Financial Services for India’s Gig Workforce [Current Affairs]

HDFC Bank has introduced GIGA, a new suite of financial products and services specifically designed for gig workers and freelancers in India. The initiative aims to cater to an estimated 30-50 million gig workers across various job sectors, from white-collar to pink-collar roles. The new offerings include a range of financial tools such as savings and current accounts, debit and credit cards, health insurance, flexible investment options, and customized asset products.

Key Offerings of GIGA

Flexible Savings Account: Gig workers can choose between a quarterly balance of Rs 10,000 for urban areas or Rs 5,000 for rural areas. The GIGA Savings Account also features a business debit card with accelerated cashback and complimentary personal accidental death coverage of up to Rs 10 lakh.

GIGA Business Credit Card: This card provides an interest-free credit period of 55 days and includes an accelerated rewards program. It offers exclusive deals on co-working spaces, upskilling courses, book-keeping, health & wellness, and gig platform memberships.

Health Insurance: Health coverage is available for gig workers and their families at premiums starting as low as Rs 20 per day, provided through HDFC Ergo.

Specialized Retail Asset Products: GIGA includes various asset products like collateral-free business loans, car loans covering up to 100% of the on-road value, two-wheeler loans, and gold loans with faster disbursement.

Flexible Investment Options: Through HDFC AMC, freelancers can invest according to their available funds with adjustable plans, offering more flexibility than traditional SIPs.

SmartHub Vyapaar Solution: This digital payment solution supports a wide range of payment modes for domestic collections, featuring an instant onboarding process to streamline payment management for freelancers.

Partnerships with Razorpay and Payoneer

Razorpay Partnership: Enables gig workers to collect digital payments from domestic and international customers seamlessly.

Payoneer Partnership: Allows freelancers to accept payments in 11 major currencies from clients and marketplaces across over 190 countries and territories, enhancing their ability to operate globally.