TORONTO — TD Bank Group has signed an agreement with an Indian bank in a bid to attract international students as new customers and make it easier for them to comply with visa requirements.
As part of Canada’s requirements to apply for an expedited study permit, students are required to provide proof of financial support, which is accomplished with a guaranteed investment certificate.
Under the program, HDFC Bank will refer students planning to study in Canada to TD’s international student GIC program.
TD is offering students the ability to use an online application process to obtain a GIC without an application fee. It said students can start earning interest on their GIC even before arriving in Canada.
The program also includes a student chequing account and a fee rebate to cover their first wire payment into their TD account.
TD has been HDFC Bank’s main correspondent banking partner for Canadian dollar clearing since 2015.
“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,” said Sona Mehta, TD’s executive vice-president of Canadian personal banking, in a press release.
“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.”
In 2023, there were more than 425,000 Indian international students with active study permits in Canada.
Sampath Kumar, group head of retail branch banking for HDFC, said the bank wants to help Indian students navigate the process to study abroad.
“Canada is a leading education market and our relationship with TD aims to simplify the process for students and Non-Resident Indians who want to study there,” Kumar said in a statement.
This report by The Canadian Press was first published March 20, 2024.
Companies in this story: (TSX:TD)
