HDFC Bank launches Pragati savings account to empower rural and semi-urban India
HDFC Bank launches Pragati savings account to empower rural and semi-urban India
HDFC Bank has introduced the Pragati Savings Account, designed to meet the unique banking needs of people in rural and semi-urban regions across India. With over 4,600 branches in these areas, HDFC Bank aims to leverage its extensive network to enhance financial inclusion and provide a comprehensive banking ecosystem for agricultural communities, self-employed individuals, rural residents, and self-help groups.
The Pragati Savings Account is part of HDFC Bank's ongoing commitment to support rural economies. As the bank operates in more than 51% of its branches in semi-urban and rural areas, this initiative seeks to drive rural development by offering products tailored to farmers, including those in cattle breeding, fisheries, poultry, and dairy farming, as well as cooperatives and rural communities.
Key Features of the Pragati Savings Account:
Exclusive Discounts and Partnerships: HDFC Bank has partnered with BigHaat to provide farmers with exclusive discounts on farming tools, seeds, and fertilizers through BigHaat's online platform. This initiative aims to help farmers access better quality products at competitive prices.
Tailored Financial Products: The account comes with customized features such as low maintenance requirements, ensuring greater accessibility for rural and semi-urban customers. It also includes special benefits, such as discounted asset offers on Two-wheeler Loans (TWL), Tractor Loans (TRL), Gold Loans, KISAN Gold Cards (KGC), and cattle insurance in collaboration with HDFC Ergo General Insurance Company.
Enhanced Digital Access: The bank is also focusing on improving digital banking access for rural customers. The Pragati Savings Account aims to promote financial literacy, allowing rural residents to access banking and manage their finances more easily through technology.
HDFC Bank’s Pragati Savings Account represents a strategic move to empower rural India and drive economic growth in under-served areas. Parag Rao, the bank’s country head for payments, liability products, consumer finance, and marketing, emphasized that the initiative is part of the bank’s broader goal of fostering a sustainable ecosystem for agricultural empowerment and inclusive development.
Through this new account, HDFC Bank is taking an important step toward creating a more inclusive financial future for India’s rural communities.
