Get your study permit faster*

Apply for the Scotiabank Student GIC Program to help you meet the study permit requirements of Citizenship and Immigration Canada faster.

International Student Refer a Friend Program

Refer an international student to apply for a Student GIC and get a $150 bonus. Plus, they will get $50.*

*Conditions apply.

Get rewarded

We’ve helped more international students than any other bank in Canada since 2019 in getting their study permits faster*

From getting your permit approved to paying for living expenses, the Scotiabank Student GIC Program can help you plan for your education.

What's a GIC?

A GIC (Guaranteed Investment Certificate) is a fixed-term investment with a guaranteed interest rate. The Scotiabank Student GIC Program allows students to invest from $20,835 CAD to $50,000 CAD.

Here's an example of how it works:

Wire transfer $20,835 CAD to Scotiabank in Canada. $20,635 CAD will be deposited into your Scotiabank Investment Account and $200 CAD will pay for the program fee.

When you arrive in Canada, visit a branch to open a student bank account. You will have access to $4,127 CAD plus any interest deposited into your account.

Receive a portion of your investment back each month for 12 months – approximately $1,376 CAD each month.

Over the 12-month period, you’ll have received your $20,635 CAD investment back, plus interest.

Interest rates paid on GICs are subject to change. View our current GIC rates.

NOTE: IRCC has revised requirements to better protect international students applying for study permits on or after January 1, 2024. Learn more >

Applicants who intend to study in Québec will need to deposit $15,278 CAD into a Scotiabank Investment Account and $200 CAD will pay for the program fee.

Student banking with Scotia just makes sense

  • No monthly account fees on a student chequing account.

  • Earn Scene+™ rewards on your everyday purchases.

  • Scotia Smart Money budgeting tool.

  • 4,000+ ABM and convenient branch locations.

  • Personalized banking advice.

How it works

Have more questions about the process?

Checkout the Scotiabank Student GIC Program Guide for details on how to request a refund in the event your study permit is declined or cancelled and answers to other frequently asked questions.

Study permit denied or cancelled? 


Ready to open your account?

For your information, only selected countries are eligible for Scotiabank Student GIC program. Before we continue with your application, please make sure your country of origin is listed here:

  • Brazil
  • China
  • Colombia
  • India
  • Morocco
  • Pakistan
  • Peru
  • Philippines
  • Senegal
  • Vietnam

Apply for our International Account offered to residents of the following additional countries:

  • Chile
  • France
  • Germany
  • Mexico
  • Peru
  • Saudi Arabia
  • Spain
  • UAE
  • UK
  • Venezuela

Is your country not listed here? Our team would be happy to help you with all of your banking needs once you arrive in Canada. Please contact us to book an appointment.

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