HDFC Bank says the Pragati Savings Account aims to build a comprehensive banking ecosystem for India’s agricultural sector, self-employed individuals, rural residents, self-help groups, and cooperatives.
HDFC Bank, India’s largest private sector bank, on Wednesday announced the launch of the Pragati Savings Account, which has been designed specifically to meet the banking needs of rural and semi-urban people across India.
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“With 51 per cent of its branches in semi-urban and rural areas, HDFC Bank continues to support rural economies and drive financial inclusion. The Pragati Savings Account by HDFC Bank aims to build a comprehensive banking ecosystem for India’s agricultural sector, including farmers (both traditional and those in cattle breeding, fisheries, poultry, and dairy farming), self-employed individuals, rural residents, self-help groups, and cooperatives,” 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 about two-thirds of India’s population, driving rural economic development. Further, the new offering will bring many industry-first features, such as a partnership with BigHaat, empowering over 17 million farmers with discounts and access to farming resources for improved productivity, the lender added.
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“In addition, the bank brings wide range of curated propositions including Discounted Asset offers on Two-wheeler Loan (TWL), Tractor Loan (TRL), Gold Loan, KISAN Gold Card (KGC) products and Cattle insurance in partnership with HDFC Ergo General Insurance Company Limited. In addition, eligible customers will have access to the bank’s unique offering – Vishesh, a curated HNI offering for SURU customers, to cater to the rising strata of agriculturists with different needs,” HDFC Bank stated.
Key Features of the Pragati Savings Account:
Exclusive Discounts: HDFC’s partnership with BigHaat offers exclusive discounts on farming tools, seeds, and fertilizers through its online platform, providing farmers with access to competitive pricing and better quality products.
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Tailored Offerings: The Pragati Savings Account comes with customised 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 & marketing) at HDFC Bank, said, “HDFC 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.”
