 "HDFC Bank announces GIGA, financial product for India's gig workers")
HDFC Bank has introduced GIGA, a financial suite designed for gig workers and freelancers. The programme aims to address the financial needs of India's burgeoning gig economy.
Meeting the needs of a diverse workforce
The gig economy is estimated to employ 30-50 million workers: Fom management consultants and software programmers to delivery partners. GIGA will cater to this diverse group's financial requirements.
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“We are delighted to launch a comprehensive suite of financial products designed to meet the manifold needs of various freelancer segments. Our products include a specialised savings account, current account, debit cards, credit cards with very specialised offers, health insurance for as little as Rs 20 per day, and flexible investment products where they could “invest when they can and how much they can” instead of a traditional SIP, and custom retail asset products,” said Sunali Rohra, head of gig banking, start-ups and government & institutional business at HDFC Bank.
GIGA's key offerings
Flexible savings account: Gig workers can maintain a quarterly balance (Rs 10,000 for metro/urban and Rs 5,000 for semi-urban/rural accounts) or start their investment journey with options like systematic investment plans, fixed deposits, or recurring deposits. The account also comes with a GIGA Business Debit Card offering accelerated cashback and complimentary personal accidental death cover of up to Rs 10 lakh.
GIGA business credit card: Designed for freelancers, this card offers an interest-free credit period of 55 days and an accelerated rewards programme. The card also includes curated offers developed with domestic and international partners, addressing the needs identified through consumer research. These offers include preferential deals on co-working spaces, upskilling, book-keeping, health & wellness, and gig platform memberships.
Health insurance from HDFC Ergo: Gig workers can secure health insurance for themselves and their families with premiums starting at just Rs 20 per day.
Specialised retail asset products: GIGA provides a range of retail asset products tailored to freelancers' lifestyle needs, including collateral-free business loans, car loans financing up to 100 per cent of the total on-road value, two-wheeler loans, and gold loans with quicker disbursement.
Flexible investment options: Through HDFC AMC, freelancers can utilise a flexible investment scheduler, allowing them to invest according to their available funds and adjust plans as needed.
SmartHub Vyapaar solution: This solution offers the full range of digital payment modes for domestic collections with an instant onboarding experience, catering to freelancers' need for seamless payment management.
Partnerships with Razorpay and Payoneer: GIGA also includes partnerships with Razorpay and Payoneer, enabling freelancers to collect payments from domestic and international clients using cutting-edge technology for risk and chargeback management. These partnerships empower freelancers to operate globally, accepting payments in 11 of the world's most traded currencies across 190+ countries and territories.