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What is the general interest charge (GIC)?

April 26, 2017charge GIC

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What is the general interest charge (GIC)?

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General interest charge (GIC) is calculated at a daily compounding rate on the outstanding balance of an account. GIC is calculated on accounts with a debit closing balance for any day within the review period. The GIC amount calculated is a compounding interest rate accrued daily and imposed after a monthly review process. The per annum rate for GIC will be the Treasury Note Yield plus 7 percentage points (reviewed on a quarterly basis).