KOCHI:
CSB Bank Ltd, a private sector bank with a lineage of 100 years, today launched a unique, digitally enabled and customer centric product called ‘Akshaya Gold Credit Line (AGCL)’ – launched specially to ensure that any customer who needs funds –either in an emergency or for just running their business, has access to a pre-approved credit line against gold ornaments.
The money can be withdrawn anytime, anywhere using any bank’s ATM and on very reasonable terms. No more usurious rates, no more walking to your bank or gold loan company multiple times. Go at leisure – only once to the bank and set up an Akshaya Gold Credit Line – and withdraw money when you want it, where you want it and pay however you want it – cash from ATM, e-commerce, transfers…convenience and flexibility now is in your hands.
In the current state of affairs affected by the pandemic, AGCL, which is based on the principle of ‘not letting customers account turn empty’, is an ideal product. The product will take care of immediate liquidity and cash flow requirements of customers, including businessmen, small traders and salaried persons. It will provide monetary aid for all business and personal financial needs.
AGCL works on a unique and customer-friendly model. Once the credit limit is fixed based on the customer’s gold value, money can be withdrawn anytime from the branch, any bank’s ATM or through digital channels. The customer is required to pay interest only on the availed amount and for the time period utilised.
Making it even more ideal, CSB Bank has linked overdraft to Savings Bank (SB) account with sweep/reverse sweep functions, which means any amount put into SB account will automatically reduce overdraft limit, thus bringing down interest burden on the borrowers. The amount withdrawn can be utilized on demand like an overdraft through debit card or digital banking facilities offered by the linked SB account whenever there is an emergency.
Salient features:
Take a credit limit against gold ornaments and use for any legitimate purpose almost like a credit card – digitally
The customer can fix the credit limit once based on the value of the gold and can withdraw money anytime, anywhere using any bank’s ATM. You can also do all e-commerce transactions and fund transfers – digitally
Your gold is secure with the bank and fully covered with free insurance
What’s more! Interest payment is only on the amount and for the days used – you save money
And to top it all, you can also earn interest if you leave money in your savings account which gets opened with this facility
CSB Bank also offers free insurance on the gold pledged and flexible repayment options to customers. We will also be offering doorstep services for this product shortly in select cities.
Commenting on the launch of Akshaya Gold Credit Line (AGCL), C.VR. Rajendran, MD & CEO said, “We are going through unprecedented and challenging times. CSB Bank is committed towards helping customers sail through the difficult period and also bounce back and succeed. We understand our customers’ financial requirements in this situation and have conceptualized Akshaya Gold Credit Line – a product that will help the customers to use the family gold by keeping it safe with us in the bank, and should a need arise, for personal or business needs , they can withdraw the funds digitally through their ATM/Debit card or even transfer funds digitally This will give customers the need-of-the-hour financial support at extremely reasonable rates of interest – applicable only on the amount they use.
This product is available in all CSB Bank branches across the country.
more recommended stories
NSE’s Mobile Application (NSEIndia) and Multilingual Website Expansion Go LiveMUMBAI:On the auspicious occasion of Diwali,.
SBI General Insurance Announces Premium RevisionMUMBAI:SBI General Insurance, one of India’s.
Govt Policy Enhances Investors’ Trust in Kerala: Minister P RajeeveTHIRUVANANTHAPURAM:Investment- friendly policies adopted by the.
Minister P Rajeeve Opens TRASNA’s New Office in TechnocityTHIRUVANANTHAPURAM:Minister for Industries Coir and Law.
Post Wayanad floods, Harrisons Malayalam Builds Nearly 100 Residences for WorkersKALPETTA:Agriculture business corporation Harrisons Malayalam has.
Muthoottu Royal Gold Unveils Lord Murugan Coin at Muthumalai Murugan TempleSALEM:Muthoottu Royal Gold one of the.
Muthoottu Mini Financiers Announces Non-Convertible DebenturesMUMBAI:Muthoottu Mini Financiers Limited (Muthoottu Mini.
Adani Foundation at ACC Tikaria Empowers Rural Entrepreneurs of GudurTIKARIA:ACC, the cement and building material.
IndusInd Bank Partners with Tata Power Renewable Energy LimitedMUMBAI:IndusInd Bank has announced a strategic.
Locks by Godrej Enterprises Group Continues to Lead in Home SafetyMUMBAI:Locks by Godrej, a business of.