EP-01 | ALL ABOUT GIC | SCOTIABANK VS ICICI | FULLY EXPLAINED - YouTube

Hello, how are you all doing? This is the first video in my seven-part IELTS series.

I've already told you about shooting seven videos in seven days.

So I'm going to start with this video.

So, my topic for today is GIC.

First, let me explain what a GIC is.

GIC is an abbreviation for "Guaranteed Investment Certificate."

You must deposit $10,000 from India into a Canadian bank

to ensure that if you are unable to find work within a year,

you will be able to manage your expenses with this amount.

Every Indian student coming to Canada is required to deposit this GIC amount

in a Canadian bank where you will have a GIC account.

So, when you arrive in Canada, you can open your GIC account

and receive $2000 from your GIC amount, followed by $670 per month for 12 months.

That's all there is to it when it comes to GIC. You now understand what GIC is.

Many students will inquire as to which bank we will deposit our GIC funds.

ICICI Bank and Scotia Bank are the two major banks in the area.

People have doubts about these two major banks.

So, I'll share my experience with you so you can pick which bank to open your GIC account with.

First, both banks have the same procedures for opening a GIC account.

In both of these banks, you will receive $2000 and then $670 every month.

The major question is which bank is more convenient.

If the first bank is 2 km away from your home and the second is 12 km away,

there is a significant difference in terms of convenience.

Because Scotia Bank has branches every 2 km,

Three Scotia Bank branches are within walking distance of my house, and ICICI Bank is 12–15 km away,

requiring me to change buses twice.

As a result, you can tell the difference between the two.

If your consultant suggests that you open a GIC account with ICICI Bank, don't do it.

I'm not sure if they get a commission for this,

but if you're applying through a consultant, remind him that you only want

to open an account with Scotia Bank so that you don't face any problems afterwards.

Because I know that if you want to visit your bank during the winter,

travelling 12–15 km is a waste of time.

As a result, make sure to open your GIC account with Scotia Bank rather than ICICI Bank.

It's fine if you know there will be an ICICI bank nearby.

However, because Scotia Bank has more branches than ICICI Bank in general,

customers of ICICI Bank are inconvenienced here.

Some of my classmates have ICICI Bank accounts,

so going to the bank takes up their entire day.

And you may be aware that after you arrive here, you will need to visit the bank several times.

So, I recommend that you open an account with Scotia Bank, which should be nearby in your area.

Although many banks have mobile applications, I wanted to make a video because many people are still unaware,

and this video may help them. That concludes today's video.

You should now understand what a GIC is, which big banks run this programme,

and which bank you should open an account with. That concludes today's video. I hope you enjoyed it.

Please like this video if you are still here, because every like counts.

Also, subscribe to the channel, view my prior vlogs, and let me know which one you preferred in the comments

Finally, follow me on Instagram, as the profile link is in the description. Goodbye until then.