Bank of Baroda, or BoB, early last month introduced ‘bob Masterstroke Savings Account’ for the high-end customers named after Sachin Tendulkar, the legend of cricket. Tendulkar has also been named as the brand ambassador of this savings bank account, and rightly so.
One might wonder as to why a bank account is named masterstroke, a terminology typically used in the cricket parlance. This is a savings bank account targeting high net-worth individuals who will stand to receive a large gamut of services such as higher interest rate and wealth management without any charge.
Premium services
The public sector bank named after a city in Gujarat (Vadodara aka Baroda) said the new savings bank account is meant for the clients who want premium services. The account holders will have to maintain a quarterly average balance of ₹10 lakh in the account.
Essentially, the premium account will offer a slew of features which include higher rate of interest on account balances, lower interest on retail loans, an infinite debit card and lifetime free Eterna credit card. Besides, there are other services such as priority banking, consultation services for wealth management and higher cash withdrawal limits.
“The bob Masterstroke account comes with a number of features such as higher interest rate on account balances through the Flexi Fixed Deposit facility, concessional rate of interest on retail loans, the bob World Opulence Visa Infinite Debit Card (Metal Edition) and a lifetime-free Eterna Credit Card (subject to eligibility),” the bank said in a statement. The bank will offer other premium services such as priority banking, wealth management consultations, higher cash withdrawal limits, and other exclusive perks, the statement added.
Lately, banks have been battling with lower deposit growth and higher loan growth. Although the gap in deposit and credit has narrowed, reveals the RBI’s latest State of the Economy report but the challenges still continue.
In reference to the deposit growth challenge which the banks currently face, Debadatta Chand, Bank of Baroda’s MD & CEO, observed that to grow deposits, a bank needs to be innovative in designing products and provide the best-in-class service.
While talking about the association with Sachin Tendulkar, Chand said that it (the association) will enhance brand visibility and customer engagement even as the bank aims to double its balance sheet in five to six years.
