Skip to main content

Program Benefits

A Guaranteed Investment Certificate (GIC) purchased through the RBC International Student GIC Program is a type of deposit that helps you pay for your studies and living expenses while in Canada. International students who meet eligibility criteria can enjoy the following benefits:

How to Purchase an RBC International Student Program GIC

1. Determine Your Eligibility

The RBC International Student GIC Program is currently available to students from India or China only. If you are a student from China looking to study in Canada, please visit our Chinese International Student GIC Program page for additional information. If you are a student from India looking to study in Canada, please see the information below.

Visit the Government of Canada's Student Direct Stream (SDS) program pageExternal site opens in a new widow to determine if you qualify for a study permit

If You Qualify for the SDS Program

Students from India can contact our International Banking Team modal pop-up to request an Application Package for purchasing an RBC GIC in support of their study permit application through the Government of Canada’s Student Direct Stream (SDS) program.

2. Submit Your Application

You can apply for the RBC International Student GIC Program by following these 3 steps:

  • Review the Application Package documents then fill out and sign the required forms.
  • Scan or clearly photograph the following required documents:
    • Your passport's picture page
    • Your letter of acceptance from an eligible Canadian educational institution
  • Submit your application forms and required documents through the RBC Secure Email platformOpens in a new window. This platform allows you and us to securely exchange sensitive information and attachments by email. Please note, you will need to register for the service upon receiving your first RBC Secure Email message from us.

Once our International Banking Team receives and confirms your completed application forms and required documents, your Investment Account will be opened within three business days to hold your GIC once it is issued. A confirmation email will then be sent with detailed instructions on how to wire the funds for your GIC.

3. Transfer Funds

Once you receive the email confirming that your Investment Account is open, you will need to send us a total of CAD 10,250 by single, one-time wire transfer94, which covers the following:

  • GIC Investment Amount: CAD 10,000
  • RBC One-Time Handling Fee: CAD 200
  • Non-RBC International Wire Transfer (IWT) Fees and Charges (which may be charged by third parties involved in the international wire transfer process): Variable

Once we receive your wire transfer, we will deduct the CAD 200 handling fee. The balance, less any non-RBC IWT fees and charges that may be charged by other financial institutions involved in your wire transfer, will be the amount deposited as principal for your GIC. For example, if non-RBC IWT fees and charges total CAD 25, your GIC will be issued with a principal investment amount of CAD 10,025.

Your GIC Contribution Details document (also referred to as your “Investment Confirmation”) will be issued and sent to you by email (typically within 3 business days of RBC’s receipt of your funds). You can then use your GIC Contribution Details document, along with any other required documents, to apply for your Canadian study permit under the Government of Canada's Student Direct Stream (SDS) programExternal site opens in a new widow

How to Access Your Funds

Once issued, your GIC will be held in your Investment Account. Upon arrival in Canada, book an appointment at an RBC Royal Bank branch to complete mandatory identity verification, and to provide us with payment instructions for the personal deposit account (“PDA”) into which you’d like the proceeds of your GIC to be deposited.

You will need to bring your passport and study permit from the Government of Canada to your appointment.

If you choose to open a PDA with RBC during your appointment, your advisor will help you:

  • Open the PDA
  • Get your debit card so you can access your PDA at Automated Teller Machines (ATM) and RBC Royal Bank branches across the country
  • Set up RBC Online Banking25 and/or the RBC Mobile app25, giving you 24/7 access to your RBC accounts

You can then have your GIC reimbursement payments deposited into this PDA.

If you want to have your GIC reimbursement payments deposited into a PDA at another Canadian financial institution, you will need to provide the following information:

  • the name of the financial institution
  • the financial institution number
  • the financial institution branch number and address
  • your account number
  • your name associated with the account

Once you confirm the PDA into which you’d like your GIC reimbursement payments deposited, your Initial GIC will be redeemed for its full value (principal plus accrued interest). An initial payment of CAD 2,000 will be paid to your PDA and the balance remaining will be invested in a new GIC (the "Subsequent GIC") in order to meet the requirements of the Student Direct Stream program.

Your Subsequent GIC's principal will be divided into twelve (12) equal payments, to be paid to you each month of your Subsequent GIC’s one-year term, along with accrued interest applicable to each payment, until the funds are depleted in the twelfth (12th) month.

Learn more about ways to bank

If your study permit application is rejected by the Government of Canada, or if you decide not to attend school in Canada for another reason, you can email the RBC International Banking Teammodal pop-up to request a refund of your GIC deposit, less the CAD 200 RBC handling fee, the CAD 40 return wire fee, and any other non-RBC international wire transfer fees and charges that may be charged by third parties involved in the return wire process. Your remaining funds (less these deductions) will be returned to the same account from which they were originally wired to RBC.

How Can We Help You?

Contact Us

Need help setting up an RBC International Student GIC? We can answer any questions you may have and provide you with an Application Package.

Contact the International Banking Team modal pop-up

Call to Book an Appointment at a Branch

For the health and safety of our employees and communities, RBC has temporarily closed a number of branches, reduced hours, and is limiting the number of clients permitted at any given time. Open branches also have Plexi Protection Screens installed.

Toll Free from North America: 1-866-756-11071-866-756-1107  OrFind a Branch

Our phone services are available in up to 200 languages.

You will need to bring your passport and study permit from the Government of Canada to your appointment.