Top Features Of SmartUp that you Need to Know
Start-up businesses have to face a struggle right from the beginning. And there could be several factors responsible for this: lack of knowledge, lack of a mentor, lack of funding.
HDFC Bank SmartUp, a smart Business Account with features designed specifically to address these concerns, provides start-ups with the right environment to grow and develop. In a very basic sense, it is a Current Account that has been customised to the needs of a start-up.
Here are 12 features of SmartUp Account which can be beneficial to your start-up:
- Choice of Accounts
If you are just beginning your entrepreneurial journey, then you can opt for the SmartUp Alpha Current Account, which comes with a zero balance requirement for the first year, and a waiver on the annual fee for the Debit Cards. But, if you have already obtained the necessary funding for your start-up, then you can enjoy the privileges of preferred banking with the SmartUp Max Current Account. This plan comes with a dedicated Relationship Manager and priority service, along with exclusive lifestyle privileges.
- Cash Deposit
You can enjoy 25 free transactions per month, upto Rs. 100 lakhs for the Alpha Current Account, and 60 transactions up to Rs. 200 lakhs a month.
- Debit Card
The Alpha Current Account comes with a Platinum Debit Card with Re. 1 cashback for Rs. 100 you spend, whereas, the Max Current Account comes with a 10% discount on all entertainment, grocery and lifestyle shopping, as well as Rs. 2 cashback on every Rs. 150 spent.
- Credit Card
You can manage your business expenses with a Credit Card backed by Fixed Deposit. The card allows a credit limit upto 75% of your FD amount. There are three plans here:
- Business MoneyBack – FD of Rs. 45,000
- Business Regalia First – FD of Rs. 2 lakhs
- Business Regalia – FD of Rs. 4 lakhs
- Alliances and partnerships
Every business requires funding for basic necessities such as office space, advisory services, co-working spaces, logistic solutions, digital marketing, public relations, content writing etc. The SmartUp Account provides these for you at special rates negotiated by the bank.
- Networking Portal
For new businesses it is vital to connect with other businesses and potential investors. Partnerships and alliances formed this way can prove to be highly beneficial. Further, start-ups depend a lot on customer feedback. By registering for the SmartUp Account, you can explore all these possibilities.
With the SmartUp Account you become part of the dedicated start-up section which hosts more than 1200 merchants, both online and offline, gaining access to 3 million visitors per month who collectively spend over Rs. 150 crore every month. These start-ups are promoted by the bank to their massive customer base of 37 million.
- Forex Advisory
The bank will provide a dedicate team of experts to help you out with FDI rules regarding foreign trade transactions as well as FEMA and RBI guidelines and documentations. Further, you will get special foreign exchange rates.
- Digital Payments
You can conduct your business related transactions through a secure and flexible payment gateway and partner with the major players of online retail such as Amazon, Flipkart, Make My Trip. Further, the bank provides effective POS (Point Of Sale) solutions, negating the requirement for cash and cheque collections and the hassles that follow with them. You can also make bulk payments through the Enet platform.
- Tax payment
The digital payment option also allows you to pay your organization’s taxes, as the bank is authorized to collect direct and indirect taxes.
- Nodal Accounts
RBI requires that you have a nodal account if you are a market place of products and services. This is an account held by e-commerce, e-wallet or payment services, where all the monies collected from all the sellers is pooled in. The bank can help you set this up.
- Collection Services
The bank provides at least 2400 locations for payment collection and cash management, along with other avenues such as eCMS, PayZapp and other options for online payments.
While a start up will come with its various challenges, HDFC Bank offers the ideal solution for you!
Read more on how to open a start up Business Account through SmartUp.
If you are looking to avail HDFC Bank SmartUp? Click here to get started.
* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.