HDFC Bank has launched its SmartUp zone in its Nungambakkam branch in Chennai.
The SmartUp zone is an exclusive area inside a branch to cater to the needs of start-ups.
It will extend funding support and act as a financial advisor to start-ups. Newly incorporated start-ups and evolved start-ups, at the seed-funding stage, are targeted under this initiative.
There are over 1,000 start-ups based in the city, according to a statement. “It is much more than a normal current account. There are waivers and concessions for these account-holders. Here, we waive minimum balance requirements for one year. “Also, these entrepreneurs can use their debit cards and there will be no charges for the first year,” George Mathai, Zonal Head, HDFC Bank-Tamil Nadu, told
In SmartUp zones, specially trained bank staff will offer tailor-made banking and advisory solutions to entrepreneurs. The bank has so far opened 16 such SmartUp zones across five States, including nine in Bangalore. Its objective is to open 65 such zones in 30 cities across India, including tier 2 and 3 cities that are emerging as start-up hubs.
HDFC Bank has opened about 600 accounts of start-ups as part of this initiative.