GIC from CIBC is perhaps the easiest way to get one. I got my GIC within 4 days. I'm an Indian student btw so..
Few reasons I chose CIBC:
- Faster processing than any other bank (Literally 4 days from creating an account to getting my GIC)
- One of the major banks of CA, meaning bank branches in every city (ICICI was not in my college city)
- No processing fee. Unlike Scotia, no $200 fee. You can get your GIC for $10000 exact.
- Option to make payment in your home currency. Like I'm from India, so I did RTGS of said amount in INR, unlike other banks where you have to make a wire transfer.
- No problems if different address in passport and bank.
Process:
1. Register an account with CIBC GIC
2. Fill application form. You will also get the amount in INR for your GIC amount.
3. Once done, you will receive a confirmation email - application received.
4. By next day you will receive another email - action required.
5. Login to your CIBC GIC account and under your application, there will be an Instruction Letter.
6. Its a 4 page document where the first two pages are the payment instructions. READ EVERYTHING CAREFULLY. Fairly simple ofcourse. Last two pages are A2 Form. Take print out of all pages.
7. Goto your bank and hand them over the print out. Its straightforward from there. CIBC has a VOSTRO account in an Indian bank. So basically you are transferring the amount in INR through RTGS/NEFT.
8. The A2 Form, as mentioned, needs to be signed and stamped by the bank. Most of the bank won't do it since money is NOT being sent out of the country. Don't panic, its absolutely fine. On the top right corner of your A2 form, there is space for "Reference No.". Tell your bank person to fill that up. That's important. That's the reference number of your transaction.
9. Scan the A2 Forms and email them as mentioned in the instruction letter. This is important.
10. That's it. You will receive a confirmation email that payment is received.
11. Within a few days you will get your GIC. It will be available in your CIBC GIC account for download.
Good luck