HDFC Bank launches SmartUp for startups
HDFC Bank, India’s second-largest private sector lender HDFC Bank has launched SmartUp, a dedicated solution for startups to fulfil all their banking needs.
It was launched in association with a Mumbai-based start-up accelerator Zone Startups India (ZSI).
Key facts
- SmartUp is tailored to meet all the requirements of a startup. It is a complete banking solution meant for startups.
- It will be offering banking and payment solutions, along with forex and advisory services to startups.
- SmartUp will provide facility of current account. It will include waiver of AMB (average monthly balance) for the first six months and extendable to 12 months/
- It will also include salary account for employees by waiving the minimum number of employees criteria.
- SmartUp will also provide HDFC’s ‘PayZapp’ for business – a payment and collection solution and a dedicated relationship manager.
- Accountholders will also get recommendations of regulatory and compliance issues and also chartered accountant for tax related issues.
- Startups will also get the opportunity to showcase their products on SmartBuy to 32 million HDFC Bank customers.
Zone Startups India (ZSI): It is a joint venture of Canada based Ryerson University and Bombay Stock Exchange Institute (BSEI). It has been operational for over two years and has helped over 70 startups.
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Month: Current Affairs - May, 2016