Corporation Bank unveils three new account schemes

Last Updated: Fri, Mar 01, 2013 17:00 hrs

Mangalore, Mar 1 (IANS) State-run Corporation Bank Friday unveiled three new schemes - bumper car carnival, twin current account premium variants and a global current account for exporters and importers.

"Bumper car carnival is a short-term (fortnight) promotional offer to finance new four-wheelers for personal account holders with interest rate pegged at 10.40 percent per annum over a seven-year period," bank chairman Ajai Kumar said in this port city, about 350 km from Bangalore.

To make the scheme attractive, the bank has waived processing charges and the offer will be open to customers up to March 15.

Under the twin premium variants - "Corp Privilege" and "Corp Club", the bank is offering a number of add-ons and freebies to current account holders.

The customers, however, should maintain a minimum quarterly average balance (QAB) of Rs.250,000 for availing benefits under Corp Privilege and a QAB of Rs.100,000 under Corp Club.

"Customers will be entitled to benefits such as SMS alerts, national electronic funds transfer (NEFT), real time gross settlement (RTGS) and account statement by e-mail," Kumar said.

Customers can also avail other facilities like free multiple account sweep (pooling), bulk uploading, payment gateway at discounted rates and waiver of ledger folio charges.

Schools and colleges can avail comprehensive fee collection facility from their respective locations.

Under the Corp global current account, exporters and importers dealing in foreign exchange (forex) without any credit limit will be entitled to outward remittances up to $50,000 per transaction at Rs.1,000 if they maintain a minimum QAB of Rs.100,000, while the offer will be free of transaction cost for those maintaining a minimum QAB of Rs.250,000.

The schemes will also be available at the bank's major branches in Bangalore, Mumbai and other cities across the country.

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