Lifetime FREE Credit Card with 10X rewards
Most Searched
Top Products
Popular Searches
Bank Accounts
Populer FAQs
Signature is important and it is required to avail various products and services. To upload your signature
1. Go to More
2. Select Customer Service Dashboard
3. Select ‘Savings/Current Accounts’
4. Select ‘Upload Signature’ to upload your signature.
That's easy! Follow these steps to track your service requests:
1. From the home page of the app, tap on "Customer Service" section
2. Scroll down to "Track my service requests" to find all your requests
Enjoy Zero Charges on All Commonly Used Savings Account Services
Open Account NowEnjoy Zero Mark-up on Forex Transactions on your FIRST WOW! Credit Card
Apply Now
Summary: MSMEs are the backbone of the Indian economy. IDFC FIRST Bank's BOOSTER Current Account for MSMEs helps them prosper and meet liquidity needs with ease with its unique and innovative features.
Micro, Small and Medium Enterprises (MSMEs) are the driving force of our economy. But what are they? Is there any difference between an MSME and a “Start-up”?
Micro, Small and Medium Enterprises (MSMEs) and their definition in India have changed significantly in the past few years. While the term adopted by the rest of the world, particularly western economies such as the United States and the European Union, is SMEs, MSME is used in India.
Let’s explore Micro, Small and Medium Enterprises in detail - their meaning, significance, and why they make an economy resilient.
MSME stands for Micro, Small and Medium Enterprises. An enterprise whose investment in plant and machinery or equipment is up to Rs. 50 Cr. and the annual turnover up to Rs. 250 Cr is classified under this. A “Start-up” can also be categorised under MSME if it meets the criteria.
The government of India has launched several programs to help MSMEs grow, not just financially, but holistically. Similarly, several banks offer specialised current accounts where your money works as hard as you do, like the IDFC FIRST Bank's BOOSTER Current Account for MSMEs.
MSMEs are the driving force behind a country's economic growth. They play a significant role in creating employment opportunities and increasing a country’s Gross Domestic Product (GDP). As of 2020-21, MSMEs contributed 26.83% to India's GDP.
Once a Start-up grows significantly and becomes profitable, it looks at angel investors and venture capitalists for funding. The founder(s) of an MSME, on the other hand, are focused on retaining control over the business. Therefore, MSMEs obtain a significant chunk of their funding from financial institutions, like a bank.
Another way in which MSMEs differ from Start-ups is the risk factor. Start-ups tend to be prone to high risk, as they are constantly looking to innovate and bring changes to a certain industry. MSMEs are more structured and have a well-defined path.
Almost every major sector in India has MSMEs. Food processing, chemicals & pharmaceuticals, engineering, textiles and garments, and bioengineering are some sectors where MSMEs have a strong presence.
All enterprises including Start-ups with investments in plant and machinery or equipment up to Rs. 50 Cr. and having an annual turnover up to Rs. 250 Cr fall under MSME category
Most MSMEs in India receive funding from financial institutions such as banks or Non-Banking Financial Companies (NBFCs). The Ministry of Micro, Small & Medium Enterprises also offers multiple schemes and subsidies to make it easier for MSMEs to flourish. The Credit Linked Capital Subsidy Scheme (CLCSS) is a popular MSME initiative that aims at facilitating technology upgradation in MSMEs.
The government also offers counselling, training, and delivery techniques to women entrepreneurs to help MSMEs grow further. In addition to over 25 other schemes, the government runs the Entrepreneurship and Skill Development (ESDP) Scheme, whose objective is to promote, enable and facilitate the capacity building of existing MSMEs.
The unique features of the IDFC FIRST Bank's BOOSTER Current Account for MSMEs can enable your enterprise to get more from your current account and help maintain adequate liquidity for smooth operations. Along with,
The list of benefits doesn’t end here. The IDFC FIRST Bank's BOOSTER Current Account has zero charges on fifty-plus commonly used banking services like –
Additionally, IDFC FIRST Bank offers MSME loans with no collateral requirement and a doorstep collection policy, allowing you to fund and grow your MSME. To open a IDFC FIRST Bank's BOOSTER Current Account for your MSME today.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.