HDFC Bank Ltd has launched SmartUp, a dedicated banking solution for startups, in association with Zone Startups India, a startup accelerator in Mumbai. SmartUp is tailored to meet all the requirements of a startup – offering banking and payment solutions, along with advisory and forex services. The move is done in a bid to create an ecosystem to nurture the spirit of innovation and enterprise in the startup 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 (HDFC Bank’s exclusive offers platform) to 32 Mn HDFC customers
SmartUp will be available across India, even in tier-2 and tier-3 cities that are emerging as startup hubs.
ZSI
- Zone Startups India (ZSI) is an Indo-Canadian joint venture of Ryerson University, Canada & Bombay Stock Exchange Institute.
- It accelerates technology startups, with a focus on enterprise technologies, and has already accelerated over 70 startups.
- Prior to this, in December 2015, itraised about $28 Mn registered with SEBI.
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 specialised branch to understand and address banking needs of startups.
