The product offering states Rs. 14,000 instantly credited on every investment of Rs. 100,000 for a tenure of 15 months which translates into a very healthy benefit to the customers.
Zia Ijaz, Group Chief, Commercial & Retail Banking Group, Allied Bank said: "It's a unique proposition and first of its kind. No other bank is offering a deposit scheme with advance payment of profit," and added: "This feature is the crux of this product and makes it totally distinctive.
The intangible benefit will be the sense of security of principal as well as availability of cash to the customers for routine consumption." Along with the new-to-bank small & medium sized deposit holders, the core objective of this product is to bring in 'new-to-banking-system' relationships i.e unbanked cash from homes/ safes into the banking channel.
The central theme of the concept revolves around 'cultivating the habit of banking' and gaining the customers' confidence and trust by paying healthy returns."
"Generally, the product focuses on the people who want to protect their principal, while utilizing the profit at the same time," concluded Zia Ijaz.