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ICICI Bank launches Student GIC for Canada

ICICI Bank Canada, a subsidiary of ICICI Bank, has launched Student GIC (Guaranteed Investment Certificate) program for the benefit of students aspiring to study in Canada. Students applying for a study permit under the Student Partner Program (SPP), are required to invest in a GIC of C$ 10,000 with a bank in Canada authorized to offer this facility. ICICI Bank Canada is the first Indian bank to be authorized by Canadian High Commission to accept GIC from Indian students. This program enables students from India to fulfill the prerequisite of purchasing a GIC by transferring funds from any bank account held by them in India to their ICICI Bank Canada account. Students can do this while they are in India. The amount of C$10,000 is paid back to the student while he/she is studying in Canada in 12 equal installments along with the interest amount. The processing fee for applying to this program is C$ 150. Vijay Chandok, president, ICICI Bank, said the program will help the students fulfill their dream of studying in Canada and also help their parents facilitate their overseas banking needs in an easy and convenient manner.

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