Paisabazaar expands business operations, extends savings account services
Gurgaon: 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 years and 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.”
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 3 lakh per annum, given that it requires customers to maintain minimum balance ranging anywhere between 0 and less than Rs 10,000. ‘Premium’ and ‘gold’ category on the other hand, is suitable for those earning anywhere between Rs 3 lakh to 9 lakh and above Rs 9 lakh respectively.
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.
