This program guide outlines the details of the ICICI Bank Canada Student GIC Program, effective October, 2015. Unless otherwise stated, all fees and charges are listed in Canadian dollars (CAD).
1. REGISTRATION
Visit our website to find out how to register for this service or click on -
https://secureemail.icicibank.ca/SGP_Secure_Email/ 2. COMMUNICATION
a. Receive an email communication from ICICI Bank Canada to complete the registration process
b. We will also share a mail with directions on how to apply 3. APPLICATION
Download, complete and submit the application form. The
submission of the application can be done though the Secured Email Channel or by visiting designated
ICICI Bank branches in India 4. INVESTMENT ACCOUNT
a. We will process your application within 5 business days
b. We will also send you the account number and wire instructions on your Secure Email
5. FUNDS TRANSFER
Remit $10,150 CAD to your ICICI Bank Canada Account from India (this needs to come from your bank account) and communicated via the Secure Email Service
6. CERTIFICATE ISSUANCE An Investment Balance
Confirmation will be issued once the funds are received
7. VISA/STUDY PERMIT APPLICATION
Submit a copy of the Investment Balance Confirmation to the Canadian visa office in India along with your study permit application
9. PERSONAL ACCOUNT & GIC a. We will deposit $2,000 in your Personal Account
b. We will deposit $8,000 in your GIC Account, which will be paid to you over 12 months in equal
installments 8. ARRIVAL IN CANADA
Upon arrival in Canada, visit a branch of ICICI Bank Canada to open a personal account and for issuance of the GIC
1. REGISTER FOR ICICI BANK CANADA SECURE EMAIL SERVICE
You will need to be registered with the ICICI Bank Canada Secure Email Service, a secure communication channel between ICICI Bank Canada and you, to complete the application process. You can also submit your application to the ICICI Bank Canada Student GIC Program online using this service. Click onhttp://icicibank.ca/personal/newcomers/SGP-apply.page to register if you have not registered yet.
Once you have registered your personal email ID, you will receive an email from [email protected]. with a link to the Secure Email Service and a temporary password which would allow you to complete the registration process. Note: This notification email will be sent from an automated email id, hence please do not reply to this mail.
2. SUBMIT YOUR APPLICATION Download and Complete
The welcome notification will contain instructions to download and complete the application form in fillable PDF format. The application form must be typed to be accepted. When it is complete, validate, print and sign the application form. We recommend keeping a copy of the completed form for your records.
You can submit your application package online through our SECURE EMAIL SERVICE or by visiting a designated ICICI Bank Limited branch in India. Click on http://icicibank.ca/managed-assets/docs/spp-designated-branch.pdf for further details.
• Submit online:
A. Scan the following documents and attach them via the Secure Email Service: i. Completed and signed copy of your application form,
ii. Copy of passport pages (photo page and the last page), and
iii. Copy of acceptance/offer letter from a Canadian educational institution.
B. Submit your application package by responding to the last notification you received from us.
C. The subject line of your response must specify: “ICICI SGP – Student’s full name (given/first name and surname/last name) – Passport Number – Application Request”.
• Submit in-branch:
Visit a designated ICICI Bank Limited branch in India to submit your application package containing: i. Completed and signed copy of your application form,
ii. Copy of passport pages (photograph page and the last page), and iii. Copy of acceptance/offer letter from a Canadian educational institution.
3. AFTER YOU SUBMIT YOUR APPLICATION
We will review your application and send you a secure notification of your application status. If approved, we will set up a Student Investment Account in your name. You will then receive a second notification with your investment account number and wire transfer instructions.
Note: It may take up to 5 business days to confirm your application status from the date we receive your completed application package. Please account for the time difference between Canada and India, as well as weekends and holidays in both countries.
4. TRANSFERRING FUNDS FROM INDIA
The Canadian High Commission in India requires you to wire $10,000 to your investment account with ICICI Bank Canada. Our non-refundable program fee is $150; please ensure you transfer a total of $10,150.
These funds must be wire transferred from a bank account in India that is exclusively in your name or, is a joint account with your parent(s). If this condition is not met, your money will be returned. Funds will only be accepted if the name of the sender and beneficiary (recipient) matches. Please send us a confirmation mail regarding the transfer via the Secure Email Service once you have transferred the funds. “ICICI SGP – Student’s full name (given/first name and surname/last name) – Passport Number – Investment Confirmation Request”.
International wire transfers take about 5 business days. Please consult with your local bank in India for a specific timeframe.
Note: Funds sent through other service providers such as money exchange houses, money transfer services, and third party services or, payments received from a third party (e.g. parents, relatives, friend, etc.) are not acceptable. Intermediary banks usually charge a fee for wire transfers. Please inform your bank in India that ICICI Bank Canada must receive $10,150 in full and any additional charges/fees will be paid by you locally.
5. BALANCE CONFIRMATION
It may take approximately 5 business days to receive and transfer your funds into your ICICI Bank Canada Investment Account, following which we will send you an Investment Balance Confirmation both via regular mail at your communication address and on your Secure Email ID.
Note: This confirmation will outline the details of your investment account including the balance amount. You are responsible for printing and keeping a copy of the Investment Balance Confirmation. Please note that a handwritten signature on this certificate is not included, nor required. If the customer misplaces the original copy then a duplicate copy will be issued bearing the word ‘Duplicate’ on it.
6. APPLYING FOR A VISA/STUDY PERMIT
7. ARRIVING IN CANADA
Upon arrival, click on http://icicibank.ca/abouticicibank/contactUs.pageto visit an ICICI Bank Canada branch to open a personal account and complete the set-up of your Guaranteed Investment Certificate (GIC).
You will need to present the following documents: • Valid Indian passport
• Visa/Study permit (e.g. IMM 1442) • Investment Balance Confirmation
• Letter of enrolment from a Canadian educational institution (or a student ID card)
8. REPAYMENT OF YOUR INVESTMENT
Once we review your documentation in-branch and confirm all required information, we will open a personal chequing or savings account in your name and make an initial deposit of $2,000 plus any accrued interest from your investment account with us.
The remaining $8,000 will be kept in a non-redeemable GIC (one year term), and fixed equal monthly payments will be deposited to your personal account.
or
FOLLOW THESE SIMPLE STEPS
Applying for a refund?
Visa/Study Permit Declined
You receive a letter from the Canadian visa office stating that your Visa/Study permit application has been declined
Visa/Study Permit Cancelled
You seek a confirmation letter from the Canadian visa office stating that your Visa/Study permit is cancelled
Apply for your Study permit
After completing the process of application, funding & Investment Balance Confirmation, you submit an application for Visa/Study Permit to the Canadian visa office, India
You withdraw from the program You decide not to move to Canada or decide not to pursue the course and have returned to India.
or
Application for a Refund
You download, complete and submit the Student GIC Program Refund Application via Secure Email Service
Note: It may take up to 6 weeks to process your refund request.
Application Processing
We will review your application and confirm your status with the Canadian visa office, India
Note: International wire transfers may take up to 5 business days. Funds Transfer
Once approved, we wire the funds back to your Indian bank account from where the funds originated
Confirmation
1. APPLY FOR A REFUND
Redemption of the outstanding principal in your Investment Account or GIC can only occur in the following circumstances:
When in India
• Your study permit was declined. In this case, please provide us with a copy of the refusal letter that was issued by a Canadian visa office.
• Your application for admission to a Canadian educational institution was declined. In this case, please provide us with a copy of the refusal letter that was issued by the educational institution.
• You have withdrawn enrolment from the Canadian educational institution before your arrival in Canada. In this case, please provide us with a copy of the cancelled visa and study permit issued by the Canadian visa office in India.
• You voluntarily decided not to apply for a Canadian Visa/Study permit. We may contact the Canadian visa office to confirm that no application was filed.
When in Canada
You have withdrawn enrolment from the Canadian educational institution after your arrival in Canada. In this case, please provide us with a copy of the cancelled visa/study permit issued by the Canadian visa office in India. “Provide proof that you have returned to India. (Entry stamp in passport)”
HOW TO APPLY FOR A REFUND a. Download
Click on http://icicibank.ca/managed-assets/docs/spp-refund-application.pdf to download the ICICI Bank Canada Student GIC Program refund application.
b. Complete
The refund application is a fillable PDF that must be typed to be accepted. Once complete, please validate, print, sign and keep a copy for your records.
c. Submit
You must submit the refund application through the ICICI Bank Canada Secure Email Service I. Any one from the list below:
i. Refusal letter (all pages) provided by the Canadian visa office in India.
ii. Passport page showing the cancelled visa/study permit issued by the Canadian visa office in India.
II. The wire transfer instructions form provided by your bank in India for the purpose of wiring/transferring funds to your investment account in Canada; and
III. The application package you submitted to sign up for the Student GIC Program.
NOTE: Your refund application should include all required documents scanned in order to be processed. This application should be sent through our Secure Email Service, by responding to the most recent notification you received from us. The subject line of your response must specify: “ICICI SGP – Student’s full name (given/first name and last/surname) – Passport Number – Refund Request”.
2. BANK CONFIRMATION
Once your refund request is approved, we will verify that your study permit was declined or cancelled with the Canadian visa office in India.
If your application is incomplete or incorrect, it will be returned to you with an explanation. You will need to revise and resubmit a corrected application. Please note that there may be some processing delays in such cases.
3. REFUND
When your refund request is approved, we will redeem the outstanding principal plus accumulated interest from your account and wire your funds back to the bank account in India where your funds originated.
We will send you a notification of the fund transfer through the ICICI Bank Canada Secure Email Service. Please be advised that:
• The refund may take up to 6 weeks to process, from the date when the correctly completed refund application is received by ICICI Bank Canada. If there are any corrections required, the refund may be delayed.
• The program fee is not refundable.
• Applicable transfer fees may be charged by ICICI Bank Canada.
• Additional fees may be charged by intermediary banks during the refund wire transfer. It is the student’s responsibility to pay all additional fees incurred due to the refund.
Frequently Asked Questions (FAQs)
GENERAL PROGRAM INQUIRIES
Q. What is ICICI Bank Canada Student GIC Program?
A. ICICI Bank Canada is a Canadian bank that is participating in the Student Partners Program (SPP) in India. With the ICICI Bank Canada Student GIC Program, a student can open an investment account in Canada from India, and invest in a Guaranteed Investment Certificate (GIC) in Canada.
A GIC is a Canadian investment instrument (like a Fixed Deposit in India) that offers a guaranteed interest rate over a fixed period of time. It is similar to a fixed deposit account in India.
Q. Why should I apply for the ICICI Bank Canada Student GIC Program?
A. If you are applying to educational institutions in Canada under the SPP you must purchase a GIC to fulfil the proof of funds requirement for your Canadian visa/study permit application. Currently, there are 42 Canadian colleges participating in the SPP. For list of participating colleges click on
http://www.cic.gc.ca/english/pdf/kits/forms/IMM5961E.pdf If you are enrolled in a college or university that does not participate in SPP, you may still apply for the Student GIC Program to meet the Canadian visa office in India’s proof of funds requirement. Another advantage of the program is that you will have a Canadian bank account once an investment account is set up in your name with ICICI Bank Canada.
Q. What is a GIC?
A. Guaranteed Investment Certificate (GIC)s are secure investments that guarantee your principal. Your investment earns interest at a fixed rate for the duration you have kept your funds for (It is similar to a Fixed Deposit in India).
Benefits:
• Security and safety—both your original investment and interest payments are guaranteed by CDIC • Competitive interest rates—guaranteed for the full term of the investment
• Flexible investment terms—ranging from one year to five years • Choice of interest payment frequencies e.g. monthly, annually Q. What is a Personal Account?
A. Personal account is a bank account which is opened for day to day banking purposes. The chequing account , as is commonly called offers different facilities like a free debit card, free ATM usage, cheque book, and other services which are required for day to day banking.
Q. Do I need to have confirmed admission to a Canadian educational institution to apply?
APPLICANT INQUIRIES
Q. How do I begin the application process?
A. You must register for the ICICI Bank Canada Secure Email Service, a secure communication channel with ICICI Bank Canada.
Q. When can I deposit funds into my investment account?
A. You can apply for the ICICI Bank Canada Student GIC Program at any time during the year and deposit funds into your Investment Account. However, it is your responsibility to ensure that you apply for the program well in advance, so funds are deposited in your investment account before you apply for a study permit.
Q. What documents are required to apply to the program? A. To apply, you will need to provide the following documents:
i. Complete and signed copy of the ICICI Bank Canada Student GIC Program application, ii. Copy of passport pages (photograph page and the last page), and
iii. Copy of acceptance/offer letter from a Canadian educational institution.
Q. Where can I submit an application?
A. An application can either be submitted online through the ICICI Bank Canada Secure Email Service or in-person at a designated ICICI Bank Limited branch in India.
Q. Can I apply if the school I intend to attend is not listed as a participating college under the Student Partners Program?
A. Yes, you can still apply even if your educational institution of choice does not participate in the Student Partners Program.
Q. Can I open a joint investment account with ICICI Bank Canada?
A. No. Under the ICICI Bank Canada Student GIC Program, the investment account can only be opened in the name of the student who is applying for a study permit under the Student GIC Program.
Q. How do I follow up about my application status?
A. You must communicate with us via the ICICI Bank Canada Secure Email Service for all questions related to your application.
To contact us in India by phone, please call 1-800-200-3340 (India toll free). To help retrieve information efficiently, you must have a copy of your submitted application and the date of submission handy for the call.
Q. What amount do I need to wire to ICICI Bank Canada?
Q. Will ICICI Bank Canada refund my investment in case of any issues?
A. Yes, ICICI Bank Canada will refund your money under the following circumstances: (i) Your visa/study permit application was declined.
(ii) Your application for admission to a Canadian educational institution was declined.
(iii) You have withdrawn enrolment from the Canadian educational institution before your arrival in Canada. Note: Students can withdraw from the Student GIC Program even after arriving in Canada. However, they would need to provide evidence that they have withdrawn enrolment from their Canadian educational institution and returned back to India. The investment will only be refunded after verification of visa/study permit
cancellation with the Canadian visa office
Q. Can I transfer funds to my investment account through services other than a bank, such as a money exchange house (money transfer services)/third party services?
A. No. Funds must be wire transferred from a bank in India where you hold an account exclusively in your name or is a joint account with your parent(s), or the money will be returned. You will be responsible for covering all administrative/intermediary bank fees incurred as a result of the return of funds.
Q. Can a third-party deposit money into my ICICI Bank Canada Investment Account?
A. No, only you can deposit funds into your investment account, from your bank account in India. The Indian bank account should be exclusively in your name or be a joint account with your parent(s) in India. In the event of a refund, the money will be returned to this bank account where the original remittance was made from.
Q. How do I communicate with ICICI Bank Canada?
A. All communications with ICICI Bank Canada must be via the ICICI Bank Canada Secure Email Service. However, if you need to contact us before registering, please email us at [email protected]. You may also call us at 1-800-200-3340 (India toll free) for any further queries.
Q. Can a third-party follow up with ICICI Bank Canada in regard to the status of my application?
A. For privacy reasons, ICICI Bank Canada will not be able to disclose any information to anyone other than you.
Q. How can I reset my Secure Email Service password?
A. To reset your password, please refer to the “Important Information” section on the login page of the ICICI Bank Canada Secure Email Service for step-by-step instructions.
Contact us:
w
[email protected]
icicibank.ca
1-800-200-3340 (India toll free)
Q. Can I still use the same ICICI Bank Canada Investment Account if I defer enrolment or change my educational institution?
A. Yes, you may still use the same ICICI Bank Canada Investment Account number. You must use the secure mail service to inform ICICI Bank Canada about the change and send us your new offer/acceptance letter from the educational institution. You must also highlight your new arrival date in Canada. Submit your update by responding to the most recent notification you received on the secure mail service. The subject line of your update must state: ICICI SGP – Student’s full name (given/first name and last/surname) – Passport Number – School Change or Defer Enrollment.
Q. How can I update my personal or contact information (telephone number or home address or passport number)?
A. If you need to update your personal information, you must notify us through ICICI Bank Canada Secure Online Mail Service with supporting documentation (if applicable) by replying to the last message received from us. The subject line of your update must state: ICICI SGP – Student’s full name (given/first and last/surname) – Passport Number - Change Request
Your request will be processed within 5 business days. You will then receive an automated confirmation stating that the request has been submitted and a second automated confirmation once the changes are applied.
Note: If your passport number has changed, a copy of the first and last page of your new passport must be sent along with your update.
Q. When submitting a request, what should I specify in the subject line of my e-response?
A. When submitting a request, you must highlight the following within the subject line depending on the type of request–
The subject line must be formatted as follows:
‘ICICI SGP – Student’s full name (given/first name and last/surname) – Passport Number –Please select suitable options from the list below’
• Application Request
• Investment Confirmation Request • Passport Number Change
• Address Change • School Change
• Telephone Number Change • Refund Request
Q. Can I apply or am I eligible for Student Loan?
A. International students from India that have study permits and are coming to Canada for their Master’s degree program are eligible. Students enrolled in undergraduate programs (Bachelor’s degree) are not eligible.
Ve
