HDFC Bank Launches SmartUp – A Banking Solution Specifically For Startups
In an effort to contribute towards the ‘Start-up India’ campaign and for nurturing the start-up ecosystem in the country, HDFC Bank, the best private bank in Asia, has launched a first-of-its-kind dedicated banking solution for start-ups, ‘SmartUp’.
HDFC Bank has launched SmartUp in association with ‘Zone Startups India’, a start-up accelerator based in Mumbai. SmartUp is custom designed to meet all the requirements of a start-up including banking services, payment solutions, and advisory and forex services.
“We are happy to be a part of the launch of SmartUp, a bespoke banking solution for startups launched by HDFC Bank. To drive the entrepreneurial spirit and growth, start-ups, particularly at the initial stages, need a tailored banking solution and SmartUp meets their requirements,” says Ajay Ramasubramaniam, Director at Zone Startups India.
SmartUp initiative with not only act as a partner for startups in their early growth stage, but will also help develop an ecosystem for encouraging innovation and start-ups in the country. Zone Startups India a collaboration between BSE Institute (a subsidiary of Bombay Stock Exchange), Ryerson University’s accelerator Digital Media Zone, Ryerson Futures Inc., and Simon Fraser University.
SmartUp was launched at an event organized by Bombay Stock Exchange (BSE) in the presence of top HDFC Bank officials including Navin Puri, Country Head- Branch Banking, Smita Bhagat, Branch Banking Head- North & West and Co-Head, eCommerce, Parag Rao, Country Head- Card Payment Products, Merchant Acquiring Services and Marketing from HDFC Bank. Ajay Ramasubramaniam, Director at Zone Startups India was also present at the event.
Some of the main benefits of SmartUp are:
- Salary accounts for all employees without any criteria of a minimum number of employee accounts.
- Waiver of Average Monthly Balance (AMB) for the first 6 months which can be further extended to 12 months.
- Digital Payment solutions like payment gateway, and Point-of-sale (PoS) solutions.
- The Bank would also recommend a Chartered Accountant for Tax, regulatory, and compliance issues.
- Opportunity to showcase the products of startups to over 32 million HDFC Bank customers on SmartBuy.
It is worth noting that these services are only for startups who are well established with their operations and have a good level of traction. If your startup is in the very early stage of its development, then you should look for something else.
However, if you think that you are ready for the next round, then SmartUp should cater to your needs very well even if you are in Tier II and Tier III cities anywhere in India.
“We believe start-ups in India need partners, who will be with them right from the start of their entrepreneurial journey, creating solutions that evolve as the company grows. This offering has been created after working with them to understand their requirements and will be available across India, even in tier 2 and 3 cities which are emerging as startup hubs,” Smita added.