You know things will continue to look up for startups when the banking and finance industry is addressing their needs exclusively. This March 16, HDFC Bank announced the launch of SmartUp, a dedicated solution platform to address banking needs of startups. SmartUp was launched in association with Zone Startups India, which is a start-up accelerator based out of Mumbai.
SmartUp is a complete banking solution. It not only provides basic banking transaction, but also valuable services such as advisory services, forex, and payment solutions. Thus, with the help of a SmartUp current account, a startup gets a waiver of AMB (average monthly balance) for the first six months, which can be extendable for a year.
The salary accounts for employees will not have the minimum number of employee criteria. There will also be a dedicated relationship manager, recommendation of a chartered accountant for tax, as well as regulatory and other compliance issues. You also get PayZapp for business, which is essentially a payment and collection solution. With SmartUp, you can also showcase your products on SmartBuy to 32 million HDFC Bank customers.
Smita Bhagat, Branch Banking Head (North) and Co-head, ecommerce, HDFC Bank, said, “We believe startups 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.”
The platform will be available all over India, and this includes tier-2 and tier-3 cities, which are fast emerging as startup hubs.