Country’s leading private sector lender HDFC Bank launched dedicated banking solution for start-ups, ‘SmartUp’ which will offer banking, payments and forex services.
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.
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.
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 will cater to your needs very well even if you are in Tier II and Tier III cities anywhere in India.