Every Bangladeshi student applying to Canada hears about the GIC — the Guaranteed Investment Certificate. "You need BDT 10 lakh in a Canadian bank." That's the headline. But nobody explains what it actually is, where the money goes, whether you get it back, and how to open one from Bangladesh. This guide covers everything.
1. What Is a GIC?
A GIC (Guaranteed Investment Certificate) is essentially a locked savings account in a Canadian bank. You deposit a fixed amount before you arrive in Canada. The money is then released to you in monthly installments after you arrive — like a self-funded living allowance.
It's not a fee. It's not a payment to the government. It's your own money, sitting in a Canadian bank, that gets paid back to you over 12 months to cover your living expenses while studying.
Think of it as proof that you have enough money to live in Canada — and the bank holds it to make sure you actually spend it on living, not sending it all back home on day one.
2. How Much Do You Need in 2026?
As of 2026, the required GIC amount is CAD $20,635 (approximately BDT 18.5 lakh at current exchange rates).
Note: This amount was increased from CAD $10,000 in January 2024. The sudden doubling caught many Bangladeshi students off guard. The new amount reflects the actual cost of living in Canada — the old requirement was unrealistically low.
If you're applying through the SDS (Student Direct Stream) pathway, the GIC is mandatory. For the regular study permit pathway, you can show other proof of funds instead — but GIC is strongly recommended because it speeds up processing.
3. How to Open a GIC from Bangladesh
You can open a GIC account remotely from Bangladesh — you don't need to travel to Canada first. Here are the approved providers:
Option 1: Scotiabank (most popular)
- Open online at startright.scotiabank.com
- Fee: CAD $10 setup fee
- Processing: 2-5 business days after wire transfer
- You'll need: passport, university acceptance letter, and a wire transfer from your Bangladeshi bank
Option 2: CIBC
- Open online through CIBC International Student GIC portal
- Fee: No setup fee
- Processing: 1-3 business days
Option 3: Other approved banks — BMO, HSBC Canada, ICICI Bank Canada, and several others also offer GIC accounts for international students.
Wire transfer from Bangladesh: You'll need to visit your Bangladeshi bank (Brac Bank, DBBL, City Bank, etc.) and request a wire transfer in CAD to the GIC provider's account. Your bank will need the following from you:
- University acceptance letter
- Student's passport
- Proof of funds (family bank statements)
- Bangladesh Bank foreign exchange form (FE-2 form)
The entire process takes about 1-2 weeks from start to GIC confirmation letter.
4. When Do You Get the Money Back?
Your GIC funds are released in two stages:
- First installment: CAD $2,000 released immediately when you arrive in Canada and activate your bank account in person
- Monthly installments: The remaining amount (approximately CAD $1,550/month) is released monthly over the next 12 months
So yes — you get all the money back. It's not a fee or a tax. It's your living allowance, released to you monthly. After 12 months, the GIC account is empty and closed.
Important: You must visit the bank in person after arriving in Canada to activate the account and begin receiving monthly payments. Bring your study permit, passport, and GIC confirmation letter.
5. GIC for SDS (Student Direct Stream)
If you're applying through the SDS pathway (the fastest route for Bangladeshi students), the GIC is mandatory. SDS requirements include:
- GIC of CAD $20,635 ✓
- Tuition paid for the first year (or first semester in some cases) ✓
- IELTS 6.0 in each band ✓
- Acceptance from a DLI (Designated Learning Institution) ✓
- Medical exam completed upfront ✓
With SDS + GIC, processing time is typically 20-30 days (vs 3-4 months for regular pathway). This is why we recommend SDS to every Bangladeshi student who qualifies.
6. Frequently Asked Questions
Can I use family savings for the GIC?
Yes. The money can come from your parents, spouse, or other family members. The wire transfer can be sent from any Bangladeshi bank account — it doesn't need to be in your name. But the GIC account itself will be in your name.
What if I can't afford the full GIC amount?
The GIC amount is non-negotiable — you must deposit the full CAD $20,635. If this is difficult, consider education loans (DBBL, City Bank, and others offer study abroad loans) or family support. Remember, this money comes back to you — it's not a cost, it's a deposit.
Can I cancel the GIC and get a refund?
If your visa is refused, most GIC providers will refund the full amount minus a small processing fee (CAD $50-100). The refund process takes 4-8 weeks.
Do I earn interest on the GIC?
Yes, but very little. GIC accounts for students typically earn 0.5-1.5% annual interest. Don't think of it as an investment — it's a living expense fund.