HDFC Bank ‘SmartUp’ Current Account gives start-ups a smarter tool to manage funds
Uncertainties triggered by Covid waves and dynamic guidelines have made start-ups embrace smart solutions to manage their finances. Start-ups especially need tight budget control - from operational expenses to capex – they have to run a tight ship.
HDFC Bank, a leading provider of financial services, has been enabling organisations to get the most value of their money through its state-of-the-art products. Its latest offering is ‘SmartUp Growth’ — a new current account under its SmartUp Program offers a comprehensive banking solution for start-ups.
The account helps growth-stage start-ups manage their finances smartly and efficiently. Along with bespoke banking offering and treasury services, the account provides a value-for-money solution with incremental benefits based on the balance maintained.
This solution is an addition to the existing SmartUp Alpha and SmartUp Max Current Accounts catering to Early-Stage and Mature Stage start-ups respectively.
Value-added features tailor-made for start-ups
The ‘SmartUp Growth’ account has tailormade value-added features designed keeping in mind the requirements of growing start-ups in India.
It aims to provide a holistic, value-for-money solution with incremental benefits based on balance maintained. All three SmartUp products can be opened by start-ups not older than 10 years.
“For the last 6 years, our approach has been to provide value-added support to SmartUp banking customers,” said Neha Agrawal, Head of Start-ups and Venture Investments at HDFC Bank. “We felt the need to differentiate the needs of growth stage start-ups, starting right from the Current Account version. Hence, we are excited about launching SmartUp Current Account for start-ups."
HDFC Bank’s new offering comes at a time when the Indian start-up ecosystem is growing fast and how. Start-ups leveraging emerging technologies to cater to fast evolving consumer demands have earned global fame with their ability to innovate at scale, and with agility. According to a YourStory report, Indian start-ups raised a total of $12.82 billion during Q3. The funding was raised across 461 deals in Q3, which is the highest compared to Q1 (256) and Q2 (287).
Customised solution for Indian start-up ecosystem
HDFC Bank’s SmartUp Program provides an end-to-end banking bundle that includes forex, payment solutions, depository services, escrow, corporate salary, card offerings and more. The program also offers business and funding support initiatives for the bank’s customers.
Customers can avail services at special rates, negotiated for HDFC Bank start-ups, for co-working spaces, digital marketing services, tax and compliances, HR solutions, etc.
Talking about the newly launched SmartUp Growth current account, Mr. Mairaj Uddin, Executive Vice President and Head – Current Account Product, HDFC Bank said, “SmartUp Growth has been launched to catalyse start-ups’ growth by assisting entrepreneurs with smart financial tools, smart advisory services along with innovative product offering and technology. So, if founders have started right now or are in the growth stage or already moving ahead in their entrepreneurial journey, we have a smart solution for them. We at HDFC Bank are committed to continuously finetune our product offerings and build robust processes for the dynamic start-up segment and this new account is one such solution.”
To apply for the banking bundle and/or engage in one of our many initiatives, visit www.hdfcbank.com/smartup/.