HDFC Bank, India’s largest private sector bank, has introduced GIGA, a comprehensive financial suite designed specifically for gig workers and freelancers. This digital-first program is tailored to meet the unique needs of the rapidly growing gig economy, which includes a wide range of professionals from various fields.
Key Features of GIGA:
1. GIGA Savings Account:
- Freelancers can choose between maintaining a quarterly balance of ₹10,000 in metro/urban areas or ₹5,000 in semi-urban/rural areas.
- Alternatively, they can opt to start an investment plan such as a fixed deposit or recurring deposit.
2. GIGA Business Debit Card:
- Offers cashback on spending.
- Comes with complimentary personal accidental death cover of up to ₹10 lakh.
3. GIGA Business Credit Card:
- Designed specifically for freelancers.
- Provides an interest-free credit period of 55 days.
- Features an accelerated rewards program.
4. Curated Offers:
- Both GIGA debit and credit cards come with value-added offers.
- Includes discounts on co-working spaces (WeWork, Awfis), upskilling programs (Harappa, 42 Courses), bookkeeping services (Zoho, LegalWiz), health & wellness programs (Earthful, Frido), and membership discounts on gig platforms (Truelancer, Refrens).
5. Health Insurance:
- GIGA offers health insurance through HDFC Ergo.
- Plans start at ₹20 per day, covering freelancers and their families.
6. Retail Asset Products:
- Business Loans: Collateral-free loans for business needs.
- Car Loans: Financing up to 100% of the total on-road value.
- Two-Wheeler Loans: Loans ranging from ₹26,000 to ₹50 lakh.
- Gold Loans: Quick disbursement and easy access.
7. Flexible Investment Options:
- HDFC AMC provides tools to help freelancers schedule and manage their investments flexibly.
8. SmartHub Vyapaar:
- A comprehensive digital payment solution for domestic collections with instant onboarding.
9. Digital Payment Solutions:
- Through partnerships with Razorpay and Payoneer, freelancers can manage both domestic and international payments.
- Supports transactions in 11 major currencies and access to markets in over 190 countries.
Who Can Benefit from GIGA?
GIGA is designed for a diverse range of gig workers, including:
1. White-Collar Professionals:
- Consultants, programmers, designers, and more.
2. Grey-Collar Workers:
- Individuals with specific vocational or technical expertise.
3. Blue-Collar and Pink-Collar Workers:
- Delivery partners, caregivers, and similar roles.
GIGA offers a tailored financial solution that empowers freelancers and gig workers to manage their finances effectively, providing tools and resources to support their unique needs in the gig economy.