How much time it will take to get the refund of GIC?

If your study visa application is declined or you withdraw from the course and leave the country, the bank will refund you the balance available in your account but after deducting the application fees. Keep in mind, all fees paid including the application processing fee are non-refundable. The amount will only be available for refund after verifying that your study permit or visa is being cancelled or declined. For this, you will need to provide relevant documents or confirmation letter that you would have received from the visa office of Canada. The documents required may vary from one bank or service provider to another. Hence, it is advisable to check twice before requesting a refund.

When it comes to the refund process, you just need to login to your Guaranteed Investment Certificates GIC program profile and complete the refund request form online. To avoid unnecessary delays, ensure that you have filled all the details correctly. For security reasons, the bank refunds the amount to the account where these funds were initially received from. Once the bank or financial institution approved the request, the fund will be credited to your account within 6-7 weeks.

FAQ – GIC Refund

 

How do I get a refund from GIC?

To get a refund from GIC (Global Investment Corporation), you typically need to contact their customer service or visit their website to follow the refund process outlined for your specific investment.

Can I withdraw my student GIC?

Generally, student GICs have a lock-in period and specific conditions for withdrawal. You should review the terms of your student GIC agreement to understand if and how you can withdraw funds before maturity.

Is GIC fully refundable?

GICs usually offer partial or full refunds depending on the terms of the investment. It’s essential to check the terms and conditions of your specific GIC agreement to understand its refundability.

How do I claim GIC?

Claiming a GIC refund usually involves following the procedures outlined by the issuing institution. This may include submitting a request form or contacting customer service for assistance.

Are GICs good or bad?

Whether GICs are good or bad depends on individual financial goals, risk tolerance, and investment strategy. GICs are generally considered low-risk investments that offer stable returns over a fixed period, making them suitable for conservative investors seeking capital preservation. However, they may not offer high returns compared to other investment options like stocks or mutual funds. It’s essential to assess your financial situation and investment objectives before deciding if GICs align with your needs.