HDFC Bank says Pragati Savings Account aims to build a comprehensive banking ecosystem for India’s agricultural sector, self-employed individuals, rural dwellers, self-help groups and cooperatives.
India’s largest private sector bank, HDFC Bank, on Wednesday announced the launch of Pragati Savings Account, specially designed to meet the banking needs of rural and semi-urban people across India.
“With 51 percent of its branches in semi-urban and rural areas, HDFC Bank continues to support rural economies and drive financial inclusion. Pragati Savings Account by HDFC Bank aims to create a comprehensive banking ecosystem for India’s agriculture sector, including farmers (both traditional and animal husbandry, fisheries, poultry and dairy farming), self-employed persons, rural dwellers, self-help. groups and cooperative societies,” HDFC Bank said in a statement.
HDFC Bank’s over 4,600 branches in semi-urban and rural locations will act as touch points to leverage the product to reach nearly two-thirds of India’s population, driving rural economic development. Additionally, the new offering will bring several industry-first features, such as partnership with BigHaat, empowering over 17 million farmers with discounts and access to farm resources for improved productivity, the lender added.
“Furthermore, the bank in partnership with HDFC Ergo General brings a wide range of curated propositions including discounted asset offers on two-wheeler loans (TWL), tractor loans (TRL), gold loans, Kisan Gold Card (KGC) products and animal insurance. Insurance Company Limited. Additionally, eligible customers will have access to the bank’s unique offering – Vishesh, a curated HNI offer for SURU customers, catering to the growing segment of agriculturists with diverse needs,” HDFC Bank said.
Key Features of Pragati Savings Account:
Exclusive Discounts: HDFC’s partnership with BigHaat offers exclusive discounts on farm implements, seeds and fertilizers through its online platform, providing farmers with access to competitive prices and good quality products.
Corresponding Offerings: Pragati Savings Account comes with customized features such as low maintenance requirements and special benefits for rural and semi-urban customers.
Enhanced Digital Access: With this product, HDFC Bank aims to promote financial literacy and empower rural residents with access to technology that simplifies banking and financial management.
Parag Rao, Country Head (Payments, Liability Products, Consumer Finance and Marketing), HDFC Bank, said, “HDFC is committed to financial inclusion and agricultural empowerment. Through our Pragati Savings Account, we are introducing many industry-firsts, such as our partnership with BigHaat to empower farmers and rural communities with tools and resources to increase productivity, access credit and achieve better financial outcomes. We aim to foster inclusive and sustainable ecosystems that support rural development and uplift local communities.”