A GIC student account is used to show proof of funds when moving to Canada for higher studies. An investment of approximately CAD 20,635 (INR 12.83 lakhs) is made by transferring money to a GIC account from India. However, knowing about the GIC refund policy and time is important if your visa is declined or you withdraw from the course and leave the country. Submitting a refund request and relevant documents is necessary to initiate the process. Let’s explore important details related to the refund policy, processing time, and the steps to initiate a refund.
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Overview of GIC Refund Policy
As per the GIC refund policy, students can request a refund and reclaim their investments in the GIC student account. You are eligible for a refund if your study visa application is declined or if you withdraw from the course and plan to return to your home country.
After deducting the applicable fees, the bank will refund the remaining balance in your GIC account. Not all fees are refundable, and these include the application processing fee (CAD 150 to 200).
To initiate a refund, you must provide relevant documents. This includes a confirmation letter from the visa office indicating that your study permit has been cancelled or declined. Other documents specifying the withdrawal of your candidature from the course may include medical certificates.
Fees Deducted
The amount you receive as a refund may differ from the original amount deposited due to changes in foreign exchange rates.
- If you apply for a refund within 14 days of GIC application, the bank will deduct a processing fee of CAD 150.
- If you apply for a refund after 14 days, the processing fee of CAD 200 is deducted.
Also Read: Planning studies in Germany? Know all about the latest amount, features, and providers of German Blocked Accounts for international students.
GIC Refund Processing Time
Once the refund request is approved by the bank or the financial institution, the funds will be credited to your original bank account within 6 to 7 weeks. Make sure to fill out all the information correctly and provide the supporting documents promptly to avoid delays.
Some of the factors that affect the GIC refund time are the bank’s guidelines, policy, and the circumstances of your request. Here’s the expected time of some of the popular international banks-
- Scotiabank: After submitting your refund request, you can expect to receive your refund within four weeks.
- CIBC: Refunds are typically processed within 15 to 20 days after the request is approved.
- RBC: The refund process follows similar timelines as other banks, typically within a few weeks after the necessary documentation is provided.
If you applied for a GIC student program under the Student Direct Stream (SDS) of ICICI Bank, the time taken is 4 to 6 weeks.
The processing time for GIC refunds with SBI Canada is similar, usually taking around 6 to 7 weeks after the refund request is approved. This period includes the verification of documents and the actual refund processing.
Steps to Request GIC Refund
Requesting a GIC refund is a straightforward process. You need to complete the bank’s online refund application form and submit the same after entering the required details. The bank will verify and process the refund within the specified timeframe.
Follow these steps to initiate a refund request for your GIC account with Scotia Bank, CIBC, Bank of Montreal, ICICI Bank, and SBI Canada-
- Contact your bank and request a refund.
- Fill out the online application form.
- Provide personal information like name, account number, and contact information.
- Select the reason for the refund (visa rejection or withdrawal).
- Upload the required documents.
- Review the application and click submit.
Also Read: Finding difficulty in the process of account opening? Check out how to open a bank account for international students.
Factors Affecting Final GIC Refund Amount
Various factors affect the GIC refund amount. One of the factors which is not in anyone’s control is the exchange rates. However, other factors like bank charges and bank refund policy can be favourable if you choose the best Canadian student bank accounts. Let’s find out various factors that determine the final GIC refund amount-
- Currency Exchange Rates: The amount refunded may differ from the original deposit due to changes in foreign exchange rates. If the currency value has changed since the initial deposit, this can lead to a lower refund amount when converted back to your home currency. You must also understand how exchange rate volatility affects student loans.
- Non-Refundable Fees: Some fees, such as the initial application processing fee, are non-refundable. This means that these costs will be deducted from the total amount you receive back.
- Bank’s Refund Policies: Each bank may have different policies regarding GIC refunds, including the specific fees and processes involved. Certain policies may take longer than expected and lead to delayed communication and complications.
- Documentation Requirements: The need to provide proper documentation (e.g., proof of visa rejection or withdrawal from the course) can also impact the speed and success of your refund request, indirectly affecting the amount you receive.
This was all about GIC’s refund policy and time. Do not fall for the common myths around GIC Remittance Canada. Make sure to check the latest GIC refund policy and requirements with your specific bank. Also, ensure that all information is filled out correctly on the refund request form to avoid delays.
To know more about the best bank accounts for students, education loans, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 and ease your study abroad experience.
FAQs
Yes, you can get the GIC amount back if your study permit is rejected or you withdraw from your course.
You are eligible for a refund if your study visa application is declined or if you withdraw from the course and plan to return to your home country.
The GIC refund typically takes 4 to 7 weeks to process after the request is approved. The exact time depends on the bank you choose.
Processing fees of CAD 150 to CAD 200 may be deducted from the refund amount, depending on the timing of the request.
GIC payments are usually released monthly, starting after the initial deposit, for a total of 12 months.
