RBC International Student GIC Program

SDS Amount

SDS Amount

CAD 20,635

Processing Fees:

Processing Fees:

CAD 200

International Wire Transfer

International Wire Transfer

CAD 25



1% p.a

Are you planning to pursue your higher education in Canada?

As per Immigration, Refugees and Citizenship Canada (IRCC) requirements under Student Direct Stream (SDS) application process, students applying under SDS scheme for studies in Canadian Designated Learning Institutes, are required to invest CAD 20,635 in the form of Guaranteed Investment Certificate (GIC) with authorised Canadian Banks, in order to provide proof of funds to the Government of Canada.

A GIC is a secure investment that guarantees 100% of your principal and interest when held to maturity while earning interest at a fixed or variable rate, or based on a specific formula. At Lorien Finance, we have partnered with ICICI Bank to connect Indian students willing to study in Canada to the Royal Bank of Canada for a GIC. To participate in the RBC International Student GIC Program, you must be a legal resident living in one of the following countries: India, Antigua & Barbuda, Brazil, Colombia, Costa Rica, Peru, Saint Vincent and the Grenadines, or Trinidad & Tobago.

About Royal Bank of Canada

Royal Bank of Canada is one of Canada's biggest banks, and among the largest in the world based on market capitalisation. Being one of North America's leading diversified financial services companies, RBC provides personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis.

RBC International Student GIC Program helps you meet the IRCC SDS study permit guidelines.

How to get your GIC with Royal Bank of Canada?

Before you arrive in Canada

Step 1: Apply Online

  • Submit your application online for the RBC International Student GIC Program.
  • Your RBC Investment Account, which will hold your GIC will be opened within three business days of your application being approved.

Step 2: Transfer Funds

  • Once you receive the email confirming that your Investment Account has been opened, you will need to make a one-time international wire transfer to pay the minimum GIC amount established by IRCC plus any applicable fees including RBC one-time handling fee of CAD 200 as well as the International Wire Transfer fee. Your one-time international wire transfer cannot exceed CAD 30,000. Your wire transfer will cover the following:
  • The purchase of your initial GIC
  • RBC one-time handling fee of CAD 200
  • International Wire Transfer fee and charges. (These amounts may vary)
  • Once RBC receives the one-time wire transfer, they send you your RBC GIC Contribution Details document (also known as an Investment Confirmation), which you’ll need to submit to the Government of Canada with your Student Direct Stream (SDS) study permit application.

On arrival in Canada

Step 3: Visit Royal Bank of Canada

  • Once you’re in Canada, connect with the Royal Bank of Canada to book an appointment at your nearest branch. Ensure carrying your passport and study permit from the Government of Canada to your appointment.
  • RBC would verify your identity to activate your GIC reimbursement payments. You can also open a personal deposit account during your appointment and have your GIC payments deposited in this account.
  • Once you have a personal deposit account with any Canadian bank, your GIC will be redeemed to its full value (principal plus accrued interest). An initial lump sum payment will be paid to your account and the balance remaining will be invested in a Subsequent GIC in order to meet the requirements of the SDS program. Your Subsequent GIC’s principal will be divided into twelve 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 month.

Why choose Royal Bank of Canada?

  1. One of Canada’s largest banks

    Royal Bank of Canada has been helping international students and newcomers to Canada for more than 150 years.

  2. Bank account designed for students

    RBC offers students the flexibility they need without any monthly fee for full-time students.

  3. An app built for students

    RBC Mobile Student Edition of the RBC Mobile app gives students quick access to the features they use the most.

  4. Convenient access to your money

    Royal Bank of Canada has Canada’s largest combined branch and Automatic Teller Machine (ATM) network.

Why choose Lorien Finance to invest in GIC from Royal Bank of Canada?

  1. Quick Approval: Generally, securing a student GIC can be a daunting task. But with Lorien Finance, students have access to experts who can reach out to the bank and help resolve their queries on time.

  2. Ease of Use: Students can easily contact us by filling out a form on the website and our most trusted experts will reach out to them to help them with any query. The process is simple and efficient to make your study abroad dreams a reality.

  3. 100% Free Assistance: Our services are free of cost and we do not charge our students for helping them apply for their education loans.

  4. Reliable: At Lorien Finance, we ensure your experience is seamless and trustworthy. Our reliable experts ensure your funds are safe and accessible, giving you peace of mind for your study abroad journey.

Get your Study Permit in Canada with Us!
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Bringing answers to your questions

  • Is GIC compulsory for a Canadian study visa?

    Yes, GIC is now required in order to obtain a student visa to study in Canada. They normally do not examine applications that do not include a GIC because a GIC is a savings account that provides fixed returns to all eligible candidates over a certain length of time.

  • How long does it take to get my GIC?

    Provided your application to the RBC International Student GIC Program is approved, your RBC GIC and a “GIC Contribution Details” document will be issued and sent to you by secure email, typically within 3 business days of RBC’s receipt of your funds. This document sets out the details of your GIC, including its term, principal, interest rate, and other important information. 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 program.

  • What happens if my study permit is not approved, or I decide not to study in Canada?

    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 contact the RBC Pre-Arrival Service Team to request a refund of the funds, subject to the term and conditions of your initial application for the RBC International Student GIC Program. You will have to provide a reason and evidence (e.g., study permit rejection letter from Immigration, Refugees, and Citizenship Canada (“IRCC”), enrolment cancelation letter, etc.). Please note, your refund will not include the RBC handling fee, the return wire fee, and any other non-RBC international wire transfer fees that may be charged by third parties involved in the initial or return wire processes. The remaining funds will be returned to the same account from which they were originally wired to RBC.

  • How is my money protected once I send it?

    Royal Bank of Canada is a member of the Canada Deposit Insurance Corporation (CDIC). The CIDC protects your deposits for up to $100,000 per insured category at financial institutions that are CDIC members.

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