Now, open a bank account at roadside kiosks

Planning to open a bank account? Just take a walk.

Banks are now increasingly operating roadside kiosks where account opening formalities are done in a jiffy, as part of adopting innovative marketing methods to mobilise Savings Accounts and Current Accounts (CASA).

The methods include setting up kiosks at busy junctions, encouraging employees to mobilise accounts from friends and relatives and, of course, offering benefits to new customers.

“Unlike earlier, we find many banks pitching their tents in office complexes and on the roads in Madhapur here and offering to open accounts,” Mr Raghunandan, an IT professional working for Infosys, told Business Line .

Even bank employees are being roped in to get accounts.

“Each of us has been asked to bring in some ‘dependable' accounts where a minimum balance of Rs 5,000 is ensured,” said an employee of Punjab National Bank, requesting anonymity.

The reason for this renewed focus on CASA is an attempt to reduce cost of funds as interest on savings bank account is now at only 4 per cent while for fixed deposits it is much higher.

“This is an on-going effort for us and CASA is very important to drive down cost of funds,” Mr Nagesh Pydah, Chairman and Managing Director, Oriental Bank of Commerce, said.

Mr Anil Girotra, Executive Director, Andhra Bank, said banks now have to “keep on focussing on CASA round the clock.”

“We are monitoring new CASA on a fortnightly basis at the branch level.”

Apart from reducing cost of funds, CASA is also a ‘gateway' to a greater banking relationship with a client, he added.

From a customer's perspective, opening an account now can be advantageous as one might get add-on personal accident insurance cover, instant debit card, and net banking facilities, among others, as giveaways.

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