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DCB Bank hopes to capitalize on Zippi scheme

DCB Bank has launched a new fixed deposit scheme – ‘Zippi’, which is an online scheme and the bank proposes to acquire customers who would not be account holders of the bank. They can open a fixed deposit account anywhere anytime under the scheme. According to a senior official of the bank, who has been quoted in news reports, Zippi platform helps individuals park their surplus funds from the comfort of their homes at the click of a button. There is no paperwork involved and the amount starts fetching interest from Day 1, even before the bank sends someone to pick up the documents. The funds can be transferred online. Only resident Indians who have completed 18 years and have a PAN will be eligible to take advantage of this offering. The FD account-holders will receive the interest and maturity amounts in their existing bank accounts in other banks. The minimum FD investment is Rs 10,000 and the maximum Rs 10 lakh.

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