Introduction to Baroda Startup Banking

In the Gazette of India dated 19.02.2019 as updated from time to time, a 'Startup’ is defined as below:

An entity shall be considered as a Startup:

• UP to a period of 10 years from the date of incorporation/ registration, if it is incorporated as a private limited company (as defined in the Companies Act 2013) or registered 'as 'a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India.
• Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded Rs.100 crores.
• Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
  Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a 'Startup’
• The Startup should not have invested in the assets as mentioned in the above-mentioned Gazette and as updated from time to time For identification of an unit as a 'Start-up’ the guidelines detailed in the above-mentioned Gazette and guidelines as updated from time to time to be complied with.

Dedicated Startup Branches

Bank of Baroda has set up dedicated startup branches at 16 cities across the country to cater to the needs of India’s ever-growing startup ecosystem. From customized banking products to dedicated relationship managers to non-banking services, bob World Startup Banking has come a long way to support the growth of startups.

Baroda Start-Up Current Account

This is an exclusive start-up current account that can be opened by an early stage startup be it a private limited company, partnership firm or limited liability partnership firm.

The following are the key benefits of Baroda Startup Current Account:

• Dedicated Relationship Manager.
• Waiver of non-maintenance charges upto 2 years of account opening.
• Free NEFT/RTGS/IMPS transactions upto 2 years of account opening.
• Business Debit card with multiple offers.

The other eligibility conditions are as under:
a. Your entity should not be more than 5 years old
b. The turnover as per the last audited balance sheet should not exceed Rs. 25 crores. Further, it should be working towards the development, innovation or improvement of products, services or processes or have a scalable business model with huge potential for wealth creation and employment generation. 

Baroda Scale-Up Current Account

This is one of the best business bank accounts for growth stage startups.

The following are the key benefits of Baroda Scale up Current Account:

• Dedicated Relationship Manager.
• Waiver of non-maintenance charges upto 1 years of account opening.
• Free NEFT/RTGS/IMPS transactions for lifetime.
• Business Debit card with multiple offers.

Corporate Premium Credit Card

Being a tech savvy startup, we understand that you need to incur various online expenses to run your startup and that’s why, Bank of Baroda has designed a specialized corporate credit card with exclusive features such as

Earn 1 reward point for every Rs. 100 spent through this credit card along with multiple point redemption options.

Emboss your corporate name on the credit card along with the name of the cardholder.

Track your expenses and stay in control by assigning individual employee spending limits.

Lastly, there is no joining fees and guaranteed issuance against Corporate FDs.

Baroda Payment Gateway

Accept online orders from your customers in an easy and secure manner with Baroda payment gateway. The following are the key features of Baroda Payment Gateway:

• Low transaction fees and initial investment
• Affiliated to VISA/ Master Card/NPCI and Net Banking
• Inbuilt MIS Report facility for transaction tracking

To provide benefits to your startup in terms of close and secure payments gateway integration with the banking system. Another major benefit is the low transaction fees and initial investment that is affiliated with VISA / Master card and net banking. Further, you can track your transactions with ease using the inbuilt MIS Report facility.

Baroda Corporate Salary Package

Keep your employees happy with Baroda Corporate Salary package. Bank of Baroda Corporate Salary package comes with 4 variants of salary accounts linked to the salary amount. The following are the key features of corporate salary accounts

• No minimum criteria for number of employees in Startup
• *Digital Personal Loan upto to Rs.50,000/-
• Zero Balance Salary Account
• More than 250 services available in bank’s super app bob World

*T&C apply.

Baroda INSTA SmartTrade

A one-point solution for your forex and inland trade transactions. The following are the key features of Baroda INSTA SmartTrade

• Paperless transactions with enhanced security features
• Real-time updates of the transactions.
• Online availability of customised MIS reports swift copy and debt advice.

Bank of Baroda endeavor is to support startup in their growth, be it through banking services or other support services required by startups. We have partnered with marquee service providers, who would be providing their services to bob startups at preferential rates or free credits.

The following are the key offers provided by bank’s partners:

• Cloud services: Avail free cloud services from the best players in the industry including Amazon Web Services, Microsoft and IBM.
• Accounting & Legal services: Get accounting and legal services from Vakilsearch at discounted rates.
• Mentorship: Sometimes, all that someone needs is a mentor or guide. You can accelerate your startup to the next level with structured mentoring sessions with IvyCamp.

In a Nutshell

If you are a startup and searching for a leading banking partner that can cater to your specialised needs, then it's time you partner with one of the best banks for startups, Bank of Baroda now!