Bank of India offers Star Diamond Savings Account

Introducing the concept of privileged banking, Bank of India(BoI) has launched 'Star Diamond Savings Account(SDSA)', a newly designed savings account product which offers a host of free services to its customers who maintain an average quarterly balance of Rs 1 lakh.

Announcing the launch of the new scheme here on Thursday, M Venugopalan, chairman and managing director of BoI, said that the SDSA is the first of a slew of products proposed to be launched by the bank as part of the business process reingineering currently underway in the bank.

The SDSA envisages an average quarterly balance of Rs 1 lakh and above. Values have been assigned to different combinations on a clubbed product basis.

Such customers would be entitled to a host of free service like personalised multi city cheque book, home delivery of demand drafts, international gold credit card and international debit card with waiver of charges on processing of personal and retail loans, maintenance of demat accounts and inward local cheque returns.

According to Venugopalan, the bank is planning to proliferate its core banking solution, which makes the customers as the bank customers for all practical purposes instead of being remained as the conventional branch customers.

Over 125 branches of the bank are expected to be the connected to the core banking solution by this month end and the figure would rise to 750 by December, 2006, he said.