With immigration in Canada poised to reach record-high levels in the years ahead, Royal Bank (RBC) and ICICI Bank Canada are collaborating to bring integrated banking solutions to newcomers moving to Canada.
“We're excited to work with ICICI Bank Canada to offer newcomers everything that's needed for a great financial start," said Neil McLaughlin, Group Head, Personal & Commercial Banking, RBC. "From opening a bank account to accessing a credit card, to applying for a mortgage, this collaboration will help ensure newcomers have access to the products and advice they need in order to thrive in Canada."
The collaboration between the two banks includes the launch of a program for newcomers who are international students participating in the Government of Canada's Student Direct Stream (SDS), a program that helps them expedite the study permit application process. The SDS program, among other things, requires a student to have a GIC of $10,000 or more from an eligible Canadian financial institution. Upon arrival in Canada, international students who hold the GIC with ICICI Bank Canada will have the option to seamlessly connect with an RBC advisor to review their financial needs and also have the proceeds from their ICICI Bank Canada GIC deposited into an RBC personal deposit account.
Sandeep Goel, President and CEO, ICICI Bank Canada, said its initial offering focuses on the needs of international students from India. Goel said the bank looks forward to expanding on its collaboration with a full line-up of customized solutions for all newcomers.