Women bank starts with Kitchen loans

..........On day one, the bank introduced “kitchen loans” and assured higher interest rate on savings bank accounts to lure women customers. Women can borrow loans to redo their kitchen space, the place where most women spend most of their time, according to the bank’s chairman and managing director, Usha Ananthasubramanian. The loan can be availed for `50,000-700,000 at 2.5% above the bank’s base rate. The bank is yet to announce its base rate or the minimum lending rate. Other special products include loans for setting up catering services and hygienic day-care centres for children of working women. BMB also announced savings bank account interest rate of 4.5% for deposits up to `1 lakh and 5% for balances above `1 lakh. Most public sector banks offer 4% while a number of private sector banks are providing 5-6% on the savings bank account........

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