FAQs - Student Partnership Program

The Student Partnership Program (SPP) Account is designed specifically for individuals who are planning to move to Canada to study as an international student.  Students can begin the process of opening a SPP Account from their home country, as well as deposit funds into the account and obtain an Investment Balance Confirmation to fulfil proof of funds requirement applicable to their study program.

Yes. Proof of a Canadian account in your name and transfer of money in that account or a GIC from a participating Canadian Bank may still be required as a proof of financial support depending on your study or immigration program. ICICI Bank Canada in partnership with RBC offers unique SPP and Hello Canada products supporting  study permit applicants in Canada.

If you are applying to colleges or universities in Canada, it is advisable to have an account with a participating Canadian Bank and proof of funds for your Canadian visa/study permit application.

An application can only be submitted using our online registration process.

Click here to visit our Student Partnership Program home page and then follow the onscreen instructions.

Upon registering and completing the form, uploading the required documents and submitting the application form, you will immediately get your Canadian account number.

To apply, you will need to provide the following documents:

1. Copy of passport pages (i) the page in your passport containing your photo, passport number, date of birth and other personal details, and (ii) the page in your passport with other information, e.g. your parent / guardian names and addresses. If the passport does not have a page that bears the name of your parents / guardian then please provide any other Government issued identification document that bears all your personal information alongside the details of your parent(s) / guardian. The passport must also show your current address – if the passport does not show your address then please provide any other Government issued identification document that bears your personal information alongside your address, and
2. Copy of acceptance/offer letter from a Canadian educational institution (Optional).

You can deposit funds into your Student Account at any time during the year. However, it is your responsibility to ensure that you apply for the program well in advance, so funds are deposited in your investment account before you apply for a study permit.

ICICI Bank Canada is a member of Canada Deposit Insurance Corporation. The instruments and/or products that are eligible for deposit insurance from the Canada Deposit Insurance Corporation (CDIC) are listed in our Deposit Register, subject always to coverage limitations as outlined by CDIC.

For further information, please visit the CDIC website or call: 1-800-461-CDIC (2342).

Click here to check the latest rates for accounts under the Student Partnership Program

No. Under the ICICI Bank Canada Student GIC Program, the Student Account can only be opened in the name of the student who is applying for a study permit program.

You must communicate with us via the ICICI Bank Canada using the Secure Email Service for all questions related to your application.

To contact us in India by phone, please call 1-800-200-3340 (India toll free). To help retrieve information efficiently, you must have all the information of your Student Account application form and the date of submission handy for the call.

Fund your student account as per the current requirement under your applicable study program. Details of the funding amounts can be found on their website canada.ca > Immigration and citizenship > Study. Additionally, send CAD 200 as a processing fee and CAD 25 to cover correspondent/incident bank charges, as applicable.

Yes, ICICI Bank Canada will refund your money under the following circumstances:

• Your visa/study permit application was declined, or
• Your application for admission to a Canadian educational institution was declined, or
• You have withdrawn enrolment from the Canadian educational institution before your arrival in Canada.

Note: Students can withdraw from the Student Partnership Program even after arriving in Canada, as long as they provide evidence that they have withdrawn enrolment from their Canadian educational institution and returned back to their home country. The investment will only be refunded after verification of a visa/study permit cancellation with the Canadian visa office.

No. The bank account must be held exclusively or jointly in your name, or funding can be done from your parent(s) or spouse or sibling(s) account; otherwise, the money will be returned. You will be responsible for covering all administrative/intermediary bank fees incurred as a result of the return of funds

No. The bank account must be held exclusively or jointly in your name, or funding can be done from your parent(s) or spouse or sibling(s) account. In the event of a refund, the money will be returned to the bank account under your name.

All communications with ICICI Bank Canada must be via the ICICI Bank Canada Secure Email Service. However, if you need to contact us before registering, please email us at customercare.ca@icicibank.com. You may also call us at 1-800-200-3340 (India toll free) for any further queries.

For privacy reasons, ICICI Bank Canada will not be able to disclose any information to anyone other than you.

Visit the Student Partnership Program Student Account application Login page, click on “Forgot Password” and follow the onscreen instructions.”

Yes, you can use an existing Investment Balance Confirmation when re-applying for a study permit. The Canadian visa office may validate the Investment Balance Confirmation with ICICI Bank Canada directly.

Yes, you may still use the same Student Account if you have not requested for a refund.

If you need to update your personal information, you must notify us through ICICI Bank Canada Secure Mail Service with supporting documentation (if applicable) by replying to the last message from us.

Yes. Please visit the Funding Instruction option in the logged-in section of the application and complete the top-up funding requirement

Yes. The bank account that funds the Student Account should be held exclusively or jointly in your name, your parent(s), spouse or siblings(s) name (proof of relationship would be required). In the event of a refund, the money will be returned to this bank account where the original remittance was made from.

As per the Canadian Banking regulations, each account requires verification of your ID prior to activating and giving access to an account. Hence, you will not be able to access your funds or use your debit card until you have activated your student account upon arrival in Canada. You have below options to complete the activation activities: 

• Option 1: Activate online through the ICICI Bank Canada SPP app or icicibank.ca website. While submitting activation request, select Royal Bank of Canada as preferred banking choice.

• If selected Royal Bank of Canada receive your fund in your Royal Bank of Canada account after successful linking with ICICI Bank Canada account

• Option 2: Activate online through the ICICI Bank Canada SPP app or icicibank.ca website. While submitting activation request, select ICICI Bank Canada as preferred banking choice. 

• For KYC, you can Activate the account by completing the Online KYC
• If you are unable to complete online identity verification or prefer in-person verification, you can select the following two options, 

• Through Canada post, follow the steps as provided in secure mailbox and visit any of the 6,000+ Canada Post locations across Canada
• Or, Activate through any of the ICICI Bank Canada locations across Canada 

While submitting activation request, if you choose Royal Bank of Canada as a banking option you will not receive debit card from ICICI Bank Canada, however, you will receive a debit card from Royal Bank of Canada. If you choose ICICI Bank Canada, you will be issued a new debit card at the ICICI Bank Canada branch or by mail to your Canadian address.

While submitting activation request, if you choose Royal Bank of Canada as a banking you have to complete the below steps

•  Please review the steps received in your secure mailbox
• You have to contact Royal Bank of Canada to open your account 
• To successfully open and link your Royal Bank of Canada account please take referral document which you receive in your secure mailbox after submitting activation request
• Take confirmation from Royal Bank of Canada advisor that account is successfully linked
• After successful linking, funds will be available in your account in 1-2 business days

Yes. Although, it is advisable to have a portion of your funds in a Guaranteed Investment Certificate account, you may choose to access some or all of your funds upon arrival or use portion of it to make one of the following investments,

1. Redeemable GIC (Cashable): A GIC is a Canadian investment instrument that offers a guaranteed interest rate over a fixed period of time. It is similar to a fixed deposit account in India. You may choose a term from 1-2 years, with flexibility of cashing it on need basis.

2. Monthly payout-GIC (Non-redeemable): A portion of the funds (up to 90 percent of the funds available in your account) will be invested in a 6, 9 or 12 months fixed-term GIC. You will receive a portion of your investment for the term on monthly basis in your ICICI Bank Canada Chequing account or RBC chequing account and the accrued interest will be paid at the end of the term into your ICICI Bank Canada Chequing Account.

• Check if you have submitted the Activation request in the web/ App

• It is always a good practice you check for notification, in your personal mailbox, from ICICI Bank Canada. We will write to you regarding any discrepancies with your activation application. You need to clear them from the app
• After successful linking, funds will be available in your account in 1-2 business days

Click here to see the benefits of Remittance account

Based on your choice, the amount will be invested as follows,

1. Redeemable GIC (Cashable): A GIC is a Canadian investment instrument that offers a guaranteed interest rate over a fixed period of time. It is similar to a fixed deposit account in India. You may choose a term from 1-2 years, with flexibility of cashing it on need basis.

2. Monthly payout-GIC (Non-redeemable): A portion of the funds (up to 90 percent of the funds available in your account) will be invested in a 6, 9 or 12 months fixed-term GIC. You will receive a portion of your investment for the term on monthly basis in your ICICI Bank Canada Chequing account or RBC chequing account and the accrued interest will be paid at the end of the term into your ICICI Bank Canada Chequing Account.

No, once you have selected the percentage of GIC to be invested and submitted the activation request, it cannot be changed. Be sure to choose the option that best suits your preference.

Yes. Funds in a Redeemable GIC (Cashable) can be withdrawn any time on need basis, terms and conditions apply.