TD - HDFC Bank and TD Bank Group sign an agreement to simplify banking experience for Indian students in Canada | Benzinga
Agreement expands existing global relationship between the two banks.
TORONTO, March 20, 2024 /CNW/ - HDFC Bank and TD Bank Group (TD) today announced 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, 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. As of December 31, 2023, the Bank's distribution network was at 8,091 branches and 20,688 ATMs across 3,782 cities and towns. 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, with advisors speaking more than 80 languages, including Hindi, Punjabi, Tamil, Gujarati, and Urdu.
"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 and our relationship with TD aims to simplify the process for students and Non-Resident Indians (NRIs) who want ...