Bandhan Bank launches Avni Saving Account for Women Customer

Kolkata-based Indian Private sector bank Bandhan Bank launched an exclusive savings account, Avni, for women customers on 22 August 2023. The bank launched the product on the eve of its 9th foundation day, which is on 23 August.

The bank also launched a customer loyalty programme called Bandhan Banks Delight.

The bank is women-focused, and of its 3.4 customers,73% are women.

Significance of Avni Account 

The Avni product of the Bandhan Bank is an effort by the bank to mobilise deposits from the public.

Recently, Reserve Bank of India Governor Shaktikanta Das urged banks to mobilise household savings by offering innovative and attractive products.

In recent times, the CASA(Current Account Saving Account) deposits of the banks in India have shown a declining trend as Indian households prefer to invest in share markets, gold, and other financial market instruments for higher returns.

CASA is the cheapest source of funds for banks, as they do not pay interest on current accounts and pay an average of 3 to 4 per cent on savings accounts. 

However, due to a decline in CASA deposits, banks are forced to raise money at a higher interest rate, which in turn will increase their lending rates.

 RBI wants the banks to reduce their lending rates so as to boost the economic growth rate by providing cheap loans to industries, etc. 

About the Avni Saving Account & Bandhan Bank Delights

The Avni savings account targets relatively well-off women, as the minimum average quarterly balance requirement is Rs 25,000. The Avni account offers an exclusive debit card with personal accident insurance cover of Rs 10 lakhs, free airport lounge access and lost card liability of Rs.3.5 lakh.

It also offers a 25 per cent discount on locker rentals and a 50 percent discount on gold loan processing fees.

Bandhan Bank Delights, launched by the bank, is a loyalty programme where customers earn loyalty points for opening accounts, card transactions, fund transfers, and other banking transactions. The loyalty points, called Delight Points, can be used to purchase goods and services.

About Bandhan Bank 

Bandhan Bank started as a non-governmental organisation (NGO) and later became a Non-Banking Finance Company—Micro Financial Institution (NBFC-MFI).

The bank got a license from the RBI and converted into a Universal Bank on 23 August 2015.

It was promoted by Chandra Shekhar Ghosh, who was also the managing director and chief executive officer of the bank for a long time.

It is a private-sector bank. 

Headquarters: Kolkata, West Bengal

MD and CEO (interim): Ratan Kumar Kesh

Tagline: Aapka Bhala. Sabki Bhalai