The Globe and Mail reports in its Wednesday edition that TD Bank has signed an agreement with India's biggest private bank to attract international students as Canada's largest lenders vie for new immigrants. The Globe's Stefanie Marotta writes that with Ottawa targeting record immigration in the coming years, competition among the banks has spiked for customers who are new to Canada. Through the partnership, Mumbai-based HDFC Bank will refer international students to TD to help set up their financial requirements for study permits. Canada's banking sector is highly saturated, and the single biggest growth opportunity for the banks is the boom in people migrating to Canada. The Canadian government requires international students to show proof of financial means by buying a guaranteed investment certificate for a minimum amount. After HDFC has referred a student to TD, the Canadian bank offers a GIC without an application fee, as well as a free chequing account and a rebate to cover the first wire payment into the student's TD account. The referral partnership is an extension of the two banks' existing relationship. TD has been HDFC Bank's main correspondent banking partner for Canadian-dollar clearing since 2015.