What is Gic, impossible to read Indian students in Canada without it, know why it is important?

Canada GIC states: Foreign students studying in Canada have to fulfill many conditions, then they get admission and student visa. The cost of studies here is very high, due to which the government also wants to see evidence of students having money. In fact, the government decided that if a student has saving in a certain amount, then only he/she can study in Canada. Students need a guaranteed investment certificate (GIC) to show money.
Now the question arises here what is GIC? The direct reply to this is that GIC is a type of fixed deposit, which provides financial security to students. Through this, it is revealed that the student has enough money to stay and study in Canada. Gic helps students cover tuition, rent and everyday expenses. However, students can also afford expenses by doing part-time job, but still GIC is required. Currently 20,635 canadian dollars should be in GIC.

How does Gic work?

GIC is necessary to study in Canada and it is impossible to study here without it. Because of this, the government has also made the process of achieving GIC very easy. First one has to choose a bank, which is approved by the Government of Canada and provides GIC to foreign students. In that bank, you have to deposit money in Gic account. After depositing the money, the bank will give you a GIC certificate. You have to submit it with your study permit application.

After getting a study permit, you go to study in Canada. Once you reach the country, you can also withdraw some money from Gic account immediately. The remaining money will continue to get the students every month or in the quarter. This helps a lot in covering the expenses of living. There are some such banks, where students are allowed to withdraw all money. If you are also preparing to go to study in Canada, then you should immediately open the Gic account.

What is the benefit of GIC?

GIC is considered a safe investment, as it has a low risk. Students are guaranteed to get both their investment and interest. Gic gives a fixed interest rate. This gives foreign students a certain amount to cover their living expenses. Because of this, students are able to make their budget well. The best thing about GIC is that it is a liquid investment. If the student needs, he/she can easily remove it.