Student GIC Offers in Canada: How ICICI and BMO Can Help You Save CAD 120 on Mobile Plans

A Student GIC is something that every international student heading to Canada arranges months before the flight. However, once the GIC certificate arrives, most students stop thinking about it, and the phone plan is left for the day they land. That usually means buying a SIM at the airport in a hurry. It also means missing a reward that was attached to the GIC all along.

In simple terms, Student GIC offers in Canada can now reduce your phone bill as well. If you open an ICICI Bank Canada or BMO Student GIC through Unlimit Mobile's referral, you can claim CAD 120 in Unlimit Coins, which can pay for up to half of your monthly Unlimit Mobile plan in Canada.

Can a Student GIC Help You Save on Your Canadian Phone Bill?

It can, provided the GIC is opened through a partner offer.

What Is a Student GIC in Canada?

A GIC (Guaranteed Investment Certificate) is a fixed deposit with a Canadian bank. International students use it to show that they can pay their living costs, and IRCC (Immigration, Refugees and Citizenship Canada) accepts it as one form of proof of funds. Please note that a GIC is not compulsory, since bank statements and education loans are accepted as well.

A Student GIC also works differently from a regular bank account. You cannot spend the money freely from day one. Instead, once you arrive, the bank releases it in instalments, which means your first year of living costs is already planned for.

If you're also preparing for everyday banking before arriving in Canada, read our complete guide to opening an international student bank account in Canada to understand your banking options, required documents, and pre-arrival account setup.

How Banking Promotions Can Help Reduce Mobile Costs

Unlimit Mobile has referral partnerships with ICICI Bank Canada and BMO. When your GIC is opened through our referral and you share proof that it is funded, we credit CAD 120 in Unlimit Coins to your Unlimit Mobile account. This is how Student GIC offers in Canada connect to your phone bill. It is important to note that the GIC remains a banking product, whereas the coins are a separate mobile-service reward from us.

Are GIC Benefits and Mobile Plan Rewards the Same Thing?

One might assume that the CAD 120 comes out of the GIC itself. But this is not the case. There are three separate things involved:

ICICI Student GIC Offer: How to Get CAD 120 in Mobile Plan Rewards

How the ICICI Student GIC Program Works

ICICI Bank Canada runs its Student GIC together with RBC, which RBC describes as a program that links your ICICI Bank Canada and RBC accounts. You apply and fund your GIC from home, and after landing, you open an RBC Student Chequing Account, where the instalments are paid. Our ICICI Student GIC offer page lists a remittance of CAD 23,120 for most provinces, although this amount changes by province.

Who Is Eligible for the Unlimit Mobile Reward?

The ICICI offer through our referral is open to customers in India, China, the Philippines, Vietnam, Morocco, Senegal and Nepal. However, opening an ICICI GIC does not qualify you on its own. The reward applies only when you register through our referral link, enter our agency details in the ICICI application and fund your GIC. Please note that only one claim is allowed per verified account.  

How to Apply Through Unlimit Mobile

Step 4 is the one most students overlook. ICICI tracks the referral only through these agency details. Hence, if the field is left blank, the reward cannot be linked to your GIC.

How to Claim and Redeem Your Unlimit Coins

Once your GIC is funded, you submit your GIC account details, deposit receipt and Unlimit Mobile email through the Unlimit Mobile app. The coins are credited to your wallet after successful verification, and you can then use them when you pay for your monthly plan.

BMO Student GIC Offer: How to Get CAD 120 in Mobile Plan Rewards

How the BMO Student GIC Program Works

BMO offers banking for international students , including a Student GIC that you can open before you arrive. Under its pre-arrival process , you apply online, wire your funds and activate the account at a BMO branch after landing. The CAD 120 in Unlimit Coins is a separate promotion from us.

Eligibility and Funding Requirements

According to our BMO Student GIC offer page , the reward is open to residents of India and the Philippines who register through our referral. Please note that this GIC is currently not available for students going to Quebec.

BMO's own pre-arrival page states that you need to wire at least CAD 23,600, which covers a CAD 23,448 GIC along with CAD 150 in program and wire fees. Since IRCC updates its living-cost requirement every year, this amount can change. It is advised to confirm the current figure with BMO before you send money.

How to Apply and Claim the Mobile Reward

How Unlimit Coins Can Be Used Toward Your Phone Plan

Each month, your coins can pay up to 50% of your Unlimit Mobile plan, and the rest is paid by card or cash. This means the reward lowers your bill for several months, but it does not make the plan free.

ICICI vs. BMO Student GIC Offers: What's the Difference?

One might assume that one bank pays a bigger reward than the other. But this is not the case, since both give the same CAD 120. Their eligibility, referral and claim steps differ, however, so it is advised to read the relevant offer page before you apply.

How Much Can You Save on Your Canadian Phone Bill?

How the CAD 120 Reward Works

The CAD 120 is credited as Unlimit Coins in your Unlimit Mobile wallet. These coins are promotional credits, not cash, and they are used according to the redemption rules on our offer pages.

Example of Monthly Phone Bill Savings

Take a scenario where your Canadian phone plan costs CAD 40 a month. In this case, your coins can pay up to CAD 20, and you pay the remaining CAD 20 along with any taxes or fees. At this rate, CAD 120 in coins lasts for about six months. Please note that your actual savings depend on your plan, your coin balance and the redemption rules.

Important Limits, Expiry Rules and Redemption Conditions

How to Choose an Affordable Canadian Phone Plan as an International Student

When you compare Canadian phone plans for international students, a reward is useful, but the plan behind it matters more. Most newcomers arrive without a Canadian credit history, which rules out many contract plans.

Compare Data, Calling, Coverage and Monthly Price

It is advised to choose a plan based on how you actually use your phone, rather than on the reward alone. Compare the data allowance, Canada-wide calling, international calling to your home country, network coverage in your city and the monthly price. For example, Unlimit Mobile's Canada plans run on the Telus network, include unlimited local calls and texts along with international minutes to 34 countries, and come with 3, 6 or 12-month options.

Check SIM and eSIM Compatibility

A physical SIM is a card you insert into your phone, whereas an eSIM is a digital SIM that you install by scanning a QR code. Before you buy, check that your phone is unlocked and supports eSIM on our device compatibility page . If it does, you can set up your Canadian number before you fly and be connected from the moment you land.

Understand Taxes, Additional Fees and Promotional Pricing

Please note that the advertised price is rarely the full monthly cost. Check the taxes, any activation or SIM charges and the price your plan renews at. Additionally, compare the regular price with any promotional price, so that you know what you will pay after the first few months.

Claim Your Student GIC Reward

It is evident that a Student GIC can do more for you than support your study permit. The only condition is that the referral is in place before your bank application begins, with the same email used throughout. Register for your CAD 120 Student GIC reward before you open the bank portal!