Incorrect if your using vfs as many Indian Students do since not everyone lives in New Delhi lol
Here is the Checklist and info about GIC in India directly from the Government of Canada.
Applications will not be accepted by VFS under the Student Partner Program without a copy of the formal GIC document issued by Scotia Bank. No wire transfers or bank remittances will be accepted as a proof of purchase of a GIC.
http://www.canadainternational.gc.ca/india-inde/visas/checklist-student-SPP-liste-etudes-PPE.aspx?lang=eng
Again J5M just gives you his statement and/or (incorrect) "opinion" not backed by any references or Government of Canada links.
Follow the Government of Canada Checklist and guidelines direct from their site not on someones "opinion" posted here. lol