The Hindu Business Line : Banks offering new schemes to lure women depositors

The latest to join the bandwagon is UTI Bank, which recently launched Smart Privilege, a savings bank account designed for women. The idea is to help women overcome the fear of managing their own wealth, said Ms Manju Srivatsa, Senior Vice-President, Retail Banking, UTI Bank.

The Smart Privilege account comes with features such as an international debit card, personal accident insurance cover up to Rs 2 lakh and free minor account for children.

"Eventually we want to graduate women account holders from having only the account to managing their own money. For this, along with the Smart Privilege, we also offer facilities such as Systematic Investment Plans to invest in equity or mutual funds and investor advice," Ms Srivatsa said.

ICICI Bank too offers a savings account for women, with features such as recurring deposits, a Young Star account to promote savings habit in children and insurance cover for the family for between Rs 2 lakh and Rs 4 lakh, shield insurance of amount. These are in addition to the normal features such as Internet banking, telephone banking, debit card and ATM facility. However, this facility is available only in Andhra Pradesh.

ABN-Amro offers Shakti Account for women. Along with the usual features of Internet banking, ATM access, international debit card, the Shakti Account offers a royalty programme. This programme earns the account holder reward points for every transaction, which can be redeemed for gifts.

Apart from actively mobilising women account holders, banks are also actively giving credit to women.

As per the statistics from the Ministry of Finance, 19 public sector banks (PSBs), out of 27, had achieved the target of providing 5 per cent of their loans to women by March 2004.

Out of the remaining eight PSBs, Oriental Bank of Commerce met the target by September 2004, while State Bank of India, State Bank of Saurashtra and Central Bank of India met the target by December 2004.

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

Stories in this Section
Now, insurance sector to outsource data management

Bajaj Allianz ties up with co-op bank

RBI move has primary dealers in a cleft stick

Selling wave in bonds on weak equities, AIG scandal

Karnataka Bank promotions

Ombudsman cautions banks

SBH appointments

Kerala Govt to borrow Rs 300 cr

Nadars may offload 10 pc stake in Tamilnad Mercantile

Banks offering new schemes to lure women depositors