Study Abroad: HDFC Bank, TD Bank Group alliance to simplify banking experience for Indian students in Canada

The referral partnership between HDFC Bank and TD Bank Group expands the existing global relationship between the two banks, says the official statement.

HDFC Bank joined forces with TD Bank Group (TD) to support Indian students aspiring to study in Canada.

Under the agreement, these banks have announced a new referral program. As per the announcement, HDFC Bank will refer Indian students planning to study in Canada to TD's International Student GIC Program. The program will enable students to appropriately comply with the Government of Canada’s Student Direct Stream (SDS) study permit pathway.

Candidates who seek to enrol in Canada must know that the Canadian government requires international students to apply for an expedited study permit, and students need to give proof of financial support which is accomplished via a Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution. The referral partnership between the two banks will help Indian students in this as the TD International Student GIC Program enables students to open accounts digitally and it support the students in meeting their study visa and living expenses requirements.

What do these leading banks have to say about the partnership

“We continue our focus on helping Indian students to navigate the process to study abroad," said Mr. 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," he added.

Ms. Smita Bhagat Group Head Retail Branch Banking, HDFC Bank further said, “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.”

"We are thrilled to announce our expanded relationship with HDFC Bank, and the benefits it will provide for those beginning their journey to study here", says Sona Mehta, Executive Vice President of Canadian Personal Banking, TD Bank Group. "With this expanded relationship, HDFC Bank and TD can provide the financial offerings that will make for a smoother transition to the Canadian banking environment. We look forward to welcoming and serving these students throughout their journey. We understand that there's a lot to manage when coming to study abroad, and through this partnership, we will simplify the process, and deliver the ease, value, and trusted advice that TD is known for," added Sona Mehta.

HDFC Bank and TD Bank Group Details

As of December 31, 2023, HDFC Bank’s distribution network was at 8,091 branches and 20,688 ATMs across 3,872 cities/towns of India making it the leading private sector bank in the country. TD Bank Group is the second-largest Bank in Canada and sixth-largest in North America by assets offering services to more than 27.5 million customers around the globe. The bank has more than 1,000 branches across Canada.

TD International Student GIC Program Details

The program is of immense use to the Indian students aspiring to study in Canada as the country is a popular destination among study abroad aspirants in India. As per data, there were over 425,000 Indian international students with active study permits in Canada in the year 2023 which shows that India is the top source country for international students in Canada.

TD International Student GIC program benefits

Following are the benefits:

• TD International Student GIC was created to meet the needs of the SDS program through a simple online application process, students will start earning interest on their GIC even before arrival in Canada, and they will incur no application fees.
• TD Student Chequing Account is created for unlimited transactions and additional benefits. It is designed for students with no monthly plan fee until the student is 23 years old or with proof of enrolment in full-time post-secondary education.
• Exclusive one-time credit as per which the HDFC Bank customers will receive a fee rebate to cover their first wire payment into their TD account.

Benefits when they arrive in Canada

• Accessible Banking: The banking services are available through the TD app at your fingertips. Apart from the online services, the bank has over 1,000 branches coast to coast, and advisors speaking more than 80 languages.
• Advice at the ready: Advises regarding managing day-to-day expenses, expert advice or for long-term planning, TD Bank colleagues are available for help both in the branch and over the phone.
• TD International Student Banking Package: When students start by opening a TD Student Chequing Account, they can avail up to $635 CAD in value.

Read more:

• Study Abroad: Know how to protect yourself from Canada Immigration Consultant Fraud
• New Zealand International Student Enrolments Stood Above 59,000 for the First Eight Months of 2023