HDFC Bank and TD Bank Group (TD) have announced an expanded relationship supporting Indian students planning to study in Canada. TD and HDFC Bank are announcing a new referral program. HDFC Bank will refer students planning to study in Canada to TD’s International Student GIC Program, which enables students to conveniently comply with the Government of Canada’s Student Direct Stream (SDS) study permit pathway. This referral partnership builds on the two banks’ existing relationship where TD has acted as HDFC Bank’s main correspondent banking partner for Canadian Dollar clearing since 2015.
As part of the Canadian government’s requirements to apply for an expedited study permit, students are required to provide proof of financial support, which is accomplished via a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution. The TD International Student GIC Program is designed to enable students to open accounts digitally and help them meet their study visa and living expense requirements.
HDFC Bank is India’s leading private sector bank. TD is the second largest Bank in Canada and sixth largest in North America by assets, and serves over 27.5 million customers around the globe. TD has over 1,000 branches across Canada.
“We continue our focus on helping Indian students to navigate the process to study abroad,” said S Sampath Kumar, Group Head Retail Branch Banking, HDFC Bank, “Canada is a leading education market and our relationship with TD aims to simplify the process for students and Non-Resident Indians (NRIs) who want to study there.”
Smita Bhagat Group Head Retail Branch Banking, HDFC Bank further added, “The association is designed to support the study permit requirements of Indian students planning to study in Canada. The curated program also offers a wide range of financial benefits to amplify their living experience while studying there.”
The TD International Student GIC program will provide students with:
- TD International Student GIC:
- A GIC designed to meet the needs of the SDS program via a simple online application process.
- Students incur no application fees.
- Students will also start earning interest on their GIC even before arrival in Canada.
- TD Student Chequing Account: A chequing account designed for students with no monthly plan fee (until 23 years old or with proof of enrolment in full-time post-secondary education), unlimited transactions and additional benefits.
- Exclusive One-time credit: HDFC Bank customers will receive a fee rebate to cover their first wire payment into their TD account.
Once students arrive in Canada, they will benefit from the ease, value, and trusted advice TD is known for. The benefits under this Program will include:
- Accessible Banking: TD has longer branch hours than any other Canadian bank, with over 1,000 branches coast to coast, and advisors speaking more than 80 languages. Banking services are also available online, as well as at your fingertips with the TD app.
- Advice at the ready: Whether students are looking for expert advice on managing day-to-day expenses or long-term financial planning, TD colleagues are here to help, both in branch and over the phone.
TD International Student Banking Package: Students can get up to $635 CAD in value when they start by opening a TD Student Chequing Account
