Ties up withYes Bank, Kotak Mahindra Bank and IndusInd Bankfor offering savings account services to customers
Gurgaon, 05thMay2016: Online financial marketplace, Paisabazaar.com has expanded its business portfolio by entering into strategic partnership with Yes Bank, Kotak Mahindra Bank and IndusInd Bank; for offering savings account services to retail customers.
This announcement comes on the heels of Paisabazaar.com venturing into car loans segment in February this year and is in sync with their plan to become one stop destination for lending and investment products. A Policybazaar.com Group venture, the company currently offers personal loan, home loan, loan against property, car loans, auto loan, gold loan, education loan and investment products including mutual funds, savings accounts, fixed deposits (to go live soon) on its platform.
As per industry estimates, only 40% of India’s population have access to savings account. However, this segment has been witnessing steady growth over the past few yearsand trend is expected to move upwards with the increase in penetration of internet and mobile services in India.
Commenting on the announcement, Naveen Kukreja, Co-founder & CEO of Paisabazaar.com said: “We are excited to partner with some of India’s leading banks for offering savings account through our website. Our decision for launching it is in line with the present-day requirement of retail customers. We have been witnessing a shift in personal banking preferences of customers in India who are gradually moving away from physically visiting bank’s branch office and instead, prefer applying for products and services online. This initiative will help us reach out to larger untapped market, thereby expanding our reach and customer base across India.”
ChitraPandeya, Group President and Head, Retail Product Management, YES BANK said: “Our partnership with Paisabazaar.com allows YES BANK to be available at a channel where prospective customers want to ‘shop’ for Savings Bank Accounts online. This presence also provides YES BANK with an opportunity to showcase our best-in-class, differentiated Savings proposition and highlight unique Digitized and Social Media Banking solution to our target audience.”
SrikrishnaMoorthy, AVP – Head, Digital Acquisition, Kotak Mahindra Bank Ltd. said, “Paisabazaar.com is the leading name within online lending and investments space. There is immense respect and trust for the company amongst its peers as well as consumers. Our association with Paisabazaar.com would help us strengthen our online presence to acquire customers and reach out to underserved segment. It further reiterates our aim to promote financial inclusion through digital medium.”
Paisabazaar.com allows customers to open savings bank account under 3 different categories – CLASSIC, GOLD and PLATINUM. ‘Classic’ is suitable for those earning less than Rs.3lacs per annum, given that it requires customers to maintain minimum balance ranging anywhere between 0 and less than Rs.10000. ‘Premium’ and ‘gold’ category on the other hand, is suitable for those earning anywhere between Rs.3lacs to 9lacs and above Rs.9lacs respectively.
Paisabazaar currently partners with more than 40+ financial institutions across different categories with 90+ products on offer. It receives 4 million enquiries and disbursals of Rs.2200 crore in loans on an annualized basis.
To apply for savings account, customers need to visit www.paisabazaar.com. On selecting the option, the consumer will be directed to savings account requirements page. The applicant will then have to specify his/her requirements and proceed to view and compare options available by different banks. The Paisabazaar.com team will provide all necessary assistance in the documentation and application process.
Paisabazaar – a PolicyBazaar.com venture – is India’s largest online destination for home loans, personal loans, education loans, credit cards and other financial products. The portal allows consumers to compare lending and investment products on our platform. Along with the comparison, Paisabazaar also helps consumers make the right choice and assist them during the entire transaction process with the bank.Since its inception in early 2014, the company has marked a staggering growth and now has over 8 million visitors coming to its website each year.
PolicyBazaar is India’s largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest, Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company. The portal specializes in making purchase decisions easy by helping consumers with analysis of insurance products based on price, quality and key features. It showcases an array of insurance plans offered by almost all insurers as well as up-to-date information on financial products and prompt, solution-driven customer service.
The portal has been conferred with the “Best Financial Website” award for two years in a row (2013 & 2014) at the prestigious India Digital Awards presented by the Internet & Mobile Association of India (IAMAI). Currently, the website boasts of over 30 million visitors every year and records sale of more than 40,000 transactions a month.
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