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In an effort to bolster the entrepreneurial ecosystem of the country, the State Bank of India (SBI) has unveiled its specialized banking offering for startups, aptly named the “Shubharambh Current Account“. This unique banking solution aims to address the financial needs and challenges that startups typically encounter, providing them with a plethora of benefits designed to facilitate smooth operations and robust growth.

Eligibility Criteria:

The Shubharambh Current Account is exclusively available for entities that possess a valid Startup Certificate from the Department for Promotion of Industry and Internal Trade (DPIIT). This encompasses:

• Private Limited Companies
• Limited Liability Partnerships
• Registered Partnership Firms
• One Person Companies (OPC)

Features and Benefits:

Understanding the diverse financial requirements of startups, SBI has packed the Shubharambh Current Account with an array of features and incentives:

1. Minimum Average Balance (MAB) Waiver: Account holders are granted a waiver on the MAB for up to one year, with a set benchmark of Rs. 20,000.
2. Cheque Book Facility: Businesses can avail of 100 free cheque leaves every month, ensuring seamless transactions.
3. Digital Solutions: To adapt to the digital age and promote ease of business, SBI offers access to the YONO Business app, a comprehensive platform that houses all Business Banking solutions.
4. Demand Drafts and Banker’s Cheques: Each month, startups can avail of 10 DD/BC free of cost.
5. Employee Benefits: A testament to SBI’s holistic approach, the Shubharambh Current Account also offers an exclusive salary account proposition for startup employees.
6. Business Debit Card: In collaboration with PRIDE, startups can obtain a free Business Debit Card, accompanied by an Insta Deposit Card.
7. Cash Deposit Perks: Startups can benefit from free cash deposits of up to Rs. 1.5 lacs per month. Additionally, deposits made at non-home branches are capped at Rs. 5 lacs per day.
8. POS Machines: Recognizing the need for digital payment solutions, SBI provides a free Point Of Sale (POS) machine installation. Moreover, there’s a lucrative 20% concession on the monthly rentals of all POS models.
9. Lending Solutions: Ensuring startups have the capital they need, SBI offers collateral-based lending solutions. This includes overdraft facilities against fixed deposits and loans under the coverage of CGTMSE/CGSS.

The SBI Shubharambh Current Account is more than just a banking solution; it’s a strategic partner for startups, dedicated to fostering innovation, ensuring financial stability, and championing entrepreneurial endeavors. With SBI by their side, startups are undoubtedly poised for success.