The Hindu Business Line : SIB product for women

Coimbatore, June 19 South Indian Bank has launched ‘SIB Mahila’, a savings bank product for women. The product, which is linked with recurring deposit, provides 10 technological products/services for free including house-to-house travel insurance for Rs 50,000 and an accident insurance cover for Rs 1 lakh.

SIB has tied up with United India Insurance Company for providing the cover. The bank plans to bear the cost of premia for the first year.

Asked about the house-to-house travel insurance, SIB’s Managing Director and Chief Executive, Dr V.A. Joseph, said “it is for protection from burglary when women go shopping or are out of home. It will include theft of mobile phone and gold ornaments worn by the account holder. The insurance cover is for Rs 50,000,” he added.

Apart from providing insurance cover, the product is linked to systematic savings by way of a recurring deposit. It is available in two variations. The Mahila Savings Bank account can be opened with a minimum balance of Rs 1,000 and an RD for a minimum instalment of Rs 100 for a minimum period of 12 months.

Under the Mahila Plus Savings account, the minimum balance specified is Rs 25,000, and the minimum RD instalment is fixed at Rs 1,000.

The account holders can avail themselves of an ATM cum debit card with no annual maintenance charge, Internet banking, bill payments, mobile top up and e-commerce through the bank’s Web site www.southindianbank.com, monthly cash remittance up to Rs 50,000 to Resident Mahila ABB Account through other branches, daily cash withdrawal up to Rs 10,000 apart from Rs 20,000 through ATMs, purchase of 2 Draft/PO up to Rs 10,000 per month all for free. The bank is targeting at 10 lakh SIB Mahila account holders in 12 months.

More Stories on : New Products & Services | Private Banks | Gender

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Muthoot Finance looks at expansion of network

Rupee gains marginally

Forex reserves rise by $2.4 b

Future Generali eyeing sales via malls

Life insurers selling more ULIPs may have to infuse extra capital

SBI move will improve synergies, say analysts

UCO Bank plans to trim lending rate by 50 bps

Banks prefer to invite bids for selling NPAs

Call rate unchanged

Vijaya Bank plans to raise NRI deposit base

State Bank of Indore to be merged with SBI

‘Associates’ response matters more than size’

State Bank of Indore staff to strike work

SIB product for women