Not ‘inclusive’ banking: SBI opens 5-star branch for uber rich customers
03 Sep 2010
After wooing Hyderabad's urban lower poor with its 'One Rupee Bank' where it takes just that much to open an account, State Bank of India (SBI) has gone to the opposite extreme – a branch for multimillionaires only.
The government lender has inaugurated a first-of-its-kind branch for high net worth individuals, where it takes a minimum of Rs1 crore to open an account. Membership is by invitation only.
Located in the posh Banjara Hills, the Kohinoor Banjara Premium Banking Centre (named after the famed Kohinoor diamond that was found near here), spread over 4,000 sq ft, offers specialised banking facilities like relationship managers, 24/7 lockers, extended banking hours (up to 8 pm, doorstep pick-up and drop facilities for cheques and drafts.
It also pampers customers with five-star facilities. These include the Nizam Lounge, the Pearl Coffee Bar, Ruby and Emerald business centres, the Sapphire conference room with video conferencing, and Wi-Fi.
Inaugurating the branch on Thursday, Diwakar Gupta, deputy managing director, SBI, said while the bank has over 150 branches catering to HNIs, this centre is based on a different concept.
''We have opened as many as 50 accounts so far. We are confident of opening another 150 by the end of the current fiscal," SBI chief general manager Shiva Kumar added.
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