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Our Bureau

Launches fixed deposits with higher interest

DR K.C. CHAKRABARTY (right), CMD, Indian Bank, with Mr J.M. Garg, General Manager, at a press conference in the Capital on Friday. — Ramesh Sharma

New Delhi , Nov. 11

Indian Bank may tap the capital market with an initial public offering (IPO) sometime in the first quarter of 2007.

The bank has already taken up a capital rejig to strengthen its balance sheet ahead of the planned IPO next year, sources said.

Meanwhile, Indian Bank's Chairman and Managing Director, Dr K.C.Chakrabarty, said here on Friday that the bank, which is in its centennial year, was changing fast to meet customer expectations. He was here to launch two new products of the bank - SB Platinum and Premium Current Account.

These two offerings, which come with auto sweep facility, transfer the funds in savings bank or current account (over a certain threshold balance) to fixed deposits that earn higher interest for the customer.

SB Platinum has a host of add-ons such as life-insurance cover and personal accident insurance cover, free ATM-cum-Debit card, and at par demand drafts .

Similarily, the Premium Current Account has features such as ATM-cum-Global debit card and at par demand drafts.

Other services such as phone banking, mobile banking, Internet banking would also be available.

Indian Bank hopes to grow its turnover in the national capital region (NCR) to Rs 10,000 crore by end-March 2007 from the current level of about Rs 8,000 crore, a senior official said.

As on September 30 this year, Indian Bank's total business crossed Rs 70,000 crore. Net profit of the bank for the six-monthperiod ended September 30, stood at Rs 334 crore, which represented a 37.94 per cent increase on year-on-year basis.

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