Citibank on Tuesday launched a new 'zero-balance savings account' scheme for women, which also offers housing loans at a concessional 7.0 per cent, credit card and personal accident insurance free of cost.
"We are targeting 100,000 women to opt for the new 'Woman Account' annually. Our target group is women in 22 cities where the bank has branches," Citibank's country business manager (global consumer group), Sarvesh Sarup, said in New Delhi.
"Although a woman need not maintain any deposit in the Woman Account, she needs to pay a token charge of Rs 500 annually," Citibank's business manager for woman's banking, Kalpana Iyer said.
The new scheme offers a free debit card, credit card, housing loans at 7.0 per cent, personal loans at 11-20 per cent, personal accident and critical illness insurance up to Rs 50,000 from Royal Sundaram and personal financial advisory service.
The account holder could also shop at concessional rates in shopping malls and branded shops like Shahnaz Hussain, Pantaloon and CTC Plaza.
India is the second country where a product like Woman's Account has been launched by Citibank apart from the United States.
"If this is successful in India, it can be piloted in other Asian nations," Sarup said.
