Development Credit Bank foraying into microfinance

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Offering Discounts

With a zero-balance account in the name of the student, the X-Gen can be opened by parents by taking a minimum term deposit of Rs 30,000 for one year. "In other aspects, the account is like an ordinary account. The student would be given a free international debit card, cheque book, Internet and mobile banking facilities," he explained.

The X-Gen card would also offer discounts at various strategic outlets such as bookstores, restaurants, entertainment joints, gyms and vocational courses.

"We will talk to the schools and colleges to promote the product. Our target is to mobilise at least 10,000 deposits (which lead to opening of X-Gen accounts) by the end of the current quarter," Mr Vir added.

Taken from Business Line

thehindubusinessline.in