Principal Banks in the two countries have initiated a partnership to assist financial facilities for students from India entering higher education institutes in Canada.
The collaboration was publicized by Toronto Dominion (TD) Bank and India’s
HDFC Bank. Under the agreement, HDFC will refer students considering entering a Canadian institution to TD, so they can conform with the necessities for the study
authorization pathway declared earlier this year by Immigration, Refugees and
Citizenship Canada (IRCC).
The recommendation will relate to TD’s International Student GIC Programme. A
statement from TD described, that as part of the Canadian government’s request to
apply for an advanced study permit, students are obligated to deliver proof of
financial provision, which is accomplished via a Guaranteed Investment Certificate
(GIC) from a contributing Canadian financial establishment. The TD International
Student GIC Package is intended to allow students to open accounts digitally and
assist them meet their study visa and living expenditure requirements.
GICs are like fixed deposits or FDs obtainable in India.
India is the main source country for foreign students in Canada, comprising over 425,000 study permit holders last year.
With this extended association, HDFC Bank and TD can deliver the financial contributions that will make for an easy changeover to the Canadian banking setting, TD’s Executive Vice-President of Canadian Personal Banking Sona Mehta said.
The relationship is intended to support the study permit necessities of Indian students preparing to study in Canada. The curated program similarly offers an extensive assortment of financial assistance to strengthen their living experience while studying there, HDFC’s Group Head Trade Branch Banking Smita Bhagat informed.
The GICs can be archived using an online process, with no application fees, and will start receiving interest even before the student reaches Canada, the statement said.
In December 2023, IRCC publicized that for study permit submissions received on or after January 1 this year, a single candidate will be required to confirm they have CA$ 20,635 (approximately ₹12.7 lakh), as against CA$ 10,000 (about ₹6.14 lakh) previous. Explaining the upsurge, it stated, that the cost-of-living necessity for study permit applicants has not altered since the early 2000s, when it was set at $10,000 for a solitary applicant. As such, the financial requirement has not kept up with the cost of living over time, subsequent in students arriving in Canada to learn that their capital is not satisfactory.
The cost-of-living fund is deposited through wire transmission at an elected Canadian bank, in the GIC account.
