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RBL Bank introduces new products/features

RBL Bank has come with a slew of new products to help customers meet their specific requirements. Among these are Crest debit card, liberalized remittance services and % mark-up on international transactions on debit cards. The bank’s Crest debit card offers benefits such as higher air and personal accident insurance of up to Rs 1 crore, combined with cash vouchers of Rs 1500 from well-known brands. The bank is waiving the annual fee of Rs 500 on an annual spend of Rs 100,000.

The liberalized remittance service is for the benefit of international students to ease fee, living expenses offered with zero charges combined with preferred forex rates to parents and families remitting funds. The services can lead to potential savings of almost Rs 50,000 per year i.e. approx. @ 2000 per remittance as processing charges and the balance in forex rates.

The 0% mark-up on international transactions leads to a saving of approximately 3.5% to 4.5% compared to credit and debit cards offered by the industry for every US$ equivalent spent on debit cards of RBL Bank international transactions in any currency. This offer is available on all the debit card variants offered by the bank. It offers an added feature of convenience as compared to FX cards as there is no need for additional documentation, additional card and or fee to get a forex card issued or to load/surrender foreign currency.

The bank has also partnered with Zomato and Mastercard to offer first-of-its-kind co-branded credit cards in two variants – Edition and Edition Classic, both centered around food experiences and offer customers a host of benefits every time they use Zomato or spend offline/online.

RBL Bank has built in some additional features into its mobile banking application, like enhanced security to disable transactions by calling contact centre (an industry first feature), reserve a locker and purchase a sovereign gold bond in one click through the app, enhanced security features such as block/unblock, set/reset PIN, block/unblock international usage for credit cards,  and block/unblock, switch on/off debit card use and set transaction limits.

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