If you want to understand the value of every rupee, ask a bootstrapped startup founder. Especially in the early days, literally every rupee counts. The earnings are small, the burn is high, the days long, and the nights short. It's a time for hustling, for putting everything aside in the service of a dream.
Bootstrapped startup founders are also possibly the most creative people around when it comes to managing costs. You're scrappy, and you know other scrappy people. You're bartering where the nature of the business allows it. You're sharing space and resources and sometimes even people. Once again, it's about the hustle, and it's about the dream.
The one space where you aren't meeting your match in scrappiness though, is in banking. By and large, Indian startups aren't being adequately served with banking products that cater to them specifically. Sure, there does exist a differential with the product for MSME’s, since the scalability factor for a startup that goes from zero to unicorn does have a different impact. There are exclusive thought through banking [JG1] products meant for enterprise, but they don't consider the erratic nature of the early startup. After all, all hopes aside, founders themselves don't know if they'll be a unicorn, till they're a unicorn!
What startups need, particularly early-stage startups, is a bank that plays on their team. Products that are designed to be exclusive, customized, flexible, and forgiving. They also need to be intensely knowledgeable as the startup core team probably doesn't come from banking themselves. Moreover, their products and offerings need to be easy and uncomplicated: with minimal fine print that results in surprise fees. There's nothing worse than surprise fees, or worse, surprise blocks on the account, when it's your primary business account!
Some banks, however, get it. IDFC FIRST Bank is one of the first banks to meaningfully foray into Startup Banking with offerings that actually work for startups. Why? They've put in the work. Through their flagship Leap to Unicorn program, and through years of working closely with their startup customers, IDFC FIRST Bank knows firsthand what troubles customers like you, and what delights you.
This one is all about delight.
Imagine a current account that not only gives you the flexibility of a current account, but also pays you interest on the amount you have in there. Moreover, it pays you interest that is higher than what your personal savings account earns.
Enter, IDFC FIRST Bank Current Account with BRAVO Feature
Remember when we talked about scrappy entrepreneurship and creativity? This is that. IDFC FIRST Bank is India’s first and only bank to allow complete flexibility to set auto-sweep limits on all current account variants without any premature penalty on withdrawals.
Here's how it works.
Choose any amount above ₹2 lakhs as your auto-sweep limit, and Bravo automatically transforms into a fixed deposit (FD) in multiples of ₹1000, that start earning you interest up to 7.5% p.a. As you add more funds to your current account, or as payments come in, BRAVO feature continues to automatically sweep your funds into FDs on a daily basis, making every deposit an opportunity to earn, and giving your startup that extra little boost. That's right, no more waiting.
When you make payments, your FDs are maintained, till your account balance falls below ₹2 Lakhs. FD will break only when Current Account Balance goes below ₹2 Lakhs however breakage will not attract any penalty on withdrawal.
But Bravo doesn't stop there. It's built with the wisdom of "last in, first out." Have multiple FDs stacked up? When your current account balance dips below ₹2Lakhs, BRAVO intelligently taps into the FD with the shortest maturity first. This ensures your longer-term, high-interest FDs remain untouched, maximizing your returns. Also, they give you a transaction wise ledger of all these FDs, making your tax filing and accounting a breeze. See what we mean about playing on your team?
The Bottom Line: A Partner, Not Just an Account
IDFC FIRST Bank's Current Account with Bravo isn't just a utilitarian current account; it's a financial partner that celebrates your hustle, rewards your ambition, and adapts to your growth. It's a dynamic tool that empowers you to focus on what you do best – building your dream venture.
Of course, Bravo isn't the only reason you should consider IDFC FIRST Bank as your banking partner. The bank's Startup Banking program - FIRST WINGS is designed to meet the unique needs of startups and offers unique solutions for startups that include core banking offerings like digital account opening & virtual account creation, app/web portal, PG solutions for startups, working capital, salary accounts, forex solutions, business credit card, and treasury management.
Learn more about all the ways IDFC FIRST Bank has unique offerings to support startups across lifestages , and consider giving yourself the IDFC FIRST Bank advantage.
Moneycontrol journalists were not involved in the creation of the article.
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