Karnataka Bank Limited (KBL) offers a new product ‘KBL Vanita’, a savings bank account exclusively for women. The rural women have fear that they cannot manage their wealth so bank aims to develop savings habit among women so that they get relieved from all such fears.
Bank offers several unique features under this saving scheme such as females of 18 years and above can open this account, two females together can open joint account, account can be opened even with 'Zero' initial deposits, no requirement of daily minimum balance, Monthly Average Balance (MAB) of Rs.1,000. Bank offer free ‘All Risk’ insurance cover for jewellery covering loss due to snatching while on travel, theft during hotel stay, burglary while at home for Rs 50,000 exclusively to the first named woman of the SB account.
Women will get free fund transfer facility. They can transfer fund of up to Rs 50,000 per month to two savings accounts in the name of children. The other facilities include Multi Branch Banking facility, MoneyPlant VISA International Debit Cards, Internet Banking, Online Payment through Debit Cards (E-Commerce), Mobile Banking (M-Commerce) available free, free SMS alert facility for all Debit and Credit transactions of Rs.5,000/- and above and fastest way of Inter Bank fund transfers through RTGS/NEFT besides, other facilities include Fast collection of cheques, Utility Bill payment, Mobile Recharge and Free monthly E-statements.
Bank will be adding more facilities for its other customers in the near future which includes Online trading, Travel Card, Gift Card, Smart Card, POS Terminal.
Soon Bank will also open new branch in Dadar, Mumbai, at present bank has 464 branches across the country.