Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Deposit issuer and administratorSBI Canada Bank
Source 1Current study-permit useOne available way to demonstrate proof of financial support for a Canadian study-permit application, subject to the applicant meeting current IRCC requirements
Source 2Published programme eligibilityLegal resident of India planning post-secondary study in a Canadian province other than Quebec
Source 3Deposit currencyCanadian dollars only
Source 4Investment Option AOne-time deposit of CAD 22,895 plus CAD 150 SBI Canada administration fee; total receipt required is CAD 23,045 without deductions
Source 5Investment Option BOne-time deposit from CAD 1,000 to CAD 50,000 plus CAD 150 SBI Canada administration fee
Source 6SBI Canada administration feeCAD 150; non-refundable except when cancelling the Student GIC within 14 business days from its issue date, according to the application guide
Source 7Permitted 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 accepted
Source 8Application review timeUp to two business days for a complete application package
Source 9Wire 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 order
Source 10Student Investment Account rate0.20% per annum
Source 11One-year Student GIC rate1.05% per annum
Source 12Post-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 branch
Source 13Post-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 application
Source 14Deposit-insurance statementStudent GIC is eligible for Canada Deposit Insurance Corporation coverage when payable in Canada, subject to CDIC eligibility and maximum coverage limits
Source 15General 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 charges
Source 16Superseded 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 2024
Source 17Benefits and features
- Online application for an SBI Canada-issued proof-of-funds GIC
- Two investment-amount options and a redemption choice made at application
- Post-arrival monthly principal-and-interest access through an SBI 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 SBI Canada Bank's live programme and application guide, not the superseded Student Direct Stream amounts on SBI 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, PAN card or Aadhaar card showing the relationship
- For Canada Post activation: original passport, portal-generated DSS number/barcode and Student GIC statement showing Canadian mailing address
- For SBI Canada branch activation: original passport, original study permit, original enrolment letter or student ID card and printed Investment Declaration Advice