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Last updated: 17 Nov, 2015  

ICICI Bank Canada Launches Student GIC Program

NewsVoir | 16 Nov, 2015
ICICI Bank Canada, a subsidiary of ICICI Bank, announced the launch of Student GIC (Guaranteed Investment Certificate) program for students aspiring to study in Canada. As per the requirement, 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 authorised to offer this facility.

CICI Bank Canada is the first Indian bank to be authorised 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.

As per the terms of the program, 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.

Mr. Vijay Chandok, President, ICICI Bank, said "At ICICI Bank, we work towards addressing customer needs to make their lives simpler. Canada is one of the fastest growing destinations for students from India. The Student GIC Program will help the student fulfill their dream of studying in Canada and also help their parents facilitate their overseas banking needs in an easy and convenient manner. Students and their parents in India have a strong connect with ICICI Bank and we look forward to servicing the needs of the students while they study in Canada.”

Aspirants can apply for the Student GIC program in four easy steps:

1. Register Online with ICICI Bank Canada: Fill in personal details online by visiting http://www.icicibank.ca  to register. Once registered, the student will receive a password, using which he/she can log in to a secured email account. The application form for Student GIC program will be sent to this secured email account.

 

2. Submit application: Students can fill in the application form and submit it online via the secure email account. They can also submit it at designated Forex Branches of ICICI Bank in India. The list of these branches is available on http://www.icicibank.ca

 

3. Fund the account: Fund the ‘ICICI Bank Canada Student GIC Program’ account with C$10,000 plus a processing fee of C$ 150 using any bank account in India. The transfer can only be made from student’s own account or joint account held by him/her in India.

 

4. Complete the balance documentation formalities in Canada: Once the student lands in Canada, he/she will need to visit an ICICI Bank Canada branch to complete the residual documentation of ICICI Bank Canada Student GIC program. List of ICICI Bank Canada branches is available on http://www.icicibank.ca

 

To know more about Student GIC program including details on the application process and requirements, please visit http://www.icicibank.ca

 

About ICICI Bank Canada:

ICICI Bank Canada, a wholly-owned subsidiary of ICICI Bank Limited, is a full-program direct bank with an asset base of approximately C$5.9 billion as at March 31, 2015. It offers a comprehensive suite of financial solutions to cater to personal, commercial, corporate, investment, treasury and trade requirements. The Bank is supported by a state-of-the-art electronic banking platform (icicibank.ca ), a 24-hour toll-free Customer Contact Centre, mobile banking and proprietary ABMs. It has established its branch network in Ontario (Brampton, Don Valley Parkway, Downtown Toronto, Mississauga and Scarborough), British Columbia (Surrey), and Alberta (Calgary).

 

About ICICI Bank Ltd:

ICICI Bank Ltd (NYSE:IBN) had consolidated total assets of US $ 132.17 billion at March 31, 2015. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 17 countries, including India.

 

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

 

For media queries, write to us at: corporate.communications@icicibank.com

 
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