MUMBAI, February 24, 2015 /PRNewswire/ --
Plans Expansion as Part of Bank's New Marketing and Rebranding Strategy
Sanmitra Co-operative Bank Ltd., Mumbai, an RBI licensed urban co-operative bank as per RBI License No. UBD,MUM(MAH)0039/P Dated : 23/06/2010, recently announced its rebranded name - SMC Bank. Under its news rebranding strategy, SMC has plans to enter the business of merchant acquiring and is seeking the Visa and MasterCard principle membership to their network to be able to offer POS EDC machines and payment gateways.
(Logo: http://photos.prnewswire.com/prnh/20150224/10117024)
The merchant acquiring industry is worth Rs. 2,50,000 crores approx. annually, which is around Rs. 21,000 crores monthly, while credit card processing volumes are growing at 30%-35% every year. Apart from these expansion plans, SMC bank currently offers 9% - 11.5% interest rate on fixed deposits and zero balance accounts without any account maintenance or hidden charges.
The bank is aggressively working on penetrating deposits to potentially grow its branch network to reach maximum clients with more ATMs. SMC will be soon launching its RuPay Debit Card and online banking.
With an aim to reach maximum individuals working in various sectors with different work timings, SMC Bank is willing to serve its clients 24x7x365 to ensure best customer service experience. "People nowadays work in various global industries and are not able to do their day-to-day banking because of their work timings. So our interest is to promote 24x7x365 in-branch banking and to help these people bank at their convenience," said SMC Bank's Chairman, Abhishek J.
To support our Hon'ble Prime Minister Mr Narendra Modi's 'Jandhan Yojna', the bank offers zero balance accounts and will not charge any fees to its account holders towards operating their accounts. With a focus on becoming the biggest co-operative bank in the country, the bank will offer the following key features:
- 7.5% per annum on savings accounts with balances of over 1 lakh and above
- Instant overdraft facility for up to 80% on fixed deposits
- Lending against gold in 3 minutes
- Overdrafts against fixed deposit in 1 minute
- New fixed deposit opening in 1 minute
- Corporate banking
- Retail banking
- Private banking and wealth management
- Cash management services
- Mortgages and Loans
- 24x7 on spot gold loans @ 16% p.a.
- Personalised multilingual support
* All Banking Products would require to follow KYC Guidelines as per the RBI Mandate.
About SMC Bank:
The Sanmitra Co-operative Bank Ltd., Mumbai is a Urban Cooperative Bank licensed by RBI, popularly known as SMC Bank since 1924. The Indian co-operative movement is so far the largest movement in the world.
For more information, visit: www.smcbank.in
Media Contact
Yogesh Joshi
E-mail: [email protected]
Tel: +91-9769765976
Branch Manager, SMC Bank (Sanmitra Co-operative Bank Ltd., Mumbai)
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