Major banks in the two countries have started a partnership to provide financial services to students from Bharat coming to higher education institutions in Canada.
On Wednesday, the partnership was announced by Toronto Dominion (TD) Bank and Bharat’s HDFC Bank. Under the partnership, HDFC will refer students regarding entering a Canadian institution to TD, so they can comply with the requirements for the study permit pathway announced earlier this year by Immigration, Refugees and Citizenship Canada (IRCC).
The referral will relate to TD’s International Student GIC Programme. A release from TD explained, “As part of the Canadian government’s requirements to apply for study permit, students are required to provide evidence 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.”
GICs are similar to fixed deposits or FDs offered in Bharat. Bharat is the largest source country for international students in Canada, accounting for over 425,000 study permit holders last year.
“With this expanded relationship, HDFC Bank and TD can provide the financial offerings that will make for a feasible transition to the Canadian banking environment,” TD’s Executive Vice-President of Canadian Personal Banking Sona Mehta said.
‘The association is designed to support the study requirements of Bharatiya students planning to study in Canada. The curated programme also offers a wide range of financial advanatges to increase their living experience while studying there,” HDFC’s Group Head Retail Branch Banking Smita Bhagat added.
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