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Eligibility & Document requirement for MBDB

28 November, 2024
Synopsis:
HDFC Bank MyBusiness Digital Banking is an end-to-end financial solutions platform for businesses.
It offers various tailor-made business-friendly features to facilitate financial management and help you grow your business efficiently.
If you meet the simple eligibility criteria, you can submit the required documents to set up fund transfer limits on the platform.
Introduction
Growing a business isn’t easy. You need to do a lot, from strategising and marketing to managing finances and sales. Fulfilling business banking requirements, in particular, is quite time-consuming. You need to monitor several accounts to track cash flow, follow up with the agent for insurance products renewal, prepare accounts to file Goods and Services Tax (GST) returns, raise invoices, etc. As a result, you have to juggle between multiple applications.
But now, HDFC MyBusiness Digital Banking is a saving grace. It has digitalised business banking processes and simplified financial management to help you focus on other crucial business operations. You can use the platform to view all your HDFC Bank accounts and Credit Cards with a single login, manage small and medium-sized enterprises (SME) payments processing, and automate reconciliations.
This post helps you understand if you are eligible to register with MyBusiness Digital Banking and the documents you need to submit.
What are the eligibility criteria?
The registration process on MyBusiness Digital Banking is simple and convenient. It takes only a few minutes. The simple eligibility criteria you must fulfil are as follows:
Businesses must have a Current Account or a Savings Account in the self-employed category with HDFC Bank. You can have an individual Current Account or a Merchant Current Account with an authorised signatory.
The authorised signatory must have access to HDFC Bank NetBanking or an active Debit Card.
List of required documents for setting fund transfer limits
MyBusiness Digital Banking has a paperless onboarding process. The platform allows you to enhance fund transfer limits with minimal documentation. The list of necessary documents includes:
The fund transfer limit for Sole Proprietorships and Individual Current Accounts is ₹ 10 lakh daily by default. The customer can opt for the default limit from the platform without submitting any forms or documentation.
Sole Proprietorships, Individuals, Hindu Undivided Families (HUFs), Partnership, and Private ltd. must submit a duly filled fund transfer limit setting form at the nearest HDFC Bank branch to enhance the third-party fund transfer limits to up to ₹ 50 lakh per day per account. Eligible account holders don’t need to submit any additional documents.
Partnership firms must submit a duly filled fund transfer limit setting form and a partnership letter on the company letterhead in the prescribed format at the nearest HDFC Bank branch.
A Private Limited company must submit a duly filled form and a Board Resolution in the prescribed format at the nearest HDFC Bank branch.
Guidelines for fund transfer limits:
The default per-day fund transfer limit for Individuals and Sole Proprietorships Current Account is ₹10 lakh. Other constitution types must submit the fund transfer limit setting form to enhance the limit at the account level.
You must submit the fund transfer limit setting form to enhance the fund transfer limit.
Every company’s required fund transfer limit varies based on the volume of business operations. If you make large business payments and need a higher fund transfer limit than the default of ₹ 10 lakh per day, you must apply for the same.
Why should you use MyBusiness Digital Banking?
HDFC Bank MyBusiness Digital Banking can help you and your business in unimaginable ways. The platform can facilitate online business banking and ensure operational efficiency. It can streamline solutions through innovative and collaborative business digital banking features.
Here’s a look at the various MyBusiness Digital Banking benefits for SMEs to help you understand why you should start using it.
A single login to view various HDFC Bank personal and business accounts
A daily online money transfer limit of up to ₹ 50 lakh from every HDFC Bank account
Option to set up an inputter for your funds transfer
Ability to transfer funds via file upload
Easy management of business payroll system, complete with attendance and leave system syncing
Integration of payments with Enterprise Resource Planning (ERP) systems and enabling automatic reconciliation of payables and receivables
Raising GST-compliant invoices, making GST payments and return filing
Leveraging the banking platform’s business-friendly features, including access to the SME digital portal, to fulfil trade transaction requirements like requesting Bank Guarantees and Letters of Credit, submitting import-export documents, and international remittances
Accessing tailor-made Business Insurance products to secure your business’s Personal Insurance, Group Health Insurance, Marine and Fire Insurance, etc.
Authorising an inputter to process transactions after sending them to you for approval
Making bulk payouts to different beneficiaries by uploading the payment file and setting the required instructions for the fund transfer
HDFC MyBusiness Digital Banking enables businesses to grow by managing their growing business banking requirements. It digitalises traditional banking services and streamlines small business banking solutions. The various business-friendly features have simplified financial management and empower you to take your business to the next level.
The onboarding experience is paperless, quick, and convenient. The eligibility criteria are basic and only require you to hold an HDFC Bank Current Account with access to NetBanking or an active Debit Card. The documentation required for setting fund transfer limits varies based on the type of account holder.
Disclaimer: *Terms and conditions apply. 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.