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Business EconomyPosted at: Feb 9 2016 3:01PM


Bandhan Bank launches International Debit Card and NRI Banking

Kolkata, Feb 9 (UNI) Bandhan Bank today launched two new products -VISA International Debit Cards and services for the NRIs -aiming the overseas clients after successfully roping in 82 lakh clientele,mainly from un-banked districts across India.
Announcing the newest products of the private lender, which started full fledged banking operation from August 23, 2015, Bandhan Bank MD and CEO Chandra Sehkar Ghosh told a media conference they were aiming to considerable deposits from share of 70 billion dollars receive by India annually from NRI accounts.
Bandhan Bank's International Debit Card is being offered in partnership with Visa International. The chip-based card is EMVcompliant; it is secured and fully compliant with the latest regulatory directions from the Reserve Bank of India on card-based payments. This card, with enhanced security features, will provide added protection for card-based transactions against counterfeiting and skimming. It will be accepted globally at more than 30 millionVisa merchants, either online or in- store, and allow card holders to withdraw cash at 2 million ATMs worldwide.
The customers will be offered two variants – Visa Classic and Visa Platinum. These cards are for both domestic and international usage and have features, including insurance, commercial discounts at select merchandise outlets, among others. Bandhan Bank's customers will now enjoy the benefit from shopping, dining out, filling fuels, paying bills online, withdrawing cash from any bank ATM and unlimited free transactions at Bandhan Bank ATMs.Visa Classic Debit card holders will enjoy daily cash withdrawal limit of Rs 40,000 while Visa Platinum Debit Cardholders will have Rs 1,00,000 daily cash withdrawal. The POS transaction limits for these two card variants will be at Rs 1, 00,000 and Rs 4, 00,000, respectively.
Responding to the requirements of Non-Resident Indian (NRIs), Bandhan Bank will offer such services at selected branches. The NRIs can open NRE accounts either under Premium or Standard variants. Listing achievements in five and half months since August 23, 2015, Bandhan Bank has collected deposits to the tune of Rs 7,000 crore in 612 branches in 27 states across India. The former micro finance institution turned to Bandhan Bank, currently growing at rate of 30 to 40 per cent, has aimed to open 20 more branches by March end, 2016.
Mr Ghosh said Bandhan Bank enjoyed the standing of a truly universal bank in terms of customer reach – from a small farmer of a remote village to the salaried executives in urban centres.The Kolkata-headquartered Bank has two divisions -- micro banking and general banking, offering complete retail financial solutions, including a variety of savings and loan products. Currently, the savings bank account interest rate is 4.25 per cent for balance up to Rs 1 lakh and five per cent for balances above Rs 1 lakh. For term deposits, themaximum interest rate offered is 8.5 per cent for one to three years, with an additional 0.5 per cent for senior citizens.
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