There are some FAQ from Scotiabank.Read below:
Q. How can I get my money back if my Study Permit is refused or I withdraw from the institution?
A. Full redemption of the outstanding principal of your GIC cannot occur prior to the Maturity Date unless
you provide us with proof that:
I. your Study Permit has been declined. Please provide us with a copy of the “Refusal Letter” issued
by the Canadian High Commission; or
II. your application for admission to a Canadian educational institution has been declined; or
III. you have withdrawn from enrolment at the Canadian educational institution after your arrival in
Canada. Please provide us with a copy of the cancelled Study Permit from the Canadian High
Commission office in India.
Upon receipt of proof of any of these events and confirmation from the Canadian High Commission, we
will redeem the outstanding principal plus, for GICs outstanding for more than thirty days, any
accumulated interest. The amount to be refunded will be transferred to the bank account in your country
from which your original payment was remitted less the $50 CAD administration charge.
Q. My study permit has been declined. Are there any charges for the refund of my GIC?
A. Scotiabank will deduct the applicable administrative fees when completing the refund. The
intermediary banks may charge additional fees during the refund. The refund amount will be returned to
the student’s bank account at the bank where the original remittance was made.
