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What is a GIC Account?

April 26, 2017account GIC

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What is a GIC Account?

3 Answers

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Posted

A GIC account is a funding vehicle where Citibank Canada accepts a single deposit for a specified period of time, such as five years, and holds the deposit at a specified rate of interest. At the end of the period, the deposited funds, including accumulated interest, are returned to the customer.

0

Posted

GIC account is a funding vehicle where Citibank Canada accepts a single deposit for a specified period of time, such as five years, and holds the deposit at a specified rate of interest. At the end of the period, the deposited funds, including accumulated interest, are returned to the customer.

0

935main 935main Posted

"Guaranteed investment contract" means any unallocated group contract, investment contract, funding agreement, guaranteed interest contract or other similar instrument by whatever name in which an insurance company agrees to guarantee a fixed or variable rate of interest or a future payment that is based on an index or any other similar criteria, that is payable at a predetermined date on monies that are deposited with the insurance company and that is not dependent on the continuance of human life.

www.azleg.state.az.us/ars/20/00208.htm

(Note that this was taken from http://www.americansavingslife.com/policy-sales/guaranteed-interest-contract-(gic))