HDFC Bank and TD Bank Group (TD) have agreed an expanded relationship supporting Indian students planning to study in Canada.

With this agreement, 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. This enables students to comply with the Government of Canada’s Student Direct Stream (SDS) study permit pathway.

Referral partnership builds on HDFC, TD existing relationship

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 require proof of financial support. This 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 it helps them meet their study visa and living expense requirements.

HDFC Bank operates 8,091 branches and 20,688 ATMs across 3,782 cities and towns in India. TD is the second largest bank in Canada with over 1,000 branches across the country.

“We continue our focus on helping Indian students to navigate the process to study abroad,” said Sampath Kumar, Group Head Retail Branch Banking “Canada is a leading education market. Our relationship with TD aims to simplify the process for students and Non-Resident Indians (NRIs) who want to study there.”

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425,000 Indian international students with study permits in Canada

Smita Bhagat Group Head Retail Branch Banking further added: “The association is designed to support the study permit requirements of Indian students planning to study in Canada. The curated programme also offers a wide range of financial benefits to amplify their living experience while studying there.”

In 2023, there were over 425,000 Indian international students with active study permits in Canada. This makes the country the top source for international students in Canada.

“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. Through this partnership, we will simplify the process, and deliver the ease, value, and trusted advice that TD is known for.”

RBC teams up with ICICI

The TD/HDFC partnership echoes RBC’s deal with ICICI. The Indian bank refers its newcomer clients to RBC, making it easier for them to open a bank account upon arriving in Canada. Indeed, during an investor call in 2022, RBC estimated that the ICICI partnership would attract approximately 50,000 clients annually.