Financial Daily from THE HINDU group of publications
Monday, Nov 21, 2005
Financial Daily from THE HINDU group of publications Monday, Nov 21, 2005 |
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Money & Banking
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Private Banks Marketing - Strategy CUB facilities for recurring deposit customers Our Bureau
Chennai , Nov. 20 CITY Union Bank has entered into an agreement with AMP Sanmar Life Insurance Ltd to provide a term life insurance for its recurring deposit customers. The bank's Director, Mr P. Vaidyanathan, on Friday told a press conference that recurring deposit customers had the option of availing themselves of the life coverage, free depository participant membership and free filing of income tax returns through the bank. He said that to the customers who opt for these services, the bank would pay an interest rate of 5 per cent on the recurring deposits, against 6.5 per cent for those who do not opt for the services. Mr Vaidyanathan said that the bank expected to open 5,000 fresh accounts each month under the scheme.
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