Agreement expands existing global relationship
between the two banks.
TORONTO, March 20,
2024 /CNW/ - HDFC Bank and TD Bank Group (TD) today
announced an expanded relationship supporting Indian students
planning to study in Canada.
With this agreement, TD and HDFC Bank are announcing a new
referral program. HDFC Bank will refer students planning to study
in Canada to TD's International
Student GIC Program, which enables students to
conveniently comply with the Government of Canada's Student Direct Stream (SDS) study
permit pathway. This referral partnership builds on the two banks'
existing relationship where TD has acted as HDFC Bank's main
correspondent banking partner for Canadian Dollar clearing since
2015.
As part of the Canadian government's requirements to apply for
an expedited study permit, students are required to provide proof
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.
HDFC Bank is India's leading
private sector bank. As of December 31,
2023, the Bank's distribution network was at 8,091 branches
and 20,688 ATMs across 3,782 cities and towns. TD is the second
largest Bank in Canada, and sixth
largest in North America by
assets, and serves over 27.5 million customers around the globe. TD
has over 1,000 branches across Canada, with advisors speaking more than 80
languages, including Hindi, Punjabi, Tamil, Gujarati, and Urdu.
"We continue our focus on helping Indian students to navigate
the process to study abroad," said Sampath
Kumar, Group Head Retail Branch Banking "Canada is a leading
education market and our relationship with TD aims to simplify the
process for students and Non-Resident Indians (NRIs) who want to
study there."
Smita Bhagat Group Head Retail Branch Banking further added,
"The association is designed to support the study permit
requirements of Indian students planning to study in Canada. The curated program also offers a wide
range of financial benefits to amplify their living experience
while studying there."
In 2023, there were over 425,000 Indian international students
with active study permits in Canada, making the country the top source for
international students in Canada.
"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", says Sona
Mehta, Executive Vice President of Canadian Personal
Banking, TD Bank Group. "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. We understand that there's a lot to manage when coming to
study abroad, and through this partnership, we will simplify the
process, and deliver the ease, value, and trusted advice that TD is
known for."
The TD International Student GIC program will provide students
with:
- TD International Student GIC:
- A GIC designed to meet the needs of the SDS program via a
simple online application process.
- Students incur no application fees.
- Students will also start earning interest on their GIC even
before arrival in Canada.
- TD Student Chequing Account: A chequing account designed
for students with no monthly plan fee (until 23 years old or with
proof of enrolment in full-time post-secondary education),
unlimited transactions and additional benefits.
- Exclusive One-time credit: HDFC Bank customers will
receive a fee rebate to cover their first wire payment into their
TD account.
Once students arrive in Canada,
they will benefit from the ease, value, and trusted advice TD in
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. 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.
- TD International Student Banking Package: Students can
get up to $635 CAD in value when they
start by opening a TD Student Chequing Account.
About HDFC BANK
For more information, please log on to: www.hdfcbank.com
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by assets and serves
over 27.5 million customers in four key businesses operating in a
number of locations in financial centres around the globe: Canadian
Personal and Commercial Banking, including TD Canada Trust and
TD Auto Finance Canada; U.S. Retail, including TD Bank, America's
Most Convenient Bank®, TD Auto Finance U.S., TD
Wealth (U.S.), and an investment in The Charles Schwab Corporation;
Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing, and TD
Insurance; and Wholesale Banking, including TD Securities and TD
Cowen. TD also ranks among the world's leading online financial
services firms, with more than 17 million active online and mobile
customers. TD had $1.91 trillion in
assets on January 31, 2024. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
Media Contact for HDFC
Bank:
Madhu
Chhibber,
Madhu.Chhibber@hdfcbank.com
Ravindran
Subramanian,
Ravindran.subramanian@hdfcbank.com
Media Contact for
TD:
Ashleigh
Murphy,
Ashleigh.murphy@td.com
SOURCE TD Bank Group