Scotiabank Student GIC Program (SSGP)
Under the Scotiabank Student GIC Program (SSGP), you can purchase a Guaranteed Investment Certificate (GIC) from Scotiabank for $10,000 Canadian dollars. A GIC is a Canadian investment account that offers a guaranteed interest rate over a fixed period of time.
- $2,000 CAD plus any accrued interest will be deposited into your personal bank account when you arrive in Canada.
- Each month, for 12 months, you’ll receive a portion of the balance of your investment back, plus interest.
- You can use these funds to help pay for living expenses while you’re studying in Canada.
- After 12 months, you’ll have received your $10,000 CAD investment back.
- The fee to administer this program is $200 CAD.
How to get back $10,000 CAD
When students arrive in Canada and open their account within Scotiabank, bank will return $2,000 CAD with interest and the rest of amount will be deposited monthly through 12 months with interest.
In Case of Visa Declined
If your Visa or Study Permit is declined or cancelled, Scotiabank will return your $10,000 CAD investment or the remaining balance if you have already received a portion of the funds. You will need to prove that:
- Your Visa and/or Study Permit has been declined or cancelled.
- Your application for admission to a Canadian Educational Institution has been declined.
- You have withdrawn enrolment from the Canadian Educational Institution.
If you withdraw from your studies in Canada, tell your Scotiabank branch that you’re returning to Vietnam.
We’ll close your account(s), then you can request your refund when you return to Vietnam.
Follow these 2 simple steps to request your Scotiabank Student GIC Program refund. Once Scotiabank has approved your refund request, it may take up to 4 weeks for you to receive your refund.