HDFC Bank rolls out financial suite of products for gig workers

HDFC Bank on Monday launched a financial suite of products and services designed for gig workers and freelancers. The gig economy stretches across the continuum of white-collar professionals such as management consultants, software programmers and designers, architects and investment advisors, to grey collar workers who carry specific vocational/technical expertise, to blue-collar and pink-collar workers who comprise delivery partners and caregivers, said HDFC Bank in a press release. 

The private sector lender said it had conducted an in-depth consumer research study to understand the needs of freelancers before launching 'GIGA', a digital-first programme offering a host of customised products and services to address the requirements of freelancers.

“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-Gig Banking, Start-Ups and Government & Institutional Business at HDFC Bank.

"Income and independence is what is driving people to adopt this way of life, which of course has been powered by the growth of the digital ecosystem and to a large extent the trend of remote working," Rohra added. 

The bank detailed some of the offerings under GIGA as follows: 

• Flexible GIGA Savings Account: The GIGA account gives freelancers the choice of maintaining a quarterly balance (Rs 10,000 for metro/urban and Rs 5,000 for semiurban/rural accounts) or using options such as starting their investment journey with a systematic investment plan/fixed deposit/recurring deposit etc. 
• GIGA Business Debit Card with accelerated cashback on spends and customised offers comes with the account. It also provides complimentary personal accidental death cover of up to Rs 10 lakh 
• Exclusive GIGA Business Credit Card specifically designed for freelancers with an interest-free credit period of 55 days, and an accelerated rewards programme 
• Curated offers on GIGA Cards: A bouquet of value-added offers especially designed to help freelancers in their work is also being included on both GIGA Debit and Credit cards; developed in conjunction with both domestic and international partners, the offers address many of the needs identified through consumer research
• Health Insurance from HDFC Ergo: Now gig workers can get health insurance for themselves and their families at premia starting at Rs 20 per day
• Specialised suite of retail asset products:
  • Business loans
  • Car loans
  • Two-wheeler loans
  • Gold loans
• Systematic investment process from HDFC AMC