Country’s largest lender the State Bank of India (SBI) is on the move to target special class of the society. Two weeks ago the bank had opened a special branch for high networth individuals, this week on Monday bank launched an exclusive branch for corporate salary accounts at the DLF Cyber Centre at Gachibowli in Hyderabad.
Through this, the bank aims to target mainly the IT and engineering companies which are concentrated around Gachibowli. At this branch full range of services will be available including deposit, loan, insurance, mutual funds and Internet banking.
The branch was inaugurated by Shiva Kumar, chief general manager of SBI (Hyderabad circle), on the occasion he said, bank is expecting to open net 3,000 to 4,000 accounts by March 2011.
He added, “As the DLF premises get occupied to its 16,000-person capacity, the branch will have the first mover advantage in gaining their accounts. We will also consider extending our working hours to suit the 24-hour schedules of the IT industry.”
This branche will offer corporate salary account package in four variants including anywhere banking, zero minimum balance, free Internet banking as well as concessions on interest and processing fee on loans, and on remittance and maintenance charges on demat and eZ trade accounts.
Kumar told at present seven employees have been positioned in the branch, gradually number of employees will be increased, and, added more such branches might be opened in other parts of the state.
The branch also has a Finmart lounge where customers can comfortable sit and discuss products besides carrying out their routine transactions. Other services to be offered at branch include financial planning, advisory services and financial wellness camps.
The other facilities to be provided of particular interest of the targeted class customers will include e-tax, demat and online trading, and e-Invest for ASBA (Application Supported by Blocked Amounts) facility, where an IPO applicant’s account doesn’t get debited until shares are allotted to him.
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