Bandhan Bank Launches Avni Savings Account for Women

Bandhan Bank Launches Avni Savings Account for Women

On August 22, 2024, Bandhan Bank, in celebration of its Foundation Day, launched a specialized savings account named Avni, exclusively designed for women. This launch was accompanied by the introduction of the Bandhan Bank Delights loyalty program, aimed at offering a range of rewards, discounts, and unique benefits to its customers.

Avni Savings Account

The Avni account is specifically tailored for affluent women, requiring a minimum average quarterly balance of ₹25,000. The account comes with an exclusive debit card that offers a variety of perks, including:

• Free Airport Lounge Access: Travel comfortably with complimentary access to airport lounges.
• Insurance Coverage: Enjoy personal accident insurance coverage of up to ₹10 lakh.
• Lost Card Liability Coverage: Get protection against lost card misuse with coverage of up to ₹3.5 lakh.
• Additional Benefits: Avail discounts on annual locker rentals, gold loan processing fees, and purchases of beauty and wellness products.

Bandhan Bank Delights Loyalty Program

Alongside the Avni account, Bandhan Bank introduced the Bandhan Bank Delights loyalty program. This program allows customers to accumulate Delight Points through various banking activities, such as opening an account or making card transactions. These points can be redeemed for rewards including:

• Travel
• Merchandise
• Entertainment
• Conversion to air miles

Strategic Focus of Bandhan Bank

The launch of the Avni savings account aligns with the Reserve Bank of India’s recent directives encouraging banks to innovate in deposit mobilization strategies. As Current Account Savings Account (CASA) deposits are on the decline, Bandhan Bank aims to attract more household savings by offering appealing products like Avni. This initiative is designed to draw funds that might otherwise be invested in other financial instruments.

About Bandhan Bank: Key Points

• Foundation: Initially started as an NGO, Bandhan Bank transitioned into an NBFC-MFI and then received a universal banking license on August 23, 2015.
• Headquarters: Kolkata, West Bengal.
• Leadership: The Interim MD and CEO is Ratan Kumar Kesh.
• Tagline: “Aapka Bhala. Sabki Bhalai.”
• Focus: A private-sector bank with a strong commitment to financial inclusion and customer-focused products.

Explanation

• Avni Savings Account: This account is designed to attract women with higher disposable incomes by offering premium benefits, such as exclusive debit card features and insurance coverage.
• Loyalty Program: The Bandhan Bank Delights program is a strategic move to retain customers by rewarding them for their loyalty and encouraging increased engagement with the bank.
• Strategic Focus: Bandhan Bank is responding to the broader banking trend where CASA deposits are falling, by offering innovative products to capture more household savings, fulfilling the RBI’s call for creative deposit mobilization strategies.
• Bank Overview: The summary of Bandhan Bank’s history and current leadership provides context about the bank’s origins, mission, and strategic direction.