Financial Daily from THE HINDU group of publications
Wednesday, Apr 14, 2004

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Citibank special for women

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Ms Mandira Bedi, TV personality, at a press conference of Citibank, to launch `Woman's Account' in the Capital on Tuesday. — Kamal Narang

New Delhi , April 13

CITIBANK today launched "Woman's Account" - a new zero-balance savings account scheme for women.

The scheme, which is designed for specific needs of woman customers, also offers housing loans at a concessional rate of seven per cent per annum, credit card and personal accident insurance free of cost.

``We are targeting 1,00,000 women to opt for the new account annually,'' Citibank's Country Business Manager (Global Consumer Group), Mr Sarvesh Sarup, said here.

The new scheme also offers personal loans, accident and critical illness insurance up to Rs 50,000 from Royal Sundaram and financial advisory service. Besides shopping at concessional rates in shopping malls and branded shops, the account holder would also have access to Citibank's investment services, mutual funds and fixed income securities.

``If this (the woman scheme) is successful in India, it can be piloted in other Asian nations,'' Mr Sarup said.

He said that the bank's retail portfolio now stands at over Rs 10,000 crore and is witnessing 20 per cent growth annually.

In the housing loan business, Citibank has grown by 35 per cent with a portfolio of Rs 4,000 crore.

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