Scotiabank Student GIC Program

Application Guide - Please Read Before Applying

According to Citizenship and Immigration Canada (CIC) guidelines under the Student Partners Program
(SPP), you will require approximately $10,000 Canadian (CAD) per year, not including tuition fees, to
cover your living expenses. This requirement may be fulfilled through the purchase of a Guaranteed
Investment Certificate (GIC) – equivalent of a fixed deposit.

The Student Partners Program (SPP) is a joint pilot project between Citizenship and Immigration
Canada’s visa offices in India and China and the Association of Canadian Community Colleges (ACCC).

For more information and to see the list of participating institutions please visit:
http://www.canadainternational.gc.ca/india-inde/visas/spp-ppe.aspx?lang=eng&view=d

Important Deadlines:
Scotiabank will continue to receive your GIC Applications and issue confirmations subject to funds being
received.

Please refer to the VFS website (http://www.vfs-canada.co.in/visaapplication.html) and the Canadian

visa offices guidelines for Study Permit application submission dates applicable to each session intake.

For indicative purposes only, please see cut off dates for your wire transfer below for each session
intake.

Wire Transfer Deadline (last

date that funds may be
Intake Period
received and processed for
intake period)
Summer 2013 March 22, 2013
(April/May)
Fall 2013 July 26, 2013
(August/September)
Winter 2013-2014 November 22, 2013
(December/January)

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February 2013
 For your Scotiabank Student GIC Application process to be completed in time

Please note the following:

STEPS TO FOLLOW: STEPS TO AVOID (delay/ rejection of

 Allow for sufficient processing times. See
IMPORTANT DATES on the VFS and/or
Canadian High Commission websites to
confirm Study Permit application submission
cut off dates prior to submitting an application.
application)
 Do NOT follow up with requests to process
your application sooner, as repeated
queries cause processing delays. and
may result in deadlines being missed.

 Check your email address is correctly input in  Do NOT send duplicate application forms.
the GIC application Applications received in the same student’s
 Email your application in the prescribed format name more than once will be REJECTED
from the email address you have included
in your application. All communications will
be sent by Scotiabank to this email address
ONLY
 If the GIC application is incomplete or any
additional details are required, Scotiabank
will email you at the email address provided
in your application

 Only send a single typed (electronic)  Handwritten applications will NOT be

application
 Ensure you have signed your Scotiabank
Student GIC Program Application Form before
scanning it with your other application
documents
 Scan all requested documents (Application
Form /Passport Copy/Acceptance Letter) in
one (1) single PDF file
 Only applications sent to
newaccount@scotiabank.com will be
processed
accepted. (Please use the electronic version
only from our website
 Do NOT send application forms to multiple
email addresses
 Do NOT date your GIC application other
than the date the application is emailed to
newaccount@scotiabank.com.

 Please respect the GIC application  Do NOT follow up with your request
processing times, usually as follows: through several emails addressed to
 GIC confirmation will be sent usually different persons or email addresses.
within five (5) Business Days from receipt These will NOT be entertained
of application  Do NOT wire transfer funds from any
 Once you send funds, it usually takes account other than your own bank account in
three (3) business days for the GIC to be India.
funded. The confirmation will be sent
usually within two (2) Business Days after
your GIC is funded
 Upon receiving a request for a GIC
Refund, Scotiabank seeks confirmation
from the Canadian visa authorities in
India. Transfer of funds may take up to
eight (8) weeks from the date the refund
request is received from the applicant

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February 2013
 STEPS TO FOLLOW:
 Queries, if any, must ONLY be addressed to
studentgic@scotiabank.com and should
only be sent from the email address used in
your original application.
 The Subject Line must include the Student
Name (First and Last), Date of Birth, Passport
Number and the GIC IP Number (if known).
 Only funds transferred from the student’s bank
account in India will be accepted for funding
the GIC. A total of $10,100 CAD must be
received by Scotiabank in Canada
 Email requests for REFUNDS must:
 be addressed to
newaccount@scotiabank.com
 include in the Subject Line – Student
Name, GIC IP Number, Passport Number
and Date of Birth
 attach in a SINGLE PDF File the Refusal
Letter issued by the Canadian Visa Office
in India, the original TT receipt and the
completed Refund Wire Transfer Form
STEPS TO AVOID (delay/ rejection of
application)
 You will be sent a Temporary Password
from Scotiabank Secure Email System link
to access your communications from
Scotiabank, do NOT delete the Temporary
Password required for initial login to the
Secure Email system, without first saving
it.
 Once you enter the temporary password
you will be forced to change the temporary
password; please ensure you make note
of the new password you assign your
account
 Do NOT use money transfer services other
than Banks
 Do NOT have a third party deposit funds into
your GIC Investment account on your behalf
 Do NOT send multiple follow-up emails, after
requesting a refund. Transfer of funds may
take up to 8 weeks from the date the request
is received from the applicant
 Do NOT send multiple follow-up emails,
after requesting a refund. Transfer of
funds may take up to 8 weeks from the
date the request is received by us, to allow
time for refund confirmation from
Canadian visa authorities
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February 2013
 Frequently Asked Questions (FAQ’s)

What is a GIC?
Q. What is a GIC?

A. A Guaranteed Investment Certificate or GIC is a Canadian investment that offers a

guaranteed rate of return over a fixed period of time.

Q. Is it mandatory to purchase a GIC?

A. The Canadian High Commission advises as follows:

PREFERRED OPTION for proof of funds: Evidence of purchase of a special Guaranteed

Investment Certificate (GIC) from a participating Canadian financial institution (bank), in the
amount of $10,000 CAD to cover living expenses for your first year in Canada and evidence of
payment for your first year’s tuition.

As an alternate option, you can fulfill the financial requirement by submitting a copy of the receipt
for the first year’s tuition fee AND a copy of an Educational Loan from an Indian Chartered Bank
equivalent to $10,000 CAD.

For more information on the above, please refer the Student Partners Program (SPP) Checklist in
the link below (see Student section - Study Permit Checklist-University)
http://www.vfs-canada.co.in/visaapplication.html

Q. What are the details of the Scotiabank Student GIC Program?

A. Purchase Amount/(Starting Principal): $10,000 CAD

Interest Rate: The Interest Rate is Scotiabank’s posted rate for a one-year cashable guaranteed
investment certificate on the Issue Date. The current rate on any day can be found at
http://www.scotiabank.com/rates
Term: One year.
Issue Date: The Issue Date is the date that we receive your wire transfer for the Purchase
Amount plus applicable fees. If the date that we receive your wire transfer is not a business day,
the Issue Date will be the next business day.
Maturity Date: One year after the Issue Date.

How do I apply for the Scotiabank Student GIC Program?

Q. Where can I get the application form?

A. The form is available on the Scotiabank website. Please follow the link:
http://www.scotiabank.com/ca/en/0,,5698,00.html
The form is available under the “How to apply" tab.
* Only download and complete this application once you have fully reviewed this
document (the Scotiabank Student GIC Program Application Guide).

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February 2013
 Q. How do I submit the application?

A.
Step 1 Input the information requested in the GIC Application Form in the appropriate fields.
(Application Form must be TYPED to be accepted)
Step 2 Please REVIEW the completed Application Form to ensure accuracy and that no details
are missing.
Step 3 Press the Print button at the end of Page 3 of the form.
Step 4 Sign the application. Keep a copy of the Application Form for your records.
Step 5 Scan all documents in ONE SINGLE PDF File, in the following order:
I. Signed copy of the Scotiabank Student GIC Program Application Form.
II. Copy of passport pages (photograph page and the last page with signature)
III. Copy of acceptance letter from a Canadian educational institution
All copies MUST be signed by the student
Step 6 Email the SINGLE PDF File to newaccount@scotiabank.com. Please specify
“Scotiabank Student GIC Program” in the subject line of your email.

The email should contain only ONE PDF which should include all the documents;
otherwise the application will not be processed.

Or

If you do not wish to email the Application Form, you may instead mail a completed application to
the following address:
Scotiabank – Multicultural Banking,
Attn: SSGP
44 King Street West,
Toronto, ON M4H 1H1
Canada

Application and Processing Timelines

Q. What is the timeframe for the entire process?

A. From the date that Scotiabank receives your application to the date that your GIC certificate is issued,
you should be prepared to wait for processing of approximately two (2) weeks. Please note that this
timeline depends on you transferring your funds immediately following the receipt of your Investment
Account Number (see Step 1).

Step 1 Following receipt of the completed application form, Scotiabank will send you an
encrypted email confirming the Investment Account Number and provide wire transfer instructions
(to transfer money) within five (5) business days to enable you to purchase the GIC. Please
allow for time difference, weekends and other Public Holidays in Canada.

Step 2 You will be required to remit $10,100 CAD to Scotiabank. (International wire transfer
takes about 5 business days. Please check with your local remitting bank for a more
specific time frame).

Step 3 A confirmation of the GIC details (such as issue date, maturity date, and interest rate) will
be sent to you via encrypted email within three (3) business days (postponed accordingly

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February 2013
 for Canadian Public Holidays) after receipt of your wire payment. You must submit a copy
of the confirmation to the Canadian High Commission along with your Study Permit
Application. You are also responsible for printing a copy of this GIC confirmation,
delivered to you electronically, for your records.

Q. What are the deadlines for Scotiabank Student GIC Program applications to be submitted and for GIC
Investment Accounts to be funded in order to meet study permit deadlines as prescribed by the Canadian
High Commission?

A. Please refer to the VFS and/or Canadian High Commission websites for cut off dates for submission of
Study Permit applications for each session intake. Scotiabank will continue to receive the GIC
Applications and issue confirmations when funds are received. However, students must allow for
sufficient processing time for obtaining their Study Permit. A student may request for the GIC to be carried
forward to apply for a Study Permit for the next session intake, if unable to meet the current session cut
off. The GIC will continue to earn interest until it is redeemed or refunded.

Transferring Your GIC Funds

Q. How much money do I have to remit to my GIC account?

A. You will be required to remit to Scotiabank $10,000 CAD for the GIC plus $100 CAD to cover
administrative fees. If Scotiabank receives less than the prescribed amount of $10,100 CAD, the money
will be returned to your bank account at the bank where the original remittance was made, and the GIC
will not be processed.

Q. How do I transfer funds into my account?

A. Once you receive the encrypted email containing your Investment Account Number, please use the
following information when sending a wire transfer:

Name of Bank: The Bank of Nova Scotia (Scotiabank)

Branch Address: International Banking Division, Toronto, Ontario
Branch Transit: 52712
Institution Code: 002
Swift Codes: NOSCCATTCOL- to credit Front St, CAU #03996- Scotia Student GIC
Program-Attention Venice Botelho
Beneficiary Name: [First Name] [Last Name] and Investment Account Number
[xxxxxxxx]

Please DO NOT send a follow-up email to any Scotiabank email. Once your GIC account has been
funded, a confirmation of the GIC details (such as issue amount, date, maturity date, and interest rate)
will be sent to you via encrypted email.

Q. Can I transfer funds from other banks apart from a Scotiabank India Branch or Kotak Mahindra Bank
Branch?

A. Yes, the funds can be wire transferred from any bank in India where you hold your account.

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February 2013
Q. Can the GIC be deposited by anyone other than the student?

A. No. Funds must be deposited in the GIC by the student. In the event of a refund, the money will be
returned to the student’s bank account at the bank where the original remittance was made.

Q. I have sent my wire transfer to a Bank other than Scotiabank. What do I do?

A. You will need to contact the originating bank and advise them to resend the wire transfer to The Bank
of Nova Scotia (Scotiabank) as indicated in your Welcome Package.

Accessing Your Funds in Canada

Q. How will I access my GIC when I arrive in Canada?

A. Upon arrival in Canada, you will need to visit a Scotiabank branch of your choice to open a personal
deposit account and to activate the GIC. At the Scotiabank branch you will be required to provide an
ORIGINAL valid passport, Letter of Acceptance to a Canadian educational institution (or student ID) and
Welcome Package (sent with GIC certificate). Copies of these documents are NOT ACCEPTABLE.

All payments of principal and interest will be paid to your Scotiabank personal deposit account
that you must open at a Scotiabank branch after your arrival in Canada* in accordance with the
following schedule:
• Initial principal payment of $2,000 CAD on the day the Scotiabank personal deposit account is
opened.
• Four (4) subsequent principal payments of $2,000 CAD will be made every two (2) months
beginning two months after the initial payment is made. Any principal balance remaining on the
Maturity Date will be paid to you on the Maturity Date.
* You must present identification acceptable to Scotiabank’s account opening policy in order to
open the personal deposit account.

Third Parties and Your GIC Application

Q. Can I open a Joint GIC Account?

A. Under the Scotiabank Student GIC Program the GIC can be made only in the name of the applicant
who is applying for the Study Permit under the SPP program.

Q. Can the GIC be deposited by anyone other than the student?

A. No. Funds must be deposited in the GIC by the student from their bank account in India. In the event
of a refund, the money will be returned to the student’s bank account at the bank where the original
remittance was made.

Q. Can a “third party” (someone other than the account holder) follow up with Scotiabank in regards to my
application?

A. For reasons of privacy, we are unable to disclose any information to anyone other than the account
holder.

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February 2013
Refunds
Q. How can I get my money back if my Study Permit is refused or I withdraw from the institution?

A. Full redemption of the outstanding principal of your GIC cannot occur prior to the Maturity Date unless
you provide us with proof that:

I. your Study Permit has been declined. Please provide us with a copy of the “Refusal Letter”
issued by the Canadian High Commission; or
II. your application for admission to a Canadian educational institution has been declined; or
III. you have withdrawn from enrolment at the Canadian educational institution after your
arrival in Canada. Please provide us with a copy of the cancelled Study Permit from the
Canadian High Commission office in India.

Please note: upon receipt of proof of any of these events and confirmation from the Canadian High
Commission, we will redeem the outstanding principal plus, for GICs outstanding for more than thirty days,
any accumulated interest. The refund may take up to 8 weeks from the date the GIC Refund request is
received from the applicant.

In order to process your refund, Scotiabank Canada will require the following to be emailed in one (1)
single PDF file to refundgic@scotiabank.com:
 the 3 pages of your refusal letter as provided by the Canadian High Commission;
 the original TT Receipt;
 and the completed Refund Wire Transfer Form (found in the “How to request a refund”
tab of our website)
Note: the subject line of your email should state: Refund Request - GIC number, passport
number and date of birth

Q. Are there any charges for the refund of my GIC?

A. Scotiabank will deduct the applicable administrative fees when completing the refund. The
intermediary banks may charge additional fees during the refund. The refund amount will be returned to
the student’s bank account at the bank where the original remittance was made.

Q. What do I do if I withdraw from university after arriving in Canada and have since returned to India?

A. If you have withdrawn from enrolment at the Canadian educational institution after your arrival in
Canada, and subsequently returned to India, please provide us with a copy of the cancelled Study Permit
from the Canadian High Commission office in India, the original TT Receipt and the completed Refund
Wire Transfer Form (found in the “How to request a refund” tab of our website)

Receiving Emails from Scotiabank

Q. I received an encrypted email from Scotiabank Secure Email System (ems@scotiabank.com). What
do I do next?

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February 2013
A. Please note that in order for Scotiabank to send customer sensitive information, we will send you a
Scotiabank Webmail portal link. Clicking this link will launch your web browser.
- You will be required to register first by clicking the “Register now” link for the
first time.
- the Webmail portal will send you a temporary password to complete the
registration; you will need to click the “Scotiabank Secure Email System” link;
this will take you back to the Secure Email login page. Note the temporary
password will be required for initial log in to the Secure Email system.
- once you enter the temporary password you will be forced to change the
temporary password; please ensure you make note of the new password
you assign your account;
- after completing the registration process you will be able to view the Webmail
inbox and read your secured email.
- Note: Secure Emails will be held for viewing for 30 days before automatic
deletion, so please view and save any content or attachments you wish to keep.
* For a step-by-step guide, please refer to our website and see the Secure Email
Client User Guide provided.

Q. I have forgotten my secure email password, what do I do?

A. Please send a password reset request from the email account you referenced on your original
application to studentgic@scotiabank.com. We will respond to your request with a temporary password
reset.

Following Up With Scotiabank

Q. If more than five (5) business days has passed and I have not received a response to my original
application submission, how do I follow up with regards to my application?

A. Step 1: Please check the junk mail file of the email account used in your original application and look
for an email sent from Scotiabank Secure Email System (ems@scotiabank.com).

Step 2- If you have not received an email with your Investment Account Number, kindly email your query
to Scotiabank to newaccount@scotiabank.com stating Subject: Follow up- Scotiabank Student GIC
Program – Last Name, First Name and Date of Birth (dd/mm/yyyy) to help us investigate and respond
to you. Please include the date the GIC Application was emailed and a copy of your original application
form.

* For all subsequent follow up emails, please include the email history so we may properly
respond to your additional queries.

Postponing your GIC Account with Scotiabank

Q. I have opened a Scotiabank Student GIC Program account with you for an earlier study permit
application, but never funded the account. Can I use the same Investment Account for the next school
term?

A. Yes, you can use your existing Investment Account number to wire funds to your GIC. Please refer to
the wire transfer instructions provided to you previously.

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February 2013
Q. I have opened a Scotiabank Student GIC Program account with you and funded the GIC. Can I use
my existing GIC certificate (Investment Direction) to re-apply once again for a Study Permit?

A. Yes, you can use your existing GIC Certificate (Investment Direction) for a new Study permit
application. The Canadian High Commission will validate the GIC with Scotiabank directly.

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February 2013