Bandhan Bank introduces new savings product 'avni' exclusively for women

economictimes.indiatimes.com:

deposits, private sector Bandhan Bank has unveiled a savings product exclusively for women with an aim to boost low cost deposit mobilisation.

The share of Bandhan's current and savings account fell to 33.4% at the end of June, as compared with 37.1% three months prior to that.

«We expect improvement in CASA (current and savings account) deposit share with this product. We are planning more innovative products which will act as important levers towards universal banking mandate,» Bandhan Bank's interim managing director Ratan Kumar Kesh told ET.

The product called «avni» is targeted at the affluent segment of the society. The customers opting for this product will have to maintain an average quarterly balance of Rs 25000.

The bank will offer a debit card with free airport lounge access, personal insurance cover of Rs 10 lakh and discount in processing fee on gold loans, annual locker rentals to customers enrolling to the avni scheme, executive director Rajinder Babbar said.

In parallel, the bank has unveiled an enterprise-wise loyalty programme wherein customers can earn points for account opening, card transactions and fund transfers.

The bank has 3.44 crore customers with 73% of them are women. Its deposits stood at Rs 1.33 lakh crore, registering a 23% year-on-year rise while growth in CASA deposits was lower at 14% over the same period.