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How long does CIBC take to process GIC?
| CIBC GIC Program | |
|---|---|
| Interest Rate | 1.25\% ( CIBC GIC Interest Rates ) |
| Monthly Deposit To Your Student Account | $1,000 CAD + Interest (8 payments over 12 Months) |
| Online Application | ✓ Available |
| Application Processing Time | 2-4 days (Account Registration +Wire Transfer + Issuing GIC Certificate) |
What is the process of GIC?
The GIC Application Form will be sent to your secured email account. After registering for a secure email account, you’ll get an email with a link to the Student GIC Program application form. Students can submit the Student GIC Program application form online or offline.
How can I apply for GIC online?
Simply login with your username or email address and password.
- Complete the application form online and submit it along with a scanned copy of your passport and proof of enrollment (if available).
- An account number will be generated and provided instantly on screen.
Is CIBC a good bank for GIC?
Better Interest Rate – CIBC offers a higher interest rate on GIC than Scotiabank. 1.25\% compared to 1\% of Scotiabank’s. Faster Application Processing Time – CIBC takes about 2–4 days to issues a GIC certificate. Whereas the process can take as long as 2–10 days with Scotiabank.
How will I receive my GIC certificate?
So GIC standa for Guranteed Investment Certificate. GIC is required while applying for canadian visa. You will have to deposit 10200 CAD to banks like Scotia bank, ICICI bank etc. After depositing it, bank will provide you a certificate that you will have to attach in visa file.
What happens when a GIC matures CIBC?
No interest is earned after maturity. Renewal terms: This GIC will automatically renew at maturity without further agreement. You can change your maturity instructions at any time by contacting CIBC at least four days prior to the maturity date.
How do I get my GIC money back?
Follow these simple steps to request your refund:
- Complete an application. Click here to login to your profile under the Student GIC Program and complete a refund request online.
- Return of funds. For security reasons, the refund may only be returned to the account where funds were initially received from.
How much can I invest in a GIC with CIBC?
With the CIBC Student GIC Program, you can transfer $10,000 CA to $20,000 CA. Transfer $10,000 CA with no foreign currency transaction fees. When you visit a CIBC Banking Centre, we’ll deposit $2,000 CA into your account. We’ll invest the remaining $8,000 CA into GICs.
What is a GIC account in Canada?
GIC stands for Guaranteed Investment Certificate. It is an investment account recommended for international students who want to pursue Canadian study programs that come under the SDS (Student Direct Stream). Canadian Imperial Bank of Commerce (CIBC) is offering the Student GIC Program in which you can open the GIC account with no service fee.
How long does it take to receive GIC certification?
You will receive an email confirming your payment is processed to your account. Once payment is processed your will receive GIC certification in 3-5 business days. Note: This is specific for Indian International students.
How do I deposit money into my GIC account as a student?
Here, select the Student GIC Program, the minimum amount you want to deposit, and your payment country i.e. the current country you are currently living in (Foreign exchange rates applied). Scroll down to the payment options and enter the currency in which you want to transfer your money. Then click on ‘Student Information’.