OverviewUnder the Scotiabank Student GIC Program (SSGP), you can purchase a Guaranteed Investment Certificate (GIC) from Scotiabank for $10,000 Canadian dollars (CAD). A GIC is a Canadian investment account that offers a guaranteed interest rate over a fixed period of time.
- $2,000 CAD plus any accrued interest will be deposited into your personal bank account when you arrive in Canada.
- Each month, for 12 months, you'll receive a portion of the balance of your investment back, plus interest.
- You can use these funds to help pay for living expenses while you're studying in Canada.
- After 12 months, you'll have received your $10,000 CAD investment back.
- The fee to administer this program is $200 CAD.
How the process works
1. Read the Scotiabank Student GIC Program Guide The Scotiabank Student GIC Program Guide will help you complete your Scotiabank Student GIC Program Application and answer any questions you may have about the Program.
2. Complete your Scotiabank Student GIC Program Application
Complete the Scotiabank Student GIC Application ensuring you fill out all required fields. Apply Now
3. Scotiabank sends you a link to register for the Scotiabank Secure email Service
A Scotiabank email from firstname.lastname@example.org will be sent to your personal email within a few minutes of your application submission. Follow the instructions to access the Scotiabank Secure Email Service. This service ensures that all communications between Scotiabank and you, including your personal and confidential information is protected.
Important: Register with the secure email service using the same email address you provided on your Scotiabank Student GIC Program Application.
Once you have accessed your mailbox, you will see an email telling you that we have received your Scotiabank Student GIC Program Application.
4. You transfer funds to ScotiabankYou must wire transfer $10,200 CAD from your bank in Vietnam to Scotiabank in Canada ($10,000 CAD will be deposited into your Scotiabank Investment Account, and $200 CAD will pay for the program fee).
Note:- Money sent to fund your GIC with Scotiabank in Canada must come from a bank account in your own name (or jointly with your parents) in Vietnam. Funds transferred from the bank account of third parties (e.g. parents name only, relatives and/or friends) will be rejected.
- Only banks approved by the Financial Regulatory authorities in Vietnam are able to send wire transfers to Canada. Please check with the bank where you hold your account to confirm they will be able to process the wire transfer.
5. Scotiabank emails you a confirmation when funds are in your Scotiabank Investment accountOnce Scotiabank receives your wire transfer we will move the funds to your Scotiabank Investment account and send you an email with an "Investment Directions Confirmation".
International wire transfers may take 5 days (or more) to reach Scotiabank, so please plan for the full time required.
Print a copy of the Investment Directions Confirmation for your records, as emails sent through the Scotiabank Secure Email Service will be automatically deleted after 180 calendar days.
APPLY FOR YOUR STUDY PERMIT
6. You apply for your Study Permit
Submit your completed Study Permit application and your Investment Directions Confirmation to the Canadian Embassy in Vietnam.
Please refer to the Canadian Visa office(s) guidelines for Study Permit application submission dates for each session intake. We accept applications for the Scotiabank Student GIC Program year round and we will issue a confirmation when funds are received, however you must allow for sufficient time meet study permit application deadlines.
SETTLE IN CANADA
8. 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.
- $2,000 CAD plus any accrued interest will be deposited into your personal bank account, and
9. Scotiabank will deposit funds into your new personal bank account
Your Scotiabank branch will transfer funds from your Scotiabank Investment Account as follows:
- $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 cancelledIf your Visa or Study Permit is declined or cancelled, Scotiabank will return your $10,000 CAD investment or the remaining balance if you have already received a portion of the funds. You will need to prove that:
Your Visa and/or Study Permit has been declined or cancelled.
Your application for admission to a Canadian Educational Institution has been declined.
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 Vietnam. Scotiabank will close your account(s), then you can request your refund when you return to Vietnam.