• Once you have your Student GIC investment account number and wire transfer details, you are ready to transfer CAD 20,635 (twenty thousand six hundred thirty-five Canadian dollars), excluding fees, to purchase your GIC through SBI Canada Bank and meet Immigration Canada's financial requirements for a student visa. Your bank can help you with the wire transfer. Please note that your bank, including the State Bank of India, may also charge you a fee. You are responsible for paying these fees.
• SBI Canada Bank charges an administrative fee of CAD150. Please note that this fee is non-refundable.
• SBI Canada Bank must receive CAD 20,785 in full without any deductions to process your GIC request and collect the required administrative fees.
• If SBI Canada Bank receives less than the required amount, the funds will be returned to your bank account at the same bank where the original wire transfer was initiated and your GIC request will not be processed.
• If your money is returned, you are responsible for paying any money transfer fees and all of the intermediary bank or correspondent bank charges as a result of the decline.
• Please note that funds remitted through service providers such as money exchange houses, money transfer services, money services businesses or any third-party services (such as parents, relatives, or friends) will not be accepted.
• The wire transfer must be from a bank account in your country of residence that is exclusively in your own name or jointly held with your parent(s) / spouse.
• Please note that funds will be accepted only if the name of the sender and the beneficiary (i.e., the recipient) matches. Your bank must ensure that the wire transfer/MT103 should include the remitter/student's name, account number and full address at Line 50 and the beneficiary/student's name, account number and full address at Line 59. If the applicant/student doesn't have a specific address in Canada, the student's full address in the home country shall be provided in Line 59.
• In case of any mismatch, the wire transfer will not be accepted. The funds will be returned to your bank account at the same bank where the original wire transfer was initiated and your GIC request will not be processed at your own risk and responsibility.
• Please note that international wire transfers take about five business days. It is up to you to allow adequate time for the funds to transfer, keeping in mind the time zone difference between your country and Canada and weekends or holidays in both countries.

• Approximately in 01 business day after receiving the required funds, SBI Canada Bank will issue an Investment Declaration Advice that can be downloaded.
  • By logging onto your mobile application (if you have applied through YONO SBICA app)
  • Or from the web application by using your credentials (if you applied on the online application)
• The Investment Declaration Advice will include the interest rate on the issue date for a one-year Student Investment Account. Our current Student Investment Account interest rates are shown on our Interest RatesInterest Rates page. All interest rates are subject to change from time to time.
• Please print a copy of the Investment Declaration Advice and keep it for your records. You will need to submit a copy of this letter when you are applying for your study permit.

After you arrive in Canada, you will need to confirm your identity using our Online KYC Method (YONO SBICA), SBI Canada Bank branch or Canada Post location to activate your account and access your funds. You must do this within 180 days of arriving in Canada.

There may be circumstances when you no longer require your student GIC investment and you are eligible to request a refund of your CAD 20,635 investment. These include:

• The Canadian High Commission declined your application for a study permit. In this case you must submit the following documents along with your signed refund application:
  • Self-attested copy of the Refusal letter issued by the Canadian visa office in your country.
• The Canadian educational institution, you applied to, declined your admission. In this case you must submit the following documents along with your signed refund application:
  • Self attested copy of the Refusal letter or Email sent to you by the educational institution confirming the refusal of admission.
• The Canadian educational institution approved your admission and you have obtained Study Visa, but you have decided not to pursue your studies and have withdrawn before arriving in Canada.
  • Clear Copy of Visa Approval Letter issued by IRCC.
  • Confirmation from the educational institution on withdrawal of your admission, and / or
  • Confirmation from educational institution on the refund of your academic fees.
• After making your Student GIC investment, you decided not to apply for a Canadian study permit.
  • Confirmation from the educational institution on withdrawal of your admission,
  • Confirmation from educational institution on the refund of your academic fees, and / or
  • SBI Canada Bank will contact the Canadian visa office to confirm that your visa application was not filed.
• After arriving in Canada, you withdrew your enrolment from the educational institution and are now pursuing your education in a country other than Canada.
  • In this case, you must provide SBI Canada Bank with:
    • Proof that you have returned to your country, such as a self-attested copy of the passport page showing the entry date stamped by the immigration authorities at the airport as proof of your return.
    • Confirmation from the educational institution on your withdrawal of your admission, and / or
    • Confirmation from educational institution on the refund of your academic fees.

Please note that irrespective of your moving to a country other than Canada, the refund will only be issue to your account from where SBI Canada Bank received the funds at the time of creating the Student GIC.

How to claim your refund

• Login to the Student GIC Portal . You will need to use your existing username and password that you used while applying for your Student GIC.
• Complete and print your refund application form.
• You will need to take a print and sign your refund application and upload the scanned copy of the refund application along with the required document(s) mentioned above (as applicable).
• Your refund application must contain all the required documents/information to be processed. If your refund application is incomplete, we will return it to you with an explanation to help you correct the mistake and provide the missing information or documents.
• You must revise and re-submit the application after making the necessary correction(s) and attaching all the required documents.
• SBI Canada Bank might contact the Canadian High Commission in your country to confirm your application status (for example, the refusal or the cancellation status of the study permit). The refund process will be strictly subject of receiving this confirmation from the Canadian authorities.
• It may take up to four weeks to process your refund request.
• Once your request has been approved by the Canadian High Commission, SBI Canada Bank will cancel your investment. SBI Canada Bank will redeem the outstanding balance from your SBIC Student GIC Investment Account, along with accumulated interest (if any), and wire the funds to the same bank account and the same bank from which the wire transfer initially originated.
• The original administrative fee of CAD150 is not refundable.
• SBI Canada Bank will deduct a money transfer fee of CAD25 from the eligible refund amount.
• Please note that additional fees may be charged by intermediary banks or correspondent banks during the wire transfer of the refund. You are responsible for paying any additional fees as charged by the intermediaries' correspondents during the refund process.
• SBI Canada Bank will notify you on your registered email confirming the transfer of funds and the closure of the accounts.