The Hindu : Indian Bank rolls out red carpet for young achievers

Online edition of India's National Newspaper
Thursday, Dec 12, 2002

Business

Business

Indian Bank rolls out red carpet for young achievers

By Shanthi Kannan

CHENNAI DEC. 11. Seeking a new profile for itself, Indian Bank has decided to woo young ones into its fold. The bank is readying to introduce a brand new product, designed specifically for young achievers.

The Power Account for Young Achievers will target youths above 21 years age. The Chairperson of Indian Bank, Ranjana Kumar, told The Hindu that the Power Account could be opened by a person in his/her name or by two persons or by more than two with a minimum balance of Rs. 10,000.

She said such an account could be opened by regular employed, self-employed, professional and business persons. The account holder would be provided with a value added ATM card at free of charge. As ATM holders, they are also eligible for discounts at 5 to 10 per cent on purchases made in major metros from well-established business and commercial establishments.

Ms. Ranjana Kumar said under this account, remittances could be made free of charge up to Rs. 1 lakh per month to a maximum of 25 transactions. It would provide a free computerised statement of account and provision of specially designed chequebooks. It would also have instant credit of outstation cheques up to Rs. 20,000. The bank would use its expressway of collection for cheques above Rs. 20,000.

Preference would be given for availing of Indian Bank's other structured products such as home loan, vehicle loan and consumer loan with no processing charges.

She said youngsters would be given concessions in Internet surfing charges with leading cyber cafes. It would have a clean loan facility up to Rs. 25,000 at competitive interest rates to meet certain emergency expenses like payments of taxes, fees, hospitalisation, travel and the like without affecting other investments.

The objective of this specific product, she said, was to put youngsters in "their fastest track in business, professional and personal life". As it sought to change its perceived profile, Indian Bank's pride, she claimed, "lies in developing the youth as a principal customer".

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