Checkout the innovative features of MyBusiness Digital Banking
26 November, 2024
Synopsis
MyBusiness Digital Banking is HDFC Bank’s offering to facilitate SME banking and business solutions.
Its tailor-made services help businesses save time they would have otherwise spent managing complex and time-consuming processes like filing Goods and Services Tax (GST) returns, renewing insurance products, tracking business accounts, etc.
The features of MyBusiness Digital Banking include instant onboarding, high fund transfer limits, option to create inputter for transactions, bulk funds transfer, GST automation, working capital and trade management, Enterprise Resource Planning (ERP) integration, and unified access to HDFC Bank accounts.
Introduction
Banking and business operations are a crucial part of any venture. These tasks are time-consuming, which sometimes results in no time for strategic meetings and brainstorming sessions. HDFC Bank’s MyBusiness Digital Banking is a one-stop solution to resolve your problems and streamline banking and business operations. It offers customised services like enhanced fund transfer experience, seamless Enterprise Resource Planning (ERP) and accounting platform integration, and automated tax management to simplify financial workflows.
What is MyBusiness Digital Banking?
HDFC Bank’s MyBusiness Digital Banking is a comprehensive platform for Small and Medium Enterprises (SMEs). It allows businesses to manage their operations more efficiently without juggling between different applications. You get one view of the multiple accounts you own - Savings Account, Current Account, and Credit Cards - making tracking and securing digital payments for businesses easier. The single login dashboard offers a variety of business-friendly features to streamline work processes and ensure operational efficiency.
HDFC Bank MyBusiness Digital Banking Features
Instant, paperless onboarding
HDFC Bank’s MyBusiness Digital Banking provides a seamless and paperless onboarding process, allowing businesses to manage their finances quickly without traditional paperwork or delays. This digital-first approach ensures quick access to banking services.Unified account access
Customers with multiple HDFC Bank accounts, whether personal or business, can consolidate them under a single user ID. This makes it easier to manage balances, access statements, and transfer funds across accounts with just one login.Superior funds transfer features
Limits - Users can enjoy enhanced transfer limits of up to ₹ 50 lakhs per account, enabling smooth management of large transactions for business operations or working capital needs.
Inputter facility - Users can assign an inputter on their account, who can enter transactions, in single or via file upload, and share for your approval. The request will be processed only after your authorisation. Creating an inputter for your account is a fully digital and seamless process.
File-based beneficiary addition and funds transfer - Users can add beneficiaries or payees for funds transfer via a simple file-based process. Transfers to added beneficiaries can also be done in bulk by uploading a file.
Working capital and trade services
The platform simplifies trade finance by offering tools to apply for bank guarantees and letters of credit. Businesses can also manage international remittances, upload stock statements, and receive real-time updates on trade documents to streamline operations.Business payments and collections
HDFC Bank’s MyBusiness Digital Banking helps businesses create GST-compliant invoices, track payments, and manage vendor bills with ease. Users can also monitor due dates, reconcile receivables and payables, and handle cash transactions with manual overrides.ERP system integration
The platform seamlessly integrates with leading accounting ERP software, enabling automatic syncing of invoices, payment records, and collections. This reduces the need for manual data entry, minimising errors and saving time. It makes SME payment processing smooth and efficient.GST calculation and filing
The platform automates GST-related tasks, including calculations and challan creation, making compliance easier for businesses. This feature ensures businesses stay on top of tax obligations without additional effort.
HDFC Bank MyBusiness Digital Banking Benefits
The use of the solution offers several digital banking benefits for SMEs. It fulfils the unique requirements of your business to help you enhance operational efficiency and financial management. You can link multiple accounts - Savings, Current, and Credit Cards - and access all of them through one platform.
Moreover, it can effortlessly sync ERP transactions, automate reconciliations, and manage payables, receivables, and working capital. With online fund transfer limits of up to ₹ 50 lakhs per account, international trade tools, payroll management, and GST compliance, it simplifies business operations.
You can also protect your business with customised insurance plans, including marine, fire, and group health coverage. Your ability to avail of Business Loans, Working Capital Loans, and Commercial Vehicle Loans also increases. The process is made smoother and quicker with less paperwork and formalities.
HDFC Bank’s MyBusiness Digital Banking is one of the best SME banking solutions because its eligibility for registration is minimal. You can start using it within minutes if you are an existing HDFC Bank Current Account holder and have access to NetBanking or a Debit Card.
HDFC MyBusiness Digital Banking offers an all-in-one solution for businesses by combining financial management, trade services, invoicing, and ERP integration into one convenient platform. It aims to simplify operations while enabling businesses to focus on growth.
Start your journey with the best business banking services today to make your business a success. With HDFC MyBusiness Digital Banking, Har Business Hoga Kaamyaab.
Disclaimer: *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
