Pvt lender HDFC Bank launches rural and semi-urban focused savings account

HDFC Bank, India's largest private sector lender, on Wednesday launched the Pragati Savings Account, designed to address the banking needs of rural and semi-urban residents across India.

 

HDFC Bank aims to create a comprehensive banking ecosystem for India’s agricultural sector, targeting farmers (both traditional and those involved in cattle breeding, fisheries, poultry, and dairy farming), self-employed individuals, rural residents, self-help groups, and cooperatives. The bank’s network of over 4,600 branches in semi-urban and rural locations will serve as touchpoints to leverage this product, covering nearly two-thirds of India’s population.

 

The initiative includes a partnership with BigHaat, empowering over 17 million farmers by offering discounts on farming tools, seeds, and fertilisers through its online platform, along with competitive pricing and better-quality products.

 

 

HDFC Bank also offers a range of curated propositions under this programme, including discounted asset financing for two-wheeler loans, tractor loans, gold loans, Kisan Gold Card (KGC) products, and cattle insurance in collaboration with HDFC Ergo General Insurance Company.

 

Additionally, eligible customers will have access to Vishesh, a curated offering for high-net-worth individuals (HNIs) among the semi-urban and rural (SURU) population, tailored to meet the unique needs of agriculturists.

 

“HDFC Bank is committed to financial inclusion and agricultural empowerment. Through our Pragati Savings Account, we are introducing several industry-firsts, such as our partnership with BigHaat, to empower farmers and rural communities with tools and resources to improve productivity, access credit, and achieve better financial outcomes. We aim to foster an inclusive and sustainable ecosystem that supports rural development and uplifts local communities,” said Parag Rao, country head, payments, liability products, consumer finance, and marketing.