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Anyone who paid gic through sbi bank

Simran98

Newbie
Oct 18, 2019
7
0
I have done GIC with SBI at Scotia Bank. Process takes 6 days. 6th day you'll get the certificate. Ensure all your details match your passport and you transfer around 10300 CAD. SBI and its canadian partner will charge 30$ for wire transfer charges. You'll get 10070 in your GIC certificate
I have a few queries related to the sbi transfer to Scotia.
First of all, Which address should I give in the sbi bank? They asked me to give a home address in Canada but my agent told me that the address should be the one that is in the passport.
Secondly, what amount should I write in the form A-2? When I stated 10200 CAD (200 CAD being the service charge of scotia bank), they literally told me that the total amount in INR is ₹563000. Meanwhile when I talked to my agent, they told me that it will be around ₹553000.
I'm really confused and fucked up rn. Can anybody help please?
 
 

VishnuJ2796

Hero Member
Dec 18, 2018
328
40
I have a few queries related to the sbi transfer to Scotia.
First of all, Which address should I give in the sbi bank? They asked me to give a home address in Canada but my agent told me that the address should be the one that is in the passport.
Secondly, what amount should I write in the form A-2? When I stated 10200 CAD (200 CAD being the service charge of scotia bank), they literally told me that the total amount in INR is ₹563000. Meanwhile when I talked to my agent, they told me that it will be around ₹553000.
I'm really confused and fucked up rn. Can anybody help please?
Your address in sbi bank account, address on passport and address in gic application, all must be same.
You don't need a Canadian home address for GIC transfer.
In A-2 form you must write the exact amount what you are transferring in whichever currency you are transferring.
Is 553000 told by your agent as per today's exchange rate? If yes, 563000 quoted by Sbi bank is alright as they charge a higher exchange rate as per their TT selling rates.
 

Simran98

Newbie
Oct 18, 2019
7
0
Your address in sbi bank account, address on passport and address in gic application, all must be same.
You don't need a Canadian home address for GIC transfer.
In A-2 form you must write the exact amount what you are transferring in whichever currency you are transferring.
Is 553000 told by your agent as per today's exchange rate? If yes, 563000 quoted by Sbi bank is alright as they charge a higher exchange rate as per their TT selling rates.
So I want to transfer 10000 CAD. 200 CAD is the service charge of scotia bank. Is it possible that this service charge is added at the time of transfer as 200 CAD is almost 10000 INR. Which automatically makes it ₹553000+₹10000= ₹563000.
And yes the agent told me this exact amount while I was filling up the form in the bank itself.
 

VishnuJ2796

Hero Member
Dec 18, 2018
328
40
No..553000 is 10200 CaD. 563000 is also 10200 CaD. Only difference is the exchange rate. SBI usually quotes exchange rate at apprx. Re.1 higher than that day's exchange rate (they did this for me when I wire trfd my college fee through them)
Today's CaD to INR rate is 54.2 and may be SBI quoted 55.2 to you. Just calculate n see. Its corresponding with the numbers you said.
Bank will tell you INR equivalent of 10200 CaD. Write that amount in A2 form.
 

Simran98

Newbie
Oct 18, 2019
7
0
No..553000 is 10200 CaD. 563000 is also 10200 CaD. Only difference is the exchange rate. SBI usually quotes exchange rate at apprx. Re.1 higher than that day's exchange rate (they did this for me when I wire trfd my college fee through them)
Today's CaD to INR rate is 54.2 and may be SBI quoted 55.2 to you. Just calculate n see. Its corresponding with the numbers you said.
Bank will tell you INR equivalent of 10200 CaD. Write that amount in A2 form.
Okay. Thank you so much. :)
 
 

Arsh0708

Newbie
Aug 16, 2019
5
0
No..553000 is 10200 CaD. 563000 is also 10200 CaD. Only difference is the exchange rate. SBI usually quotes exchange rate at apprx. Re.1 higher than that day's exchange rate (they did this for me when I wire trfd my college fee through them)
Today's CaD to INR rate is 54.2 and may be SBI quoted 55.2 to you. Just calculate n see. Its corresponding with the numbers you said.
Bank will tell you INR equivalent of 10200 CaD. Write that amount in A2 form.
Hi . I need help regarding gic. Please tell me after how many days the gic amount was deducted from your bank account after u paid gic ?
Actually i paid my gic from sbi on 30 oct but still no money has been deducted from my bank account.
 

Simran98

Newbie
Oct 18, 2019
7
0
Hi . I need help regarding gic. Please tell me after how many days the gic amount was deducted from your bank account after u paid gic ?
Actually i paid my gic from sbi on 30 oct but still no money has been deducted from my bank account.
PLEASE Contact your branch as soon as possible. The amount is debited on the same day the remetteance is processed. First time when i tried with SBI, i contacted them on the 3rd day and they said that the request was rejected with an unknown reason. I tried for total 8 days in SBI and each time the request was rejected due to either difference in address Or gic amount. Than finally I opened my account in axis this week and my gic amount was debited day before yesterday.
I would advice you to try a private bank instead of a govt one. Most preferably Axis Or ICICI.
 

ArshUppal11

Member
Sep 26, 2019
12
0
PLEASE Contact your branch as soon as possible. The amount is debited on the same day the remetteance is processed. First time when i tried with SBI, i contacted them on the 3rd day and they said that the request was rejected with an unknown reason. I tried for total 8 days in SBI and each time the request was rejected due to either difference in address Or gic amount. Than finally I opened my account in axis this week and my gic amount was debited day before yesterday.
I would advice you to try a private bank instead of a govt one. Most preferably Axis Or ICICI.
Ok thank u
 

VishnuJ2796

Hero Member
Dec 18, 2018
328
40
Hi . I need help regarding gic. Please tell me after how many days the gic amount was deducted from your bank account after u paid gic ?
Actually i paid my gic from sbi on 30 oct but still no money has been deducted from my bank account.
I just paid my college fee through SBI and not GIC. I paid GIC from another psu bank - Syndicate bank and amount was debited the same day infact even when I was still there at the branch it was debited. And my GIC trf was a RTGS and not a wire trf. So there wasn't much of a hassle.
 
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ArshUppal11

Member
Sep 26, 2019
12
0
I just paid my college fee through SBI and not GIC. I paid GIC from another psu bank - Syndicate bank and amount was debited the same day infact even when I was still there at the branch it was debited. And my GIC trf was a RTGS and not a wire trf. So there wasn't much of a hassle.
Ok thanks for the reply
 

ArshUppal11

Member
Sep 26, 2019
12
0
Can i pay gic from my joint account with my father in hdfc bank? As my agent told me that gic could only be paid from the student’s account!!!
Is there anybody who paid gic through joint account and got the gic certificate?
 

megha111

Newbie
Apr 27, 2020
2
1
How many days it take to get confirmation mail? GIC amount is deducted from my account but i did not get any swift copy yet so how do i get it? please help
 

VishnuJ2796

Hero Member
Dec 18, 2018
328
40
How many days it take to get confirmation mail? GIC amount is deducted from my account but i did not get any swift copy yet so how do i get it? please help
Hi Megha. Depending on the bank where you have paid GIC, once the sending bank transfers GIC, the receiving bank has to receive the amount, create your GIC and then send you the confirmation. Just regularly keep checking your email id that you have used for GIC. Process is usually done within 2-3 days in CIBC. Scotia bank takes a little longer. Just wait for it.
 
 

VishnuJ2796

Hero Member
Dec 18, 2018
328
40
How many days it take to get confirmation mail? GIC amount is deducted from my account but i did not get any swift copy yet so how do i get it? please help
You get the swift copy (if at all it was a swift transfer) from the sending bank immediately once the transfer is processed.
 
Nov 29, 2019
5
0
I paid for my GIC to CIBC through SBI on 19 October. But money is not deducted from my account. It gas already been 15 days. I need to visit the branch.