DCB launches free style savings accounts

Development Credit Bank (DCB) has launched 'Free Style' savings accounts that offers a zero balance feature in savings account category in Pune. A press release from the bank says the new facility will shortly be introduced in other centers across India.

Gautam Vir, MD & CEO, of the bank said, "The new savings product is in line with our aggressive retail growth strategy that will help us to become a significant player in the retail market. We are launching this product in Pune as the western region in India is an important part of our overall growth plans and the market has tremendous potential.''

The unique feature of the account is that it allows the customer access to a host of free services and facilities of a savings account without the hassle of maintaining the average quarterly balance.

There would not be any minimum or average balance requirement for this account. The customer will however be required to pay a small annual fee to avail of the facility.

P N Vasudevan, Head of the bank's Consumer Banking Group said, "This product will aim to enhance DCB's visibility and presence in retail market and will help in the speedy acquisition of market share among mass and mass affluent segments.''