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How To Activate GIC Account in ICICI Bank Canada

Posted on by Freddy
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How To Activate GIC Account in ICICI Bank Canada

To Activate GIC Account in ICICI Bank Canada, complete the activation form online or through the mobile app and upload the required identification documents. On page 3, you now have a choice of opening an account with Royal Bank of Canada or you can continue with your Activation application with ICICI Bank Canada.

Activating your student account is easy with our customized mobile app.

You may complete the application through our mobile app. Alternatively, you can also complete and submit it online:
Mobile AppOnline
Download the ‘ICICI Bank Canada SPP App’ from the Android or Apple app stores.Click here if you are submitting the application on a laptop/desktop.

Upon your arrival in Canada –

1. Complete the activation form online or through the mobile app and upload the required identification documents,

2. On page 3, you now have a choice of opening an account with Royal Bank of Canada or you can continue with your Activation application with ICICI Bank Canada

3. When choosing Royal Bank Canada (RBC), the following steps apply.

    • Complete the form and submit the activation application with ICICI Bank Canada.
    • You will receive instructions for opening an account with Royal Bank of Canada in your secure mailbox.
    • Please check your secure mailbox for the email and Referral Document attached.
    • Follow the steps carefully to successfully link your ICICI Bank Canada GIC with your Royal Bank of Canada account.

4. When choosing ICICI Bank Canada, complete online KYC or in-person verification by visiting any ICICI Bank Canada branch or any of our authorized partners across Canada.

5. Depending upon your banking preference, we will convert your student account to ICICI Bank Canada Basic Chequing Account or Remittance Account and open a new GIC account to transfer the money, as follows:

    • $8,000 will be invested in a 1-year fixed-term GIC. (The principal amount and interest earned will be deposited into your ICICI Bank Canada Basic Chequing Account or Royal Bank of Canada account automatically in 12 equal monthly installments.)
    • The balance amount available will be retained in your ICICI Bank Canada Basic Chequing Account or sent to your Royal Bank of Canada account.

activate-your-student-account-guide

Application process for Students GIC program

1. Register for the Student GIC Program

To initiate the application process, please register for the ICICI Bank Canada Student GIC Program as follows:

  • Click on the ‘Register / Login’ button below.
  • On the next screen, click on ‘Register’.
  • Fill out the required details including name, username and personal email address. You also need to select your own password and a security question for resetting your password in case you forget it.
  • An email with the activation link to complete your registration will be sent to the email address you have provided.
  • As soon as you click on the activation link, you will receive a registration confirmation on screen.

Note: If you do not receive the email with the activation link after 5 minutes, please click the ‘Re-send Activation’ link on the login page.

2. Submit an application

Upon successful registration, you will be directed to our secure mailbox (solely for the initial communications with ICICI Bank Canada regarding the Student GIC Program). 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.
  • A confirmation of the same will be sent to you through our secure mailbox.

Note: If there are any discrepancies observed in your application, a notification will be sent to your personal email address as well as our secure mailbox.

3. Deposit Funds into the Account

Through wire transfer, please deposit a minimum of CAD 10,175 into your Student Account as per the following breakdown.
CAD 10,000to be deposited into your Student Account (or the amount specified by Immigration, Refugees and Citizenship Canada for the province of your arrival);
CAD 150to cover the non-refundable account processing fee;
CAD 25to cover any other corresponding bank charges, if applicable.
Please ensure that funds are wired from your bank account in one single transaction – do not send multiple deposits into the account before arriving Canada.

Upon receipt of your funds, an Investment Balance Confirmation will be sent to you via our secure mailbox.  We recommend that you print a copy of this confirmation for your records. Should there be any excess amount after deducting the corresponding bank charges and processing fee, it will remain in your account.

Note:

>International wire transfers may take approximately 5 business days (or more) to reach ICICI Bank Canada.

>When you are applying for a student visa / permit, it is important to attach a copy of the Investment Balance Confirmation with your application when submitting it to the Canadian Visa office in your home country.