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What is the Minimum Bank Balance required for Canada Student Visa

What is the Minimum Bank Balance required for Canada Student Visa

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Studying and living in Canada has become a dream for many Indian students. The work opportunities for people that complete their graduation from Canadian institutions or universities and the average pay grade make the experience even more valuable. 

But getting into the country and acquiring a temporary resident visa from Canadian often becomes challenging because of misunderstandings about the steps involved in the same. Therefore, we have curated a list of essentials for individuals or families interested in migrating to Canada as students.

Canada Student Visa Process:-

  • Before applying for a Canada Student Visa, one must have the Letter of Acceptance from the designated institute, a passport, and passport-size photos. It is also mandatory to have a police certificate displaying clean background, travel insurance documents, and documents issuing good health during the processing. 
  • An Immigration Medical Exam (IME) is held for medical screening, and the results are forwarded to Citizenship and Immigration Canada (CIC). Additionally, it will require the student to have bank balance proof for bearing the institution’s tuition fees and personal living expenses. 
  • One should also carry a document stating the purpose of the visit to the country and the reason for choosing their institute. It will avoid delays in the application process. Most institutes or universities in Canada demand a proficiency score in the English language. 
  • Canadian student visa applicants must add their TOEFL, IELTS, GRE, or other scores/grades, even though it is not mandatory. While processing, you might require a copy of the educational documents and their originals. The visa process would also involve an interview with the visa officer, who should get convinced of your return to India after graduation. 

Canada Student Visa Fees in Indian Rupees:-

The online fee for applying for a Canadian Student Visa is CAD 150 (INR 9060.91); however, you must also pay an additional biometric fee of CAD 85 (INR 5134.51) for individuals. The biometric cost of student visas for families applying simultaneously is CAD 170 ( INR 10269.03). 

The overall cost would also include service and value-added charges applicable across regions. Moreover, only credit cards are acceptable for online applications. Similarly, only cash is accepted at visa application centers. 

Demand drafts also need to be in INR and should be favored by the High Commission of Canada. One should pay the visa fee after downloading the receipt of the online transaction or post-application submission. You should always keep the proof of fees and payment handy.

Minimum Bank Balance for Canada Student Visa:-

According to sources, the minimum bank balance for a Canadian student visa for an Indian citizen is CAD 10,000 (Rs 6,04,060.52) for each year of studying and staying in the country. Besides this, the student enrolling in a Canadian university or institute must have sufficient funds to return to the country. 

Canada Student Visa Processing Time:-

Most Indian nationality students apply at least six months in advance to smoothly process their application for study in Canada. It takes 3-4 weeks to complete the entire application cycle. The Canadian consulate website would display the exact time for processing Canadian student visas of Indian citizens.

The applicant receives a request to submit the passport once the visa application gets approved. The request arrives as a notification on behalf of the Government of Canada. Post submission of a passport, a temporary resident visa, and a letter of introduction is provided to the student.

Proof of Funds Canada Student Visa:-

Most of the time, students migrating to Canada open a Canadian Bank Account for proof of funds of the minimum yearly bank statement and returning fare costs. The study permit application is granted by Canadian immigration after verification of the funds.

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