HDFC Bank Launches Rural and Semi Urban Focused Savings Account

HDFC Bank Limited, based in Mumbai, is a prominent Indian banking and financial services institution. As of May 2024, it holds the title of the largest private sector bank in India by assets and ranks as the tenth-largest bank in the world by market capitalization.

HDFC Bank Launched The Pragati Savings Account

On November 27, HDFC Bank introduced the Pragati Savings Account, specifically designed to meet the banking needs of rural and semi-urban residents throughout India. The bank’s goal is to establish a robust banking ecosystem for the agricultural sector, targeting not only traditional farmers but also those engaged in cattle breeding, fishing, poultry, and dairy farming, as well as self-employed individuals, rural residents, self-help groups, and cooperatives. With a network of more than 4,600 branches in semi-urban and rural areas, HDFC Bank intends to leverage these locations to reach nearly two-thirds of the Indian population.

As part of this initiative, the bank has partnered with BigHaat to empower over 17 million farmers. This collaboration will provide farmers with discounts on tools, seeds, and fertilizers through BigHaat’s online platform, along with access to competitive prices and higher-quality products.

HDFC Bank Other Offerings 

HDFC Bank provides a variety of tailored offerings through this program, such as discounted financing options for two-wheeler loans, tractor loans, gold loans, Kisan Gold Card (KGC) products, and cattle insurance in partnership with HDFC Ergo General Insurance Company.

Furthermore, qualifying customers can take advantage of Vishesh, a specialized program designed for high-net-worth individuals (HNIs) within the semi-urban and rural (SURU) communities, addressing the specific requirements of farmers.

Parag Rao, Country Head, Stated

HDFC Bank is dedicated to promoting financial inclusion and empowering the agricultural sector. With the launch of our Pragati Savings Account, we are implementing several industry innovations, including our collaboration with BigHaat, which provides farmers and rural communities with essential tools and resources to enhance productivity, secure credit, and achieve improved financial results. Our goal is to create an inclusive and sustainable ecosystem that encourages rural development and supports local communities, according to Parag Rao, the country head for payments, liability products, consumer finance, and marketing.

HDFC Bank Ltd. Stock Is Nearly 1% Down

HDFC Bank Ltd. stock is currently trading at Rs. 1,802.35 per share. The stock is currently down slightly, but the Pragati Savings Account shows that the bank is making a good profit.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.