HDFC Bank launches SmartUp for start-ups

  • First-of-its-kind solution to fulfill all banking needs of start-ups
  • Offers tailored banking and payment solution, advisory services


Mumbai, March 16, 2016: HDFC Bank Ltd., today launched SmartUp, a first-of-its-kind dedicated solution for start-ups, to fulfill all their banking needs. SmartUp was launched in association with Zone Startups India, a start-up accelerator in Mumbai. SmartUp is tailored to meet all the requirements of a start-up, offering banking and payment solutions, along with advisory and forex services.

This initiative is part of a larger effort by HDFC Bank to create an ecosystem to nurture the spirit of innovation and enterprise in the start-up space. Zone Startups India is a collaboration between BSE Institute (a subsidiary of the Bombay Stock Exchange), Ryerson University’s accelerator Digital Media Zone, Ryerson Futures Inc., Simon Fraser University.

The benefits of SmartUp include:

  • Waiver of AMB for the first six months and extendable to 12 months,
  • Salary Account for employees by waiving the minimum number of employees criteria,
  • Digital Payment Solutions like payment gateway and POS solutions,
  • Dedicated Relationship Manager,
  • Recommendation of a Chartered Accountant for Tax, Regulatory and Compliance issues,
  • Opportunity to showcase products on SmartBuy to over 32 million HDFC Bank customers.

In a function organized at the Bombay Stock Exchange, SmartUp for start-ups was launched by Mr. Navin Puri, Country Head – Branch Banking, HDFC Bank and Mr. Ajay Ramasubramaniam, Director – Zone Startups India along with Ms. Smita Bhagat, Branch Banking Head – North & West and Co-Head, eCommerce and Mr. Parag Rao, Country Head – Card Payment Products, Merchant Acquiring Services and Marketing from HDFC Bank. The launch was also attended by senior officials of HDFC Bank and also start-ups.

“We believe start-ups in India need partners, who will be with them right from the start of their entrepreneurial journey, creating solutions that evolve as the company grows. This offering has been created after working with them to understand their requirements and will be available across India, even in tier 2 and 3 cities which are emerging as startup hubs,” says Ms. Smita Bhagat, Branch Banking Head – North & West and Co-Head, eCommerce, HDFC Bank. “SmartUp for start-ups is a complete banking solution created by HDFC Bank. It not only provides the basic banking transactions, but also valuable services like advisory services, forex and payment solutions.”

“We are happy to be a part of the launch of SmartUp, a bespoke banking solution for start-ups launched by HDFC Bank. To drive the entrepreneurial spirit and growth, start-ups, particularly at the initial stages, need a tailored banking solution and SmartUp meets their requirements,” says Ajay Ramasubramaniam, Director – Zone Startup India.