ICICI Bank Canada – Student Partnership Program
ICICI Bank Canada and Royal Bank of Canada (RBC), have collaborated to bring integrated banking solutions to international students travelling to Canada for studies. With this arrangement, international students will benefit from the trust of the ICICI Bank brand, combined with RBC’s network, offerings, and scale in Canada.
The collaboration between the two banks includes a seamless banking experience with the Student Partnership Program which enables convenient proof of funds required for students applying for a Student Visa. Upon arrival in Canada, international students holding proof of funds through ICICI Bank Canada will have the option to seamlessly connect with an RBC advisor to review their financial needs and also have the proceeds from their ICICI Bank Canada automatically deposited into an RBC Student account.
ICICI Bank Canada Student Partnership Program: The Bank offers a host of options for students to provide proof of funds as part of their Student Visa application with Immigration, Refugees and Citizenship Canada (IRCC).
The application process is completely digital, and the student account is opened in real time immediately upon application submission. The student funds the account and receives a balance confirmation document that can be submitted as proof of funds for the visa application. Upon landing in Canada, the student will have multiple options to access the funds as outlined below.
ICICI Bank
ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank Limited. ICICI Bank Canada, is one of the preferred banks within the Indian international student community for providing convenient options for proof of funds required for Student visa application. ICICI Bank Canada has teamed up with Royal Bank of Canada (RBC), Canada’s largest Bank, to offer a seamless banking experience in India and Canada.
ICICI Bank Canada offers a seamless process when applying for the Student Partnership Program and activating your Student Account upon landing:
- Apply with your IDP Counsellor or from the comfort of your home and get an account instantly.
- Fund your Student Account from an account in either your name or that of your Parent or Spouse. Receive the Investment Balance Certificate (IBC) within 4 hours of receipt of funds.
- Get up to 50% of your amount as initial deposit (choose from an instalment GIC, cashable GIC) or redeem the full amount upfront, upon arrival and activation in Canada.
- Activate your Student Account upon arrival in Canada and get a best-in-class Student Deposit Account with RBC.
Key benefits and features:
- Exclusive offers on RBC Student Account.
- RBC Credit Card with a limit up to $2000 (CAD) - T&C Apply.
- Access to over 1,200 RBC branches and 4,200 ATMs across Canada.
- Anytime, anywhere banking with the RBC Mobile App
- 24/7 customer support in India and Canada.
- Top-up your initial funding amount and get an updated IBC with combined balance.
- Automated transfer of funds in your choice of instalments to your linked RBC Student account.
How does it work?
Apply whilst you are with your IDP counsellor or from the comfort of your own home using the IDP / ICICI Bank Canada’s seamless online platform.
Fund your ICICI Student account (once or as a top-up) from an account in either your name or that of your Parent, Sibling or Spouse.
Receive your Investment Balance Confirmation certificate in your ICICI Bank Canada secure mailbox within 4 hours of receipt of funds.
Activate your account upon arrival in Canada by downloading the ‘ICICI Bank Canada SPP’ app and completing an online or in-person verification. While activating, students can now pick one from the below options:
Option 1: Students choosing ICICI + RBC can transfer 10% to 50% of the deposit amount to RBC as initial funds.
The remaining amount will be converted to a 6, 9, or 12-month GIC with equal instalments paid to their RBC Student Account and interest will be paid at the end of the term, OR
The remaining amount can be put into a redeemable GIC(cashable) for a period of 1 or 2 years. The proceeds will be transferred to their RBC account at the end of the term.
Option 2: Students choosing ICICI + RBC can transfer the full deposit amount to their RBC Student Account upon activation in Canada (no instalments and no GIC, simply a Student Account opened with RBC)
Contact RBC's dedicated toll-free number at 1-866-660-9943 to set up an in-branch appointment to complete your RBC student account activation.