A recent press report said that the existing and prospective Savings Bank (SB) account customers of State Bank of Hyderabad (SBH) will enjoy a free personal accident insurance cover.
Ms. Renu Challu, Managing Director, SBH, told the press that a cover of Rs 1 lakh would be extended to over 60 lakh existing customers and new customers against death due to accident. Reports said that the bank has signed an agreement with United India Insurance Company Ltd (UIICL) for providing insurance cover to its customers.
Ms. Challu said that the bank had been focusing on improving its services and the offering of free insurance against accident is a part of it.
She added saying that the insurance cover would be offered for a period of one year from July 1, 2011, for the existing customers and one year from the date of opening of account for the new customers. In the event of an accident, the bank would act as a facilitator for making a claim to the insurer.
SBH was also taking other initiatives such as changing the layout of branches to provide more space to customers and making them cleaner. The bank is also showing good performance in its home loan and personal loan.
The bank has been performing well in the last three years where its operating profit and net profit has grown by 120 per cent and 109 per cent respectively.