Hyderabad, February 1, 2006….
Development Credit Bank Ltd., one of India’s
emerging private sector banks announced the
launch of its Free Style Savings Account in
Hyderabad. The Free Style Savings Account, the
first of its kind in India, is a Zero Balance
Savings account with a free 90-day trial offer.
Initially the product will be available in Hyderabad
and will shortly be introduced in other centers
across India.
The unique feature of the Free Style Savings
Account is that it allows the customer access
to a host of free services and facilities of
a savings account without the hassle of maintaining
the average quarterly balance. Hence, there
would not be any minimum / average balance requirement
for this account. The customer is just required
to pay a small annual fee, and he can enjoy
a host of free facilities and services.
While commenting on the launch of Free Style
Savings Account in Hyderabad, Gautam Vir,
MD & CEO, DCB said, “Our plan to
launch this unique first-of-its kind product
in India is in line with our aggressive retail
growth strategy that will help us to become
a significant player in the retail market.
This will help us to reach out to our target
customers on a large scale. It is an innovative
product conceptualized to meet the needs and
requirements of our customers. We are launching
this product in Hyderabad as Southern India
is an important part of our overall growth
plans and the market has tremendous potential.
DCB is a customer-oriented Bank, and we will
continue to bring such value adds and innovations
that will allow our customers to ‘feel
the difference’.
Mr. P. N. Vasudevan, Head Consumer Banking
Group said, “This product will aim to
enhance DCB’s visibility and presence
in retail market and will help in the speedy
acquisition of market share among mass and
mass affluent segments. We offer the targeted
clientele an unique service guarantee wherein
should the customer not be satisfied with
our services, he/she has the option of closing
the account and getting a refund of his fees
paid within the trial period of 90 days.”
The Free Style Savings Account comes with
a host of benefits and free facilities such
as an International Debit Card, Personal Accident
Death Insurance, Any Branch Banking facility,
Internet Banking, Mobile & Phone Banking,
Statement of Account by E-Mail, Electronic
Funds Transfer facility and a host of other
free services. The key highlight of the product
is the Family Group Account facility and access
to more than 8000 ATMs within India as well
other ATMs worldwide. The welcome kit is handed
over to the customer instantly against the
duly completed account opening form with proper
documentations.
About Development Credit Bank Limited
Development Credit Bank Limited (DCB) is
a Private Sector Bank in India with a network
of 72 branches & extension counters spread
over nine States and two Union Territories.
As of March 31, 2005, DCB’s deposit
base was INR 3894 Crores and the advances
were over INR 2001 Crores.
The Bank is in the process of capital injection
as it sees a very large potential for growth
and value creation given the buoyant economy
at the present time. With its highly competitive
strategies and management expertise in place,
the bank is well poised to play a leading
role in the private sector banking industry.
