Scotiabank Student gic Program

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.

Are you planning to study in Canada?

The Scotiabank Student GIC Program can help you meet the study permit requirements of Citizenship and Immigration Canada faster by showing proof of funds – and provide you with easy access to your money to help pay for living expenses while you’re studying in Canada.

Are you planning to study in Canada?

The Scotiabank Student GIC Program can help you meet the study permit requirements of Citizenship and Immigration Canada faster by showing proof of funds – and provide you with easy access to your money to help pay for living expenses while you’re studying in Canada.

Refer a friend and you could each earn a $100 referral bonus*

GIC student

At Scotiabank, we understand that leaving your home country to move to Canada is a big decision. That's why we want to make things easier for you. When you fund a Scotiabank Student GIC with us and refer a friend or family member1 to open and fund one of their own, both of you could each earn a $100 bonus.2

Apply now

A unique offer link will be emailed to you with details.

*Conditions apply. Eligible Student GIC Account holders from India only.

GIC student

What’s a GIC (Guaranteed Investment Certificate)?

A GIC is an investment that offers a guaranteed interest rate over a fixed period of time. With the Scotiabank Student GIC Program you can invest between $10,000 CAD – $50,000 CAD.

Here’s an example of how it works:

Cash

Wire transfer $10,200 CAD to Scotiabank in Canada. $10,000 CAD will be deposited into your Scotiabank Investment Account and $200 CAD will pay for the program fee.*

Large amounts of cash

When you arrive in Canada and visit a branch, you will open a student bank account and have access to $2,000 CAD plus any interest deposited into your account.

Fast Chequing

Receive a portion of your investment back each month for 12 months – approximately $667 CAD each month.

12 month investment

Over the 12 month period, you’ll have received your $10,000 CAD investment back, plus interest.

Cash

Wire transfer $10,200 CAD to Scotiabank in Canada. $10,000 CAD will be deposited into your Scotiabank Investment Account and $200 CAD will pay for the program fee.*

Large amounts of cash

When you arrive in Canada and visit a branch, you will open a student bank account and have access to $2,000 CAD plus any interest deposited into your account.

Fast Chequing

Receive a portion of your investment back each month for 12 months – approximately $667 CAD each month.

12 month investment

Over the 12 month period, you’ll have received your $10,000 CAD investment back, plus interest.

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

How it works.

The Scotiabank Student GIC Program involves 4 key steps:

Coming from China?

In addition to applying online, you also have the option of applying through our partner banks. They’ll work with you to ensure your application is filled out correctly and submit it to Scotiabank on your behalf.

  • Send a wire transfer for $10,200 CAD from a financial institution in your home country to Scotiabank in Canada ($10,000 CAD for your Scotiabank Investment Account and $200 CAD for the program fee).*
  • We’ll send you a confirmation email with the “Investment Directions Confirmation” when funds are in your Scotiabank Investment Account.
  • Send a wire transfer for $10,200 CAD from a financial institution in your home country to Scotiabank in Canada ($10,000 CAD for your Scotiabank Investment Account and $200 CAD for the program fee).*
  • Submit your completed Study Permit application and your Investment Directions Confirmation to the Canadian visa authorities in your home country.
  • Once you’ve made your move to Canada, make an appointment at one of over 1,000 Scotiabank branches to open a student bank account and complete the Scotiabank Student GIC Program process.

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.

So much more than a study permit.

Get your education in Canada started right with the Scotiabank StartRight® Program3

Cash

Student banking package with no monthly fees4.

credit card

$1,000 unsecured credit card with movie rewards5-6.

scotia branches

Access to over 1,100 Scotiabank branches and 4,000 ABMs across Canada.

online bank

Safe and secure online and mobile banking 24/7.

Learn more about the program

Ready to get started?

Have questions or need help with your application?

Our StartRight™ Program support team is here to help.

Call us

Email us

  • *Based on the number of Scotiabank student GICs funded from 2019 to 2023 as a proportion of total GIC applications processed and approved through the Student Direct Stream (SDS) program in the same period by Immigration, Refugees and Citizenship Canada (IRCC). The SDS program assists international students in certain jurisdictions get their study permit faster with an eligible Guaranteed Insurance Certificate (GIC) from a Canadian issuer. Based on a comparison to other SDA program qualifying student GICs offered by Canadian Schedule I Banks as of August 1, 2023.
  • 1A "Friend or family member" means people you have a close personal or family relationship with and who you are in regular contact with.
  • 2Conditions apply. Please see the Scotia Student GIC Refer- a-Friend Program Terms & Conditions
  • 3Scotiabank StartRight® Program, created for Canadian Permanent residents from 0–5 years in Canada, International Students and Foreign Workers.
  • 4Qualifying students are full-time students enrolled at a Canadian university, community college, Collège d'enseignement général et professionnel (CEGEP) or other recognized post-secondary institutions. To take advantage of the Student Banking Advantage Plan account benefits, you will need to provide your branch with proof that you are enrolled full-time at a qualifying postsecondary institution each academic year prior to November 30th. When you are no longer enrolled full-time or you have not presented proof of enrolment, the plan will be removed and the account will automatically be converted to an account that is suitable to you based on your recent transaction behaviour. Personal identification requirements must be met.
  • 5Subject to credit approval. To be eligible, you must be a participant in the Scotiabank StartRight® Program. To qualify for a credit card, you must be a resident of Canada and the age of majority in your province/territory where you live. Your approval for a credit card and the credit limit assigned will be determined based on Scotiabank’s credit criteria, including your verifiable income and credit history (If available). The credit limit amount of up to $5,000 under the Scotiabank StartRight® Program is subject to change by Scotiabank from time to time without prior notice. A credit history in Canada is not required in order to be eligible for a credit card under the Scotiabank StartRight® Program
  • 6SCENE VISA cardholders will receive points for purchases made with their SCENE VISA card. SCENE VISA cards must be connected to a SCENE membership in order to earn points. SCENE Points can only be redeemed at participating Cineplex Entertainment† theatres or scene.ca. Points are not awarded for cash advances, credit vouchers, returns, interest charges or service/transactions charges, balance transfers and Scotia® Credit Card Cheques. Some conditions and limitations apply. Visit www.scotiabank.com/scenevisa for complete details.