Key facts
What the official sources publish
Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.
Deposit issuer and administratorSBI Canada BankView source
The live programme site identifies Canada Bank as the Canadian financial institution issuing the ; India provides the catalogue referral but is not recast as the Canadian deposit issuer.
- Source
- Canada Bank Student Program Overview
- Page / section
- Overview of Canada Bank Student Program
- Accessed
- 12 Aug 2026
- Confidence
- high
Current study-permit useOne available way to demonstrate proof of financial support for a Canadian study-permit application, subject to the applicant meeting current IRCC requirementsView source
The live programme is framed under the general IRCC study-permit proof-of-funds rules and directs students to current IRCC guidance; it no longer relies on India's older Student Direct Stream framing.
- Source
- Canada Bank Student Program Overview
- Page / section
- Pursue your studies in Canada
- Accessed
- 12 Aug 2026
- Confidence
- high
Published programme eligibilityLegal resident of India planning post-secondary study in a Canadian province other than QuebecView source
The current guide states these residence, study-level and province conditions before the application steps.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Application Guide introduction
- Accessed
- 12 Aug 2026
- Confidence
- high
Deposit currencyCanadian dollars onlyView source
The programme requires Canadian-dollar funding and all current investment options and fees are stated in .
- Source
- Canada Bank Student Program Overview
- Page / section
- How do I get my ?
- Accessed
- 12 Aug 2026
- Confidence
- high
Investment Option AOne-time deposit of CAD 22,895 plus CAD 150 SBI Canada administration fee; total receipt required is CAD 23,045 without deductionsView source
The guide requires the full CAD 23,045 to arrive for Option A and says an underfunded wire is returned rather than processed.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Step 2 and Step 4 — Option A
- Accessed
- 12 Aug 2026
- Confidence
- high
Investment Option BOne-time deposit from CAD 1,000 to CAD 50,000 plus CAD 150 SBI Canada administration feeView source
The live overview publishes the CAD 1,000–50,000 range. The current application-guide sentence visibly omits the upper amount after '', so the complete range is sourced to the overview and should be checked in the live portal before funding.
- Source
- Canada Bank Student Program Overview
- Page / section
- How do I get my ? — Option B
- Accessed
- 12 Aug 2026
- Confidence
- medium
SBI Canada administration feeCAD 150; non-refundable except when cancelling the Student GIC within 14 business days from its issue date, according to the application guideView source
The guide states the narrow 14-business-day cancellation exception; its general refund section later says the original fee is not refundable, so applicants should confirm how the exception applies to their cancellation scenario.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Step 4 — Transfer funds to Canada
- Accessed
- 12 Aug 2026
- Confidence
- medium
Permitted wire sourceBank account in the applicant's country of residence held solely in the applicant's name or jointly with parent(s); money-service providers and third-party funding by parents, relatives or friends are not acceptedView source
The guide excludes exchange houses, money-transfer and other third-party services and requires sender and beneficiary/student names to match.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Step 4 — Transfer funds to Canada
- Accessed
- 12 Aug 2026
- Confidence
- high
Application review timeUp to two business days for a complete application packageView source
The stated review window applies after Canada receives a complete application; corrections or missing documents can extend it.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Step 3 — Application review
- Accessed
- 12 Aug 2026
- Confidence
- high
Wire and investment-confirmation timingInternational wire transfer takes about five business days; Investment Declaration Advice is issued within two business days after required funds are received if everything is in orderView source
The guide separates the approximate wire-transit period from Canada's post-receipt advice-issuance period.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Steps 4-5
- Accessed
- 12 Aug 2026
- Confidence
- high
Student Investment Account rate0.20% per annumView source
This is the live rate displayed for the initial Student Investment Account; rates may change and the issue-date rate appears in the Investment Declaration Advice.
- Source
- Canada Bank Interest Rates
- Page / section
- Student Investment Account Rate
- Accessed
- 12 Aug 2026
- Confidence
- high
One-year Student GIC rate1.05% per annumView source
The current rate page displays 1.05% per annum for the one-year non-renewable, non-redeemable Student ; the applicant's issue-date rate controls.
- Source
- Canada Bank Interest Rates
- Page / section
- Student Account — 1 year Non-Renewable & Non-Redeemable
- Accessed
- 12 Aug 2026
- Confidence
- high
Post-arrival identity activationConfirm identity within 180 days of arriving in Canada, either at a Canada Post location through the portal process or at an SBI Canada Bank branchView source
The guide offers Canada Post and Canada branch identity routes and imposes the 180-day post-arrival confirmation period.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Step 7 — Confirm your identity in Canada
- Accessed
- 12 Aug 2026
- Confidence
- high
Post-activation account structureA chequing or savings account receives any initial amount and monthly payments; the remaining balance, where applicable, sits in a non-redeemable, non-renewable Student GIC and pays principal plus monthly accrued interest by instalment under the redemption option chosen at applicationView source
The redemption option is mandatory at application and cannot be changed later, including at activation; the exact initial amount and term depend on that chosen option.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Steps 2 and 8 — redemption option and repayment
- Accessed
- 12 Aug 2026
- Confidence
- high
Deposit-insurance statementStudent GIC is eligible for Canada Deposit Insurance Corporation coverage when payable in Canada, subject to CDIC eligibility and maximum coverage limitsView source
Canada identifies itself as a CDIC member but makes coverage subject to the CDIC brochure, product eligibility and maximum limits.
- Source
- Canada Bank Student Program Overview
- Page / section
- Safety of deposits
- Accessed
- 12 Aug 2026
- Confidence
- high
General refund processingEligible refund requests may take up to four weeks; approved funds return to the same originating bank account, accumulated interest may be included, the original CAD 150 administration fee is generally not refunded and a CAD 25 transfer fee is deducted, plus possible intermediary chargesView source
Refund eligibility and documents depend on the reason; the guide separately states a 14-business-day cancellation exception for the administration fee, which should be confirmed for the applicant's case.
- Source
- Canada Bank Student Program Application Guide
- Page / section
- Step 9 — Claiming a refund
- Accessed
- 12 Aug 2026
- Confidence
- medium
Superseded SBI India catalogue termsDo not rely on SBI India's April 2024 SDS-era CAD 20,635, CAD 4,135 initial-credit and CAD 16,500 residual-GIC structure; use SBI Canada Bank's live programme termsEffective 8 Apr 2024View source
The India page still invokes Student Direct Stream and carries an 8 April 2024 update stamp, while Canada's live programme uses current study-permit proof-of-funds language and different investment amounts.
- Source
- India Student Program (Canada)
- Page / section
- What is and Last Updated On
- Accessed
- 12 Aug 2026
- Confidence
- high
Senior-citizen rateNot applicable: the reviewed scheme terms publish a scheme- or programme-specific rate and do not provide a separate senior-citizen rate for this product.View source
The full product terms and applicable rate routes were reviewed; no separate senior-citizen rate is published for these schemes/programmes.
- Source
- government and programme deposit scheme terms
- Page / section
- Scheme interest-rate and eligibility terms
- Accessed
- 29 Aug 2026
- Confidence
- high
Geographic limitsLegal resident of India planning post-secondary study in a Canadian province other than QuebecView source
The manually reviewed product record states: “Legal resident of India planning post-secondary study in a Canadian province other than Quebec”.
- Source
- Canada Bank Student Program — official product page
- Page / section
- Published product metadata
- Accessed
- 12 Aug 2026
- Confidence
- high
Tenure / programmePost-arrival monthly principal-and-interest access through an SBI Canada chequing or savings accountView source
The manually reviewed product record states: “Post-arrival monthly principal-and-interest access through an Canada chequing or savings account”.
- Source
- Canada Bank Student Program — official product page
- Page / section
- Published product metadata
- Accessed
- 12 Aug 2026
- Confidence
- high
Interest payout / redemptionPost-arrival monthly principal-and-interest access through an SBI Canada chequing or savings accountView source
The manually reviewed product record states: “Post-arrival monthly principal-and-interest access through an Canada chequing or savings account”.
- Source
- Canada Bank Student Program — official product page
- Page / section
- Published product metadata
- Accessed
- 12 Aug 2026
- Confidence
- high
Benefits and features
- Online application for an Canada-issued proof-of-funds
- Two investment-amount options and a redemption choice made at application
- Post-arrival monthly principal-and-interest access through an Canada chequing or savings account
- CDIC eligibility subject to current coverage rules and limits
Eligibility
- Applicant must be a legal resident of India planning post-secondary study in Canada outside Quebec and must independently meet current IRCC study-permit and proof-of-financial-support requirements.
- Use Canada Bank's live programme and application guide, not the superseded Student Direct Stream amounts on India's April 2024 page.
- The funding wire must come from an eligible applicant-owned or parent-joint bank account, with exact sender/beneficiary matching and the required MT103 details; third-party money services are not accepted.
- Choose the investment and redemption options carefully because the redemption selection cannot be changed after application.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Clear copy of passport identification page(s), including photograph, signature and address
- Canadian post-secondary admission, acceptance or offer letter, listed as optional at application
- For a minor: parent or guardian passport, card or Aadhaar card showing the relationship
- For Canada Post activation: original passport, portal-generated DSS number/barcode and Student statement showing Canadian mailing address
- For Canada branch activation: original passport, original study permit, original enrolment letter or student card and printed Investment Declaration Advice
Related official documents
SBI Canada Bank Student GIC Program — official product pageofficial-product-page · current · accessed 4 Sept 2026
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