Group Salary A/c Launched By SIB
Launching their latest premium product — group salary savings account — in Coimbatore on Monday, South Indian Bank chairman & CEO VA Joseph said: “Every state in our country will have at least one branch of South Indian Bank by 2011.” The bank, which will complete 80 years in January 2009, is targeting 750 branches by 2013. “In the next five years, we plan to open 150 branches in north India and 100 in south India,” Mr Joseph said. Currently the bank has 511 branches all over India and also in Dubai and Sharjah.The bank recently started regional offices in Kolkata and Hyderabad to facilitate their expansion plans. “We will open 7 to 10 branches in Andhra Pradesh this year and will also make our entry into Arunachal Pradesh, Meghalaya and Himachal Pradesh,” he added. Talking about their branches abroad, he said the bank would open three branches one each in Abu Dhabi, Ras Al Khaima and Dubai. The bank is also planning to open 250 ATMs in the next five years to double their current ATM strength.
The bank has also been on a recruiting spree having absorbed 1200 employers in the last three years. “Currently our average age of employees is 42 years and 25% of the total employees are below the age of 25 years,” Mr Joseph said. On their new product launched for the all India market, Mr Joseph said that the bank’s latest strategy is service. “The group salary savings account is primarily designed to meet the needs of salaried employees and their employers,” he added. The group salary savings account can be opened with zero balance and can be accessed from any of the 511 branches in the country without any bank.
