Toronto Dominion (TD) Bank and India’s HDFC Bank have announced a partnership aimed at providing financial services to Indian students pursuing higher education in Canada. The collaboration aims to assist students in meeting the financial requirements for study permits outlined by Immigration, Refugees and Citizenship Canada (IRCC).
Under the partnership, HDFC Bank will refer students considering Canadian institutions to TD Bank, particularly for TD’s International Student GIC Programme. This program enables students to open accounts digitally and fulfill the financial support requirement for obtaining an expedited study permit. The Guaranteed Investment Certificate (GIC) offered through this program serves as proof of financial support, ensuring compliance with IRCC regulations.
Considering that India is the largest source country for international students in Canada, with over 425,000 study permit holders last year, this partnership holds significant importance. TD’s Executive Vice-President of Canadian Personal Banking, Sona Mehta, emphasized the aim of providing seamless financial offerings to facilitate the transition of Indian students to the Canadian banking environment.
HDFC’s Group Head Retail Branch Banking, Smita Bhagat, highlighted the program’s benefits, which extend beyond meeting study permit requirements to enhancing students’ overall living experience in Canada.
The GICs offered through this program can be opened online without application fees and begin earning interest even before students arrive in Canada. This streamlined process aligns with IRCC’s recent adjustments to study permit financial requirements, which now mandate a higher amount to reflect the rising cost of living.
As the cost-of-living fund is crucial for study permit applicants, the collaboration between TD Bank and HDFC Bank provides Indian students with a convenient and reliable solution for managing their financial obligations while pursuing education in Canada.
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