HDFC Bank has introduced GIGA, a new set of financial goods and services intended exclusively for India's gig workers and freelancers. The project intends to serve an estimated 30-50 million gig workers in a variety of job sectors, including white-collar and pink-collar roles. The new offers include a variety of financial tools such as savings and checking accounts, debit and credit cards, health insurance, flexible investment alternatives, and personalized asset products.
Key Offerings Of GIGA
Flexible Savings Account- Gig workers can opt for a quarterly balance of Rs 10,000 in urban areas or Rs 5,000 in rural areas. The GIGA Savings Account also includes a business debit card with accelerated reward and free personal accidental death coverage up to Rs 10 lakh.
GIGA Business Credit Card - This card has an interest-free credit period of 55 days and an expedited rewards program. It provides special discounts on coworking spaces, skill-building classes, bookkeeping, health and wellbeing, and gig platform memberships.
Health Insurance- Health coverage is available for gig workers and their family via HDFC Ergo, with prices starting at Rs 20 per day.
Specialized Retail Asset Products- GIGA offers a variety of asset products, including collateral-free business loans, automobile loans covering up to 100% of the on-road value, two-wheeler loans, and gold loans with speedier disbursement.
Flexible Investment Options- With HDFC AMC, freelancers can invest based on their available funds using flexible plans, which provides greater flexibility than standard SIPs.
SmartHub Vyapaar Solution- This digital payment solution accepts a variety of payment methods for domestic collections and includes a fast onboarding procedure to make payment management easier for freelancers.
Partnerships With Razorpay And Payoneer
Razorpay Partnership- Allows gig workers to accept digital payments from both domestic and foreign consumers easily.
Payoneer Partnership- Enables freelancers to receive payments in 11 major currencies from clients and marketplaces in over 190 countries and territories, increasing their capacity to operate globally.
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