HDFC Bank launches ‘Smart Goals’ savings product
‘Smart Goals’, the new savings product launched by HDFC Bank at the beginning of this year, is proving to be a great success. This is due to its innovative approach enabling customers to realize their medium-term goals.
The unique features include a higher interest rate and total flexibility and convenience.
Smart Goals enables customers to target their goals at the end of three years. At that point, they can fulfil their aspirations in life, be it purchasing a new car, getting married or sending their children overseas for education. “This product is ideal for those who want to achieve their aspirations in a relatively short period,” said HDFC Bank General Manager/ceo Palitha Gamage.
He noted that the response from their customers so far has been very encouraging. He expected an average of 200 new accounts to be opened daily across the country.
“We expect the demand to continue because of its unique features,” said Gamage.
He was confident that it will prove to be a highly popular and successful product even in the long term.
Among the notable features of Smart Goals is the incentive to save. The more customers save, the higher the interest rate. The interest offered will be above the average market rate across all slabs. It will be calculated on a daily basis and credited to one’s deposit account monthly.
Another noteworthy feature is the flexibility offered. Customers can plan ahead to achieve their targets in three years by depositing any amount of money at any time. This is in contrast to other investment plans, which are generally longer in duration and have a fixed amount to be deposited monthly. At the end of three years, customers can withdraw their deposits with the accumulated interest. This can then be used for various purposes, be it launching a new business, purchasing a vehicle, pursuing an academic qualification or embarking on a pilgrimage.
Customers can also opt not to withdraw their money at the end of three years. This will entitle them to an additional interest rate of 0.5 percent if no withdrawals are made during the relevant month. This incentive is offered to encourage longer-term savings.
HDFC Bank Assistant General Manager Business Development and Marketing Himali Gunathilake said that Smart Goals is being offered through all their 39 branches. She added that this is a great opportunity for customers across the country to achieve their medium-term goals with utmost flexibility highest returns and convenience.
According to her, this will be further facilitated with the HDFC palmtop banking service. Through this doorstep banking service, customers can request the assigned staff equipped with mobile devices to visit their premises to collect deposits. The amount collected is updated to their accounts instantly. Besides the convenience factor, this offers customers a sense of security and peace of mind.