ICICI Bank Canada, a subsidiary of private lender 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 said in a statement.

As per the terms of the programme, the amount of C$10,000 is paid back to the student while he/she is studying in Canada in 12 equal instalments along with the interest amount. The processing fee for applying to this programme is C$150.

ICICI Bank Canada is the first Indian bank to be authorised by Canadian High Commission to accept GIC from Indian students. This programme enables students from India to fulfil 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.

Vijay Chandok, President, ICICI Bank, said, "Canada is one of the fastest growing destinations for students from India. The Student GIC Program will help the student fulfil their dream of studying in Canada and also help their parents facilitate their overseas banking needs in an easy and convenient manner.”

Aspirants can apply for the Student GIC Program can register online and fill an application form sent to their email address. It can be submitted online itself as well as designated forex branches of ICICI Bank in India and transfer the required amount.

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