HDFC Bank and TD Bank Group sign agreement to streamline education journey for Indian students in Canada

HDFC Bank and TD Bank Group sign agreement to streamline education journey for Indian students in Canada

Pursuing education in Canada as an international student can be a big undertaking. On top of preparing to live in a new country to take challenging courses, study permit applicants must also navigate through a set of government requirements.

Through the launch of a new referral program, HDFC Bank and TD are streamlining the process of opening a TD Guaranteed Investment Certificate (GIC), enabling students to conveniently comply with the Government of Canada’s Student Direct Stream (SDS)[1] study permit pathway,  for expedited study permit processing.

HDFC Bank is India’s leading private sector bank. TD is the second largest bank in Canada by assets, and since 2015, has acted as HDFC’s main correspondent banking partner for Canadian Dollar clearing.

What is the Student Direct Stream?

The Student Direct Stream (SDS) is a fast-tracked study permit pathway for eligible students from India and 13 other countries. While current processing times for normal study permits are 10 weeks, the government aims to process those who apply under the SDS in 20 calendar days.

As part of Immigration, Refugees and Citizenship Canada’s (IRCC) requirements to apply through the SDS pathway, students must provide “proof of financial support” by obtaining a GIC from a participating Canadian financial institution.

How does this referral program support Indian international students?

As part of the partnership, HDFC Bank will refer students planning to study in Canada to the TD International Student GIC program which provides students with:

  • TD International Student GIC: Designed to meet the needs of Government of Canada’s Student Direct Stream (SDS) pathway for obtaining study permits, with no application fees, a simple online application process and the ability to start earning interest even before arrival in Canada.
  • TD Student Chequing Account: With no monthly fees (until 23 years old or with proof of enrolment in full-time post-secondary education), unlimited transactions and additional benefits.

Once students arrive in Canada, they will benefit from the ease, value, and trusted advice TD is known for. The benefits under this Program will include:

  • Accessible Banking: TD has longer branch hours than any other Canadian bank, with over 1,000 branches coast to coast, and advisors speaking more than 80 languages, including Hindi, Punjabi, Tamil, Gujarati, and Urdu. Banking services are also available online, as well as at your fingertips with the TD app.
  • Advice at the ready: Whether students are looking for expert advice on managing day-to-day expenses or long-term financial planning, TD colleagues are here to help, both in branch and over the phone.

To learn more about how the TD International Student GIC program works, visit this webpage.

For India residents, to learn more about the HDFC Bank and TD program, visit this webpage.