HDFC Bank Ltd launched SmartUp, a first-of-its-kind dedicated solution for start-ups, to fulfill all their banking needs.
SmartUp was launched in association with Zone Startups India, a start-up accelerator in Mumbai. SmartUp is tailored to meet all the requirements of a start-up, offering banking and payment solutions, along with advisory and forex services.
This initiative is part of a larger effort by HDFC Bank to create an ecosystem to nurture the spirit of innovation and enterprise in the start-up space.
SmartUp is a complete banking solution for startups. The key benefits of SmartUp current account include:
• Waiver of Average Monthly Balance for the first six months and extendable to 12 months.
• Salary Account for employees by waiving the minimum number of employees criterion.
• PayZapp for Business – a payment and collection solution.
• Dedicated Relationship Manager, recommendation of a Chartered Accountant for Tax, Regulatory and Compliance issues.
• Opportunity to showcase products on SmartBuy to 37 million HDFC customers.
SmartUp will be available across India, even in tier-2 and tier-3 cities that are emerging as startup hubs. The product has been developed after talking to a lot of startups and incorporates feedback from young entrepreneurs.
Prior to this, in January 2016, The State Bank of India launched its first exclusive startup bank branch SBI InCube in Bangalore. It is a specialized branch to understand and address banking needs of startups.
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