Personal loan lender Karnataka Bank has launched a new savings account product designed particularly for the women. Named as KBL Vanitha, the product has been introduced with the aim of inducing the tendency of saving in women while also assuring them that they can handle their own wealth without any male assistance.
The product has characteristics such as eligibility given to all women over 18 years of age to start such an account. The accounts are No Frill Accounts. Monthly average balance (MAB) is Rs 1000.
Free ‘All Risk’ insurance cover of Rs 50,000 is offered for jewellery for the account holder.
Also other services offered are free fund transfer up to Rs 50,000 a month to 2 savings accounts in the children’s names, Multi Branch Banking, MoneyPlant VISA International Debit Cards, Internet Banking, Online Payment via Debit Cards (E-Commerce), Mobile Banking (M-Commerce), free SMS alert service for all Debit and Credit transactions of Rs.5,000+ and quickest method of Inter Bank fund transfers via RTGS/NEFT. It also offers quick cheque collection, Utility Bill payment, Mobile Recharge and free monthly E-statements.
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