The government actually requires you to have certain funds when you land in the country. The funds should be sufficient enough to handle your living expenses for at least a year. It is mandatory for the students to purchase a guaranteed investment certificate, which is a short term investment plan offered by the banks with a small Gic rates of interest. In this article, we will see in detail the steps to purchase guaranteed investment certificate.
Step 1: Register for bank secured email service
To get the GIC, the first step that needs to be done is to do online registration with a government authorized bank. In the registration process, you may have to fill up some forms where you have to provide some personal details. After the registration is done, the individual will be provided with a password. A GIC application form will be sent you, and you will have to fill the form and submit it. Using the login id and password, you can enter and exit your personal banking account.
Step 2: Submit the GIC program application
As mentioned earlier, an application will be sent to you, and you will have to fill the form and submit it. The forms can be submitted online or offline. If you are submitting it online, you need to fill and submit the scanned copy of the form. Some banks might also ask for a copy of your passport. Submitting the application offline is more like submitting any other application. You need to take a printout of the form and submit it to the designated bank.
Step 3: Fund your account
When the application is submitted, you will be provided with Investment Account Number along with the funding details. There will be a minimum amount with which you will have to fund the account. The money can be directly funded, or it can be transferred online. After the transaction process is done, you will get a confirmation of the transaction, and you will also be notified with an Investment Balance Conformation in the secured mail id.
Step 4: Complete the documentation
The documentation is the last process that needs to be carried out. The bank that you are opening the GIC account will demand for certain details that you will have to provide. This might take a few weeks. Some of the documents that you will have to provide are the passport, visa if you are not a citizen (there are only a few visas that can be accepted for GIC), residential proof, employment status and a lot of other things. After these documents are provided, the banks will take a few weeks to verify the authenticity of the details that you are provided. After confirming the authenticity, the banks will provide you with the rest of the details.