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Scotiabank Branch in India

Telephone #

Mumbai

Ground Floor, Mittal Tower, ‘B’ Wing, Nariman Point, Mumbai – 400 021

+91-22-66364200

Terms and Conditions

General

“You” and “Your” mean the applicant for the GIC. “We”, “our”, “us” and “Scotiabank” mean The Bank of Nova Scotia, the issuer of the GIC. “CAD” means Canadian dollars.

Eligibility

To be eligible to purchase the SSGP Guaranteed Investment Certificate (“GIC”), you are required to have been accepted to an educational institution that is a member of the Association of Canadian Community Colleges (the “Canadian Educational Institution”) and have provided suitable verifiable identification to Scotiabank.

Product Information

Purchase Amount/(Starting Principal): 10,000 CAD

Interest Rate: The Interest Rate is Scotiabank’s posted rate for a 1-year cashable guaranteed investment certificate on the Issue Date. The current posted interest rate on any day can be found at http://www.scotiabank.com/rates.

Term: One year.

Issue Date: The Issue Date is the date that we receive your wire transfer for the Purchase Amount plus applicable fees. If the date that we receive your wire transfer is not a business day, the Issue Date will be the next business day.

Maturity Date: One year after the Issue Date.

Calculation of Interest

Interest is accrued daily on the principal balance at the end of each day during the Term, including the leap day in a leap year, but not the Maturity Date. If the Maturity Date falls on a holiday or Sunday the Term will be extended to the next business day and interest will be accrued up to but not including that next business day.

If any part of the principal, including the initial principal payment of 2,000 CAD (see “Payments of Principal and Interest” below), is redeemed within 30 days of the Issue Date, no interest is earned or paid on that part of the principal.

Payments of Principal and Interest

All payments of principal and interest will be paid to your Scotiabank personal deposit account that you must open at a Scotiabank branch after your arrival in Canada* in accordance with the following schedule:

•Initial principal payment of 2,000 CAD on the day the Scotiabank personal deposit account is opened.

•Four (4) subsequent principal payments of 2,000 CAD will be made every two months beginning two months after the initial payment was made. The initial principal payment and four subsequent payments are hereinafter referred to as the “Scheduled Payments”.

•If a Scheduled Payment date falls on a holiday or Sunday, the Scheduled Payment will be made on the next business day.

•Accrued interest will be paid on the date of the final Scheduled Payment.

*You must present identification acceptable to us in order to open the personal deposit account.

No GIC Redemption

You can only redeem your GIC prior to the Maturity Date if you provide us with proof that (i) your Study Permit has been declined (i.e.by providing us with a copy of the “Refusal Letter” issued by the Canadian High Commission); (ii) your application for admission to a Canadian Educational Institution has been declined; or (iii) you have withdrawn from enrolment at the Canadian Educational Institute after your arrival in Canada. Please provide us with a copy of the cancelled Visa and Study Permit from the Canadian High Commission office in India. Upon receipt of proof of any of these events and confirmation from the Canadian High Commission, we will redeem the outstanding principal plus, for GICs outstanding for more than thirty days, any accumulated interest. You may also contact us to cancel the GIC within 15 business days after the Issue Date. The amount to be refunded in each case will be transferred to the bank account in your country from which your original payment was remitted. Any redemption of your GIC prior to the Maturity Date (for the initial term or the renewal term), other than as a result of your Scheduled Payments, will disqualify you from participation in the Scotiabank Student GIC program.

Maturity and Renewal

If the initial term of the GIC expires prior to all Scheduled Payments being made, the GIC will automatically be renewed for a one year term at the then current posted rate. The GIC will expire at the end of the renewal term or when the final Scheduled Payment has been made, whichever occurs first. The same rules respecting cancellation and redemption apply to the renewed GIC.

Fees

In addition to the 10,000 CAD principal amount, you are required to remit an additional 100 CAD for a total of 10,100 CAD. The 100 CAD fee is for purposes of covering administrative expenses and no interest is earned on it.