Your Scotiabank branch will transfer funds from your Scotiabank Investment Account as follows:

  • $2,000 CAD plus any accrued interest will be deposited into your personal bank account, and
  • $8,000 CAD will be deposited into a 1-year fixed term GIC. Your GIC amount and interest will be automatically deposited into your personal bank account in 12 monthly payments.

If your Visa or Study Permit is declined or cancelled.

If your Visa or Study Permit is declined or cancelled, Scotiabank will return your $10,000 CAD investment or the remaining balance, you need to submit following documents to Scotiabank by using secure email service.

  • You’re Visa and/or Study Permit has been declined or cancelled or your application for admission to a Canadian Educational Institution has been declined. Or you have withdrawn enrolment from the Canadian Educational Institution.
  • If you withdraw from your studies in Canada, tell your Scotiabank branch that you're returning to India.
    Scotiabank close your account(s), then you can request your refund when you return to India.

Follow 2 steps to request Scotiabank Student GIC Program Refund.

  1. Read Scotiabank GIC Guide
  2. Complete the Refund Application online, available here

You will be required to provide details such as your Scotiabank Investment account number, your wire return bank account details and, if applicable, your original case number and the reason you are requesting a refund.

Step by step process for Refund application

Step-1: Mentioned all require information in the form.

Step-2: Provide Bank information for wire transfer (It should be same as which use at the time of GIC payment & the account should be student only)

Step-3: Confirm all the detail once & take a print out of refund application (Save it in your system) & click on submit.

Student will receive a confirmation email within a 24 Hours.

  1. Scotiabank review your application if information is incomplete or incorrect they will return your refund request with an explanation. You will need to correct the problem and re-apply.
  2. Scotiabank seek confirmation once your refund request is approved, they will contact the Canadian High Commission, India. Confirm with them that your Study Permit or Visa has been declined or cancelled.
  3. Scotiabank wire funds to your bank in India Scotiabank will wire your funds back to your bank account in India. For security reasons, funds can only be returned to a bank account in your own name (or jointly with your parents) in India.
  4. Scotiabank send an email confirmation Scotiabank will email you confirmation of the transfer through Scotiabank Secure Email Service.
  5. You receive your funds the international wire transfer may take 5 (or more) business days to reach your account in India.

Scotiabank will confirm your Study Permit decline or cancellation with the Canadian High commission, India. Once confirmed, Scotiabank will refund the outstanding principal plus any accumulated interest. After we wire the funds to your bank in India, we will provide you a confirmation by secure email which will include your ICN (Internal Control Number). You can use this ICN to follow-up on the status of your wire transfer with your bank in India if needed.

NOTE: Scotiabank will only send your refund to a deposit bank account that is in your home country and in your name as it appears on your Scotiabank investment account. International wire transfer may take up to five (5) business days to reach your account.

Please note:
- The refund may take up to four (4) weeks from the date the correctly completed Refund Application is received at Scotiabank, Canada. If there are any corrections required, the refund will be delayed.
- Any processing and/or administration fees will not be refunded.
- Additional fees may be charged by the intermediary banks during the refund. It is the applicant’s responsibility to cover all additional refund fees.

Note:
In case of Visa refusal and/or withdrawal, student must have to bear difference amount while getting refund money from colleges and University due to dollar rate fluctuation. It will be less approximately Rs. 50,000/- to 60,000/-.  Please explain to all your students as well as their parents in details regarding this difference amounts.

IMPORTANT
Applications will not be accepted by VFS under the Student Partner Program without a copy of the formal GIC document issued by Scotia Bank.  No wire transfers or bank remittances will be accepted as a proof of purchase of a GIC.

Please contact Scotiabank Student GIC Customer Service toll-free at 000 800 100 8747 / 001-416-288-4119. Representatives in Canada are available to speak with you Monday to Friday, 9am to 8pm ET (excluding Canadian public holidays).

If you have any question, please do not hesitate to contact us.

About Canada | Facts | Education System | Why Canada? | Cost | Colleges | Universities | Student Partner Program (SPP)

Need help? please give us a call or send us an email with your details & requirements & we will be happy to assist you.

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