HDFC Bank has launched a new suite of current account products called Biz+, designed to support small businesses at various stages of growth. The Biz+ offering includes four variants: Biz Lite+, Biz Pro+, Biz Ultra+, and Biz Elite+, each tailored to a specific stage of business growth. These accounts come bundled with services such as cash handling, digital banking, and relationship manager support, as well as complimentary business and payment protection insurance for the first year.
Each variant provides tiered benefits, with increasing advantages as the business grows. For example, Biz Lite+ offers a free cash deposit limit six times the account balance, while Biz Pro+ increases this limit to ten times and adds access to zero-collateral overdraft loans. The premium variants, Biz Ultra+ and Biz Elite+, offer even more substantial benefits, including higher deposit limits, access to exclusive programs, and waiver of foreign bank charges on overseas remittances.
The Biz+ suite is designed to evolve with business growth, offering sector-specific solutions across HDFC Bank’s network of 9,455 branches. The bank aims to target over 45 lakh small businesses with this new offering, which integrates liabilities, asset products, business cards, and digital payments under a single offering. According to Parag Rao, Country Head of Payments, Liability Products, Consumer Finance, and Marketing at HDFC Bank, the launch of Biz+ marks a strategic shift towards offering a value-based engagement from a transactional one, addressing both business and personal banking needs.
The launch of Biz+ is part of HDFC Bank’s One Bank approach, which focuses on supporting business growth and entrepreneurship through integrated banking services. The bank aims to deliver a more modular, scalable, and business life stage-aligned proposition, with Dynamic Multiplier Benefits that scale with business growth, removing friction. With the introduction of Biz+, HDFC Bank is poised to support the growth of small businesses in India, providing them with the necessary tools and services to succeed. The bank’s extensive network and range of services make it an ideal partner for small businesses looking to grow and expand their operations.