Can the GIC amount of 15 lakhs be used by the student after depositing it in the Canadian bank account in Canada?

Yes, you can access and use your Guaranteed Investment Certificate (GIC) funds after depositing them in a Canadian bank account. Once you arrive in Canada and activate your account, the bank typically releases an initial lump sum (around CAD 2,000) for immediate expenses. The remaining amount is then provided in monthly installments over 10 - 12 months to cover living costs.

The required GIC amount for Indian students under the Student Direct Stream (SDS) is currently CAD 22,895 (about ₹15 lakh), subject to change. Each participating bank may have its own disbursement process.