Financial Daily from THE HINDU group of publications
Tuesday, Nov 22, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 22, 2005 |
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Money & Banking
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Public Sector Banks No frills a/c from Allahabad Bank Our Bureau
Kolkata , Nov. 21 ALLAHABAD Bank has allowed savings bank accounts to be opened with Rs 5, with no incidental charges on fall of the minimum balance and on inoperative accounts. The bank, which hopes to achieve greater financial inclusion, hopes to render basic banking facilities available to a larger section of people. The latter are said to have stayed away from banks due to various requirements, including high initial deposits and stiff minimum balance. Allahabad Bank has sought to remove frills in order to cater to those lying at "bottom of the pyramid," a press note issued here has maintained. No charges will be deducted even if a no-frills account becomes inoperative, it is pointed out. A savings bank account holder can use a chequebook and an ATM card by maintaining a minimum balance of Rs 250. The bank plans to introduce a number of other facilities for customers. These will include 8-a.m.-to-8-p.m. service, more ATM outlets and centralised banking solutions. The idea is to offer speedy service to all account holders. Allahabad Bank has posted a business of Rs 68,933 crore as on September 2005, a 24 per cent-plus increase over that recorded in the corresponding period of the previous year.
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