About SCOTIABANK STUDENT GIC PROGRAM

  1. Candidates register for the Scotia bank Secure Email Service.
    In order to submit your Scotiabank Student GIC Program Application, you must first register to send email through the "Scotiabank Secure Email Service". This service ensures that all communications between Scotiabank and you, including your personal and confidential information is protected.
    Important: Register with the same email address you will provide on your Scotiabank Student GIC Program Application.
  2. The Bank begins secure email communication.
    A few minutes after you register, a Scotiabank email from ems@scotiabank.com will be sent to your personal email. Follow the instructions in this email to access the Scotiabank Secure Email Service. Once you have accessed your mailbox, you will see an email with instructions on how to download the Scotiabank Student GIC Program Application.
    Important:For a step-by-step guide on accessing Scotiabank’s Secure Email Service please refer to the Scotiabank Secure Email Service User Guide or call myCALCULUS -9974726600
  3. The candidate submits a program Application
    Download and complete a Scotiabank Student GIC Program Application. The Application must be TYPED to be accepted. Review, print and sign the Application.
    Submit your Application:
    1. Scan your typed and signed copy of the Application in a SINGLE PDF file.
    2. Log into your Scotiabank Secure Email Service mailbox and REPLY to the secure email in the mailbox. Attach your scanned PDF Application.
    3. Update the subject line of your email to read: “Scotiabank Student GIC Program Your Full Name (Given/First and Surname/Last) – PASSPORT # – New Application”.
    4. This GIC Application must be sent to the bank directly from you, and will only be accepted through the Scotiabank Secure Email Service.
  4. The Bank opens an Investment Account in your name.
    Following review and acceptance of the completed Application, the bank will send you a secure email confirming your Scotia Investment Account Number and provide wire transfer instructions. You can expect this email within 5 business days (please allow for time difference, weekends and other Public Holidays in Canada).
  5. The candidate sends money from a Bank in India.(From his account ONLY)
    You will be required by the Canadian High Commission, India to remit $10,000 CAD to Scotiabank for your Scotiabank Investment Account, plus $200 CAD to cover administrative fees, for a total of $10,200 CAD.
    Important: Register with the same email address you will provide on your Scotiabank Student GIC Program Application.
    NOTES:
    • Money sent to fund your GIC with Scotiabank in Canada must come from your own bank account in India. Funds transferred from the bank account of third parties (e.g. parents name only, relatives and/or friends) whether with a bank in India or overseas will be rejected.
    • Funds from other sources such as Money Exchange House, Money Transfer Services, and Third Party Services will be rejected.
    • Intermediary banks usually charge a fee for wire transfers. Please advise your bank in India that Scotiabank must receive $10,200 in full and any charges/ fees (e.g. wire transfers) will be paid by you prior to the wire transfer.
    • International wire transfer may take 5 business days or more to reach us. Please check with your local remitting bank for a more specific time frame.
  6. The bank issues an “Investment Directions Confirmation”.
    Once the bank receives and processes your wire payment, it will issue the Investment Directions confirmation which you will use to obtain your Study Permit. The bank requires a maximum of 5 business days to issue your Investment Directions confirmation from the time the bank receives your wire transfer. Please be aware that international wire transfers may take up to 5 business days to reach the bank.
    NOTE: The Investment Directions include an acknowledgement from a Scotiabank Representative, which includes their name and branch information, a handwritten signature is not included, nor required. You are not required to return (email) the signed Investment Directions confirmation to Scotiabank.
    You are responsible for printing a copy of this confirmation for your records as secure emails are only available for 180 calendar days before automatic deletion.
  7. You apply for a Study Permit.
    You must submit a copy of the Investment Directions confirmation to the Canadian High Commission, India along with your Study Permit Application.
    Please refer to the VFS and/or Canadian High Commission, India websites for cut off dates for submission of Study Permit Applications for each session intake. Please allow for sufficient processing time for obtaining your Study Permit.
  8. “Welcome to Canada”.
    Upon your arrival in Canada, you will visit a Scotiabank branch of your choice to open a personal deposit account and to purchase your GIC. Please bring the following documents with you:
    Please refer to the VFS and/or Canadian High Commission, India websites for cut off dates for submission of Study Permit Applications for each session intake. Please allow for sufficient processing time for obtaining your Study Permit.
    • Investment Directions confirmation
    • Valid foreign passport
    • Letter of Enrolment from a Canadian Educational Institution (or a student ID card)
    • Study Permit (e.g. IMM 1442)
    • Welcome Letter
  9. We open a Deposit account for monthly deposits.
    After confirming your identification/documentation, the bank will open a personal Deposit account (Student Banking Advantage® Plan) and make an initial deposit of $2,000 CAD plus any accrued interest from your Scotia Investment Account. The remaining $8,000 CAD will be set up in a non-redeemable GIC - Guaranteed Income Optimizer (GIO) - aone year term – with fixed equal monthly payments for deposit to the Student Banking Advantage Plan account.