Retail banking in India has many opportunities as well as challenges. The challenges are mainly related to customer retention and sustainability. As part of their strategy to attract customers, banks come up with products with some unique features. Customers should keep an eye to take advantage of such products. We have listed some of the products that might be interesting for you:
Auto Credit Service - YES Bank had launched the 'Auto Credit Service' wherein a customer of any bank can submit a one-time ECS instruction to transfer funds to an account which will enjoy the benefits of a salary account in YES bank. The customer can earn an interest rate of 7 per cent on balances of Rs. 100,000 and above which is much higher than interest rates on savings accounts with most banks. The best part here is one does not need to visit his or her existing bank to activate this service. So you need not close the existing account that you have and at the same time earn higher interest rate from another bank.
Waiver on Processing Fees – Union Bank of India will not charge any processing fees on auto loans and home loans till January 26 2013. The scheme started on August 15 2012. If any of you out there is planning to purchase a car or a home, this is worth considering.
Minimum Balance Criteria – Many banks have the clause of a minimum balance in the savings accounts and failure to maintain the average minimum balance results in some penalty for the customer. SBI has done away with the minimum balance criteria in some types of savings accounts. In some other variants, the minimum balance is as low as Rs. 50. This is a good strategy to expand customer base.
Women’s’ Savings Account – IDBI bank had started a special savings account for women where the special features included –
- A Zero balance account for your child below the age of 18 years.
- 25% discount on Locker services
Do remember to look out for special features or offerings when you are buying products/services from banks. Let us know if you have had some experience with such products.
Team Getting You Rich