In a strategic move aimed at simplifying the banking experience for Indian students planning to pursue education in Canada, HDFC Bank and TD Bank Group have entered into an expanded relationship. This partnership introduces a new referral program, with HDFC Bank referring students to TD's International Student GIC Program. This program aligns with the Government of Canada’s Student Direct Stream (SDS) study permit pathway, enabling students to fulfill financial support requirements through a Guaranteed Investment Certificate (GIC) from TD.
To apply for an expedited study permit, students must furnish proof of financial support, which the TD International Student GIC Program facilitates. This initiative underscores HDFC Bank's commitment to assisting Indian students in their endeavors to study abroad, particularly in Canada, a prominent destination for international education.
HDFC Bank, India’s leading private sector bank, boasts a vast distribution network of 8,091 branches and 20,688 ATMs across 3,872 cities/towns as of December 31, 2023. On the other hand, TD Bank Group is Canada's second-largest bank and the sixth-largest in North America by assets, serving over 27.5 million customers worldwide. With over 1,000 branches across Canada and advisors proficient in over 80 languages, including Hindi, Punjabi, Tamil, Gujarati, and Urdu, TD is well-positioned to cater to the needs of Indian students.
Mr. S Sampath Kumar, Group Head Retail Branch Banking, HDFC Bank, affirmed the bank's commitment to simplifying the process for Indian students and Non-Resident Indians (NRIs) aspiring to study in Canada. Ms. Smita Bhagat, Group Head Retail Branch Banking, HDFC Bank, emphasized the association's aim to support the study permit requirements of Indian students while enhancing their overall living experience in Canada.
Canada has emerged as a preferred destination for Indian international students, with over 425,000 active study permits in 2023. Sona Mehta, Executive Vice President of Canadian Personal Banking, TD Bank Group, expressed enthusiasm for the expanded relationship with HDFC Bank, highlighting the benefits it brings to students embarking on their educational journey in Canada.
Through the TD International Student GIC program, students gain access to a GIC tailored to SDS program requirements, along with a suite of financial offerings, including a student chequing account and exclusive one-time credits for HDFC Bank customers. TD's commitment to accessible banking and personalized advice ensures a seamless transition for students, providing them with ease, value, and trusted guidance throughout their journey.