South Indian Bank Launches A Novel Packaged Savings Bank Product Exclusively For Women
“Though India is getting transformed into an economic super power, Indian women have miles to go before they acquire economic self-reliance. Any financial institution which contributes to the achievement of this objective should be applauded,” stated Dr. Kiran Bedi. Dr. Bedi was delivering her inaugural address after the national launch of South Indian Bank’s novel packaged savings bank product for women, “SIB : Mahila” from new Delhi. Dr. V.A. Joseph, MD& CEO of the Bank presided over the function.
“No other bank in India has started such a savings bank product with less minimum balance and more free facilities / products which are intended to provide ‘ freedom banking’ to our women, besides the personal accident death and ‘house-to-house’ travel insurance which also are rendered free of cost,” continued Dr. Bedi. The recurring deposit of Rs. 100/- per month linked to this savings bank account also will inculcate the savings habit among women.” Dr. Bedi who has organized self-help groups of over 12000 (Twelve Thousand) women said she was the happiest person to attend the national launch of this product which will cause economic empowerment of women.
Dr. Joseph in his presidential address stated that the Bank is extremely happy to have obtained, for the national launch of the Special Savigns Bank for women, such an eminent personality like Dr. Kiran Bedi, India’s first woman officer in the Indian Police Service who is globally respected as the symbol of empowered Indian women. “South Indian Bank, as the Bank with a strong focus on technology and service delivery has always come up with timely convenience Banking products to meet the evolving demands of our valued customers. Recently, criminologists have been warning about rise in burglaries with gold prices on the rise. Hence we are launching this novel woman-friendly product, which no other Bank in India is providing such a host of twelve technological products/ services with such a minimum deposit requirement and also free of cost insurance coverage, for the first year ,for personal accident death for Rs 1.00 Lac and ‘house-to-house’ travel including burglary for Rs 0.50 Lac . We have designed this packaged savings bank product with the Recurring Deposit , as R.D., which is a systematic way for long term savings has been one of the best investment options for the middle income groups. Recurring Deposit, once opened, provides an element of compulsion to save a higher rate of interest applicable to term deposits along with liquidity and access to those savings anytime. We have designed this packaged savings bank product for women’s economic empowerment so as to enable them realize their dreams” stated Dr. V.A.Joseph in his inaugural address.
This novel product, ‘SIB: Mahila’, which should be opened in the name of a woman in the age group of 18 years has two variations:
1) “Mahila Savings Bank”, which can be opened with a minimum balance of Rs.1,000/-and an R.D. for a minimum installment of Rs. 100/- for a minimum period of twelve months for which the following twelve technological products/ services are provided free of cost. to the account holders of “Mahila Savings Bank”.
2) “Mahila Plus Savings Bank”, which can be opened with a minimum balance of Rs. 25,000/- and an R.D. for a minimum installment of Rs. 1,000/- for a minimum period of twelve months. Besides the following twelve technological products/ services which are provided free of cost, account holders are entitled to get an attractive gift for new account opening.
The following free facilities are available both to the afore said account holders: ATM cum Debit Card with no AMC, Internet Banking facilities, Bill payments, Mobile top up and e-commerce through SIB website “southindianbank.com”, remittance by way of cash up to Rs.50,000/- per month to Resident Mahila ABB Account through other branches, remittance by way of transfer or clearing up to Rs.50,000/- per month to Mahila ABB Account through other branches, cash withdrawal up to Rs.10,000/- daily through other branches apart from Rs.20,000/- through ATMs, payment of cheque through speed clearing Pan India without limit, purchase of 2Draft/PO up to Rs.10,000/- Monthly, 25 Cheque leaves per year and registration & Execution of Standing Instruction to transfer RD installment from SB account.
Eligible NRIs can open “SIB MAHILA” NRE ,NRO accounts with accident death insurance cover world-wide while travel insurance is restricted within India.
Mr.Rati Ramji,Chairman,APMC,Mr.Ramkum Sehwag ,Vice President,Anaj Mandi and Mr. P.E. Mathai, Deputy General Manager & Regional Head of the Bank also spoke on the occasion.Dr.N.J.Kurian,Director of the Bank who is also Director & CEO Of the Council for Social Development also attended the national launch function.
(This is a press release dated July 21, 2009 from South Indian Bank)
