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Bandhan Bank’s ‘INSPIRE’ Assures All-inclusive Banking Experience, Will It Appeal To Seniors?

Bandhan Bank’s ‘INSPIRE’ programme has the versatility of a Swiss army knife, providing diverse services to customers. Learn more.

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Outlook Money
December 21, 2023
Bandhan Bank’s ‘INSPIRE’

Bandhan Bank’s ‘INSPIRE’

Bandhan Bank has launched the ‘INSPIRE’ program for senior citizens, catering to their diverse banking needs, from preferential interest rates and priority banking to doorstep facilities. Bandhan Bank’s ‘INSPIRE’ Program has the versatility of a Swiss army knife, providing diverse services to customers.

A specially designed INSPIRE membership card will allow senior citizens to access healthcare benefits, enhanced banking services, and special interest rates on fixed deposits (FD). This all-in-one product is packed with multiple benefits to help seniors retire with confidence.

In a press release, Sujoy Roy, the head of branch banking at Bandhan Bank, said the program offers a “comprehensive bouquet of benefits, meticulously designed for senior citizens”.

Know About INSPIRE Benefits

What makes the product interesting is that it offers a plethora of discounts on life care benefits, from concessions on the purchase of medicines and diagnostic services to medical treatments.

The fee discounts include doctor consultations, medical check-ups and dental care through its partner healthcare providers. The bank also plans to have additional features like direct access to phone banking officers to ease senior citizens while availing of banking services.

Bandhan Bank’s ‘INSPIRE’ program also plans to set up dedicated senior citizen help desks at its branches to ensure personalized service. In addition, trained executives will be assigned to handhold senior citizen customers who wish to avail of banking services through the mobile app, internet, SMS, and missed call facilities round the clock, the release said on Tuesday.

Regarding preferential fixed deposit rates for senior citizens, Bandhan Bank offers 8.35 percent interest on 500-day FDs. It provides 7.5 percent annual interest to seniors for tax-saver FDs.

Also Read: Senior Citizen FD Interest Rate Up To 9.6%

Milestones

In August this year, the Reserve Bank of India (RBI) authorized the bank to disburse civil pensions to the central government employees on behalf of the Central Pension Accounting Office (CPAO) under the finance ministry, marking a major milestone in its journey.

The authorization entitles the disbursement of pensions to the employees in civil ministries and departments (excluding railways, posts, and defense), NCR Delhi, UTs without legislatures, retired High Court and Supreme Court judges, and all India service officers.

Bandhan Bank’s deposits and advances grew 11 percent year-on-year to Rs. 2.17 lakh crore as of March 31, 2023. In the fourth quarter of FY23, the bank’s deposits grew 12 percent compared to the same period in the previous year.

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