BWI: Ratnakar Bank Speedy in Transition, Increases Savings Account Interest Rate to 5.5%

Press release from Business Wire India
Source: Ratnakar Bank
Tuesday, November 01, 2011 07:33 PM IST (02:03 PM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Financial Analyst, Stock exchanges
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Ratnakar Bank Speedy in Transition, Increases Savings Account Interest Rate to 5.5%


Mumbai, Maharashtra, India, Tuesday, November 01, 2011 -- (Business Wire India) -- Ratnakar Bank today announced an upward revision of its savings account interest rate from 4% to 5.5%. They are among the first few private banks to make such an announcement. The change in interest rate is effective from today November 1st, 2011.

Ratnakar Bank savings account customers enjoy unlimited free ATM transactions across other networks as against five per month for most other banks. The Bank has also launched its new internet banking solution for its customers. This adds to some recent developments at the Bank including India's first ever retail co-branded gift card in collaboration with Inorbit Mall, REV and Visa.

Ratnakar Bank, a private sector bank with a strong regional footprint, has recently embarked on an aggressive transformation plan that envisages a manifold growth of the organisation in terms of size, geographic reach and business depth. The Bank is in the process of executing a strategic roadmap that entails customer, product and credit re-alignment, process centralisation and technology upgradation. Through this transformation, the Bank aims to improve and enhance its customer base across Corporate, SME and Retail segments and retain a high focus on Financial Inclusion.

Talking on this subject Mr. Vishwavir Ahuja, Managing Director, & CEO, Ratnakar Bank said, "We are pleased to have the opportunity to make a positive difference to our savings account customers based on the RBI's deregulation of interest rates on deposits".

About Ratnakar Bank:

Ratnakar Bank is a scheduled commercial bank established in 1943, with registered office at Kolhapur and a rich business legacy in the region serving the trading, agri & manufacturing sectors through a network of 100 licensed branches spread across Maharashtra, Gujarat, Delhi, Karnataka & Goa. It has assets exceeding Rs. 3230 crores and deposits of Rs. 2042 crores as of March 2011. The Bank's leadership includes a highly experienced team with strong credentials - the Bank has recently concluded. For more information visit www.ratnakarbank.co.in.


CONTACT DETAILS
Madhulika Gupta, Repute Public Affairs & CSR Solution, +91 (22) 2605901, madhulika.gupta@reputesolutions.com

KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES

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