StanChart launches preferred banking for the emerging affluent | business | Hindustan Times
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StanChart launches preferred banking for the emerging affluent

business Updated: Aug 24, 2010 17:34 IST

Standard Chartered Bank, on Tuesday announced the launch of its 'preferred banking' proposition for the fast-growing emerging affluent segment. The scheme offers complete solutions that combines savings, borrowing and protection for the emerging affluent segment, which consists of individuals with an annual income between Rs 5,00,000-Rs 40,00,000, a press release issued here stated.

"In India, the emerging affluent is a sizeable and rapidly-growing customer segment at 18 per cent per annum with needs that have been largely underserved and undifferentiated. Their needs are quite distinct from those of the mass market and present a huge opportunity for Standard Chartered," the bank's General Manager for Premium Banking, Sandeep Das, said.

The target segment is defined as young, upwardly mobile, techno-literate professionals between 25-40 years of age, who are looking for recognition, convenience and rewards and solutions, he said.

Under the scheme, customers would get faster and simpler mortgage solutions at preferential rates along with an overdraft facility of upto Rs 3,00,000 at the inaugural interest rate of 15 per cent, the release said. Apart from this, the customers would be offered preferred world credit card as well as preferred platinum debit card, which would offer accelerated reward points and petrol surcharge waivers, the release stated.