SmartUp Solution to Pursue your Entrepreneurial Dream

The entrepreneurial segment in India is flourishing, and startups are coming up not just in metros but also in smaller cities and towns. More and more youth are leaving the corporate life for a chance at making it in the world of innovations and ideas.

However, there can be many financial obstacles. New businesses often find themselves unable to cope with the financial acumen required to manage a business, and end up worrying more about compliance than focusing on their core business idea.

HDFC Bank’s SmartUp solutions look into all the financial, advisory, and forex needs of startups. The first of its kind in India, it will fulfil all the banking needs of entrepreneurs in one place. The initiative has been launched in association with Zone Startups India, a Mumbai-based startup accelerator.

Set up in 2016, HDFC Bank’s SmartUp solutions initially catered to the needs of startups in Bengaluru, considered the hotbed for innovations and ideas. However, within a year, HDFC Bank not only expanded its pilot to new SmartUp Zones within Bengaluru, but also took its services to 65 branches across 30 different cities.

The SmartUp advantage

HDFC Bank aims to partner with entrepreneurs at the start of their journey, and offer solutions that evolve as the company grows. By opening a SmartUp current account, entrepreneurs can enjoy benefits such as:

• Waiver of AMB (Average Monthly Balance) for the first six months, with the possibility of extending it to 12 months.
• Salary account for employees without any minimum employees criteria.
• A dedicated relationship manager and get recommendations from CAs for tax, regulatory, and other compliance issues.
• A unique opportunity to showcase products on SmartBuy to 32 million HDFC Bank customers.

All HDFC Bank SmartUp zones employ specially trained staff well-versed with all startup issues, including legal and other compliance norms.

The bank will also offer its expertise and assistance with partnerships and alliances, keeping in mind cost savings and growth parameters. Besides the advisory services, startups also get access to HDFC Bank’s SmartBuy platform, thereby finding it easier to make inroads into the market.

Apart from core financial products, HDFC Bank’s SmartUp solutions also offers the following:

• Public relations: Tapping the right opportunity at the right time can make a tremendous difference.
• Content writing: Communicate effectively and offer good quality content to engage with your audience.
• Training: Take advantage of training programs specially curated for startup founders.
• Co-working spaces: Ideate, network, and collaborate with like-minded individuals in spaces meant to foster innovation and creativity.
• Digital marketing services: Build and improve your digital presence by working with expert digital partners.

Conclusion

HDFC Bank’s SmartUp suite has been conceptualised and created after talking to and understanding the needs of entrepreneurs. What started as an idea to offer financial assistance to startups in Bengaluru has very rapidly grown into a larger program aimed at building and nurturing an environment of innovation and ideas – which is the very core of entrepreneurial spirit.

Looking to open a HDFC Bank SmartUp Account? Click here to get started!

Read more on the benefits of a SmartUp Account.