HDFC Bank and TD Bank have announced an expanded relationship which will positively impact the GIC for Indian students planning to study in Canada. HDFC Bank is one of the major private-sector banks in India with over 8,192 branches and 20,760 ATMs and Cash Deposit Machines across 3,836 cities.
The bank has a strong track record for study abroad loans and other financial services. TD Bank is the 2nd largest bank in Canada with over 1000 branches across the country. Read on to check more details.
Referral Partnership of HDFC Bank and TD Bank
TD and HDFC Bank are introducing a fresh referral program through this agreement. Under this new partnership, HDFC Bank will recommend students who are planning to pursue studies in Canada to enrol in the TD Bank International Student GIC Program. This initiative will help the students aspiring to study in Canada to meet the requirements of the Government of Canada’s Student Direct Stream (SDS) study permit pathway.
TD Bank has been one of the major correspondent banking partners of HDFC Bank for CAD clearing since 2015.
Also Read: Check out how to exchange currency legally in Canada while studying there
Indian Students in Canada: What You Need to Know
Canada is one of the most preferred study-abroad destinations and a lot of Indian students plan to study in Canada every year. According to a press release, Canada has become a leading choice for international students from India with more than 425,000 Indian students currently holding valid study permits in the country as of 2023.
This partnership will help the students to manage the GIC account easily. A GIC account (Guaranteed Investment Certificate) is a financial product offered by banks and financial institutions to international students wishing to study in Canada. It provides an opportunity for students to earn guaranteed interest rates over a fixed period by depositing a certain amount. In exchange, banks commit to paying out the agreed-upon amount upon maturity.
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