Recent reports said that the State Bank of Hyderabad (SBH) is planning to tap their business potential in salary accounts of corporate.
Ms Renu Challu Managing Director State Bank of Hyderabad said that Salary accounts are a focus segment for the bank. The bank offers a ‘Smart Salary Account’ package with zero balance and a mass of technology-based features such as automatic conversion to fixed deposits for higher interest. The package includes integration with New Pension Scheme (NPS) of the Government of India, among others.
He added saying that managing salary accounts will earn good profit to the bank and the bank wants to target IT companies. Recently, the bank has launched its new branch at IT Park Raheja Mindspace in Madhapur.
He also said that the bank is ready to take over existing loans of employees if a corporate unit is comfortable with switching over to it for managing salaries from any other bank. A special cell has also been opened to expand the salary account segment in the corporate head office. The bank is also showing good performance in its home loan and personal loan.
Ms Challu said that the banks performance was good this year where its net profit increased 13 per cent at Rs 250 crore in the third quarter ended December 31, 2010, compared with Rs 221 crore in the year-ago period.