DCB launches X-Gen account for students

New Delhi, July 12 (UNI) Mumbai-based Development Credit Bank Ltd, today launched X-Gen banking in New Delhi, designed specifically to suit the varying needs of the student community.

The features and benefits of the account is that it addresses the needs of a student's life - from entertainment to shopping, to health and educational options.

With the launch of this product, the Bank will reach out to millions of students across the country, and further expand its profile of customers as well as its national footprint.

DCB Managing Director and Chief Operating Officer Gautam Vir said,'' we are serious about volumes and achieving a certain degree of profitability for the bank. In the past, banks have been shy to come out with such schemes, but we have structured our scheme in such a way that it will work.'' X-Gen comes with a zero-balance savings account, free international debit card, personalised cheque book, Internet and mobile banking facilities.

The specially designed X-Gen card also offers discounts at 35 merchant establishments like bookstores, apparel stores, restaurants, music stores, gymnasiums, and vocational courses.

In addition DCB, would maintain regular e-mail interaction with students through a monthly X-Gen newsletter with topical news items and articles of interest to students.

The X-Gen account can be opened with a Fixed Deposit of a minimum amount of Rs 30,000, which would attract a 10 per cent interest per annum. An annual membership of Rs 200 will be charged.

'' The X-Gen account will instill a sense of responsible banking and financial management among students,'' said DCB Head- Liability Products and NRI Business Rahul Majumdar.

Our target is to have 10,000 accounts for this segment and will target students from standard 5th and upwards, he added.

DCB had launched X-Gen banking in Hyderabad yesterday and will launch it in two more cities on a trial basis.

UNI