DCB launches free style savings account

Development Credit Bank Limited (DCB), one of the emerging private sector banks in the country, launched 'Free Style Savings Account' (FSSA) here on Wednesday.

FSSA is a zero-balance savings account with a free 90-day trial offer. Initially, the product will be available in Hyderabad and will shortly be introduced in other parts of the country.

According to DCB managing director and chief executive officer Gautam Vir, FSSA allows the customer access to a host of free services and facilities of savings account without the hassle of maintaining the average quarterly balance. The customers, however, are required to pay an annual fee of Rs 555 for holding the FSSA.

"The benefits of this product are convenience, flexibility and value for money," Vir told mediapersons, adding that the launch of the product was in line with DCB's "aggressive retail growth strategy."

In the next couple of years, the bank will be expanding the number of its branches in Andhra Pradesh from the existing 9 to 15 and across the country from 70 to 100.

Stating that DCB was now working to achieve new milestones, he said that the bank had embarked upon a capital expansion plan involving private placement of equity shares and an initial public offer (IPO).

It would be raising about Rs 90 crore through private equity placement this month and was proposing to come out with an IPO next month to raise an additional amount of Rs 250 crore.