6 October 2008
Standard Chartered Bank, Botswana has sent a warning signal to its peers that it wants to remain on top as a leader in product innovations in the banking sector by launching more products this year.
"As an international bank, we have the advantage to introduce products that have been successful already in other markets. So we still going to introduce more accounts to cater for our customers different needs," said head of consumer Banking Michael Wiegand in an interview after the launch of two new products by the bank.
Wiegand was speaking on Friday at the launch of new retail products, namely Millionaire Maker Account and Marathon Savings Account.
The Millionaire Maker Account is a fully Transactional Account ideal for customers who wish to stand a chance of winning One million Pula. "This account is about making dreams come true," he said, adding that the account is a follow up to Standard Chartered Millionaire which was launched last year.
Customers are required to maintain a minimum average balance of P1, 000 per quarter and earn a chance to win one million Pula. He said more deposits translate into more chances, for example very additional balance of P1, 000 per quarter earns clients additional chances of winning the money.
The other product, Marathon Savings Account is a limited offering which is available for a promotional period from 1st October 2008 to 15th November 2008. The savings account gives customers the opportunity to earn up to 11.25 percent interest.
The Bank said the account is ideal for customers who are looking for higher interests rates and withdrawal capability without getting tied down to fixed deposits. The account allows unlimited deposits up until the promotional date thereafter no new deposits are allowed, however, unlimited withdrawals will be permissible throughout the product term without any premature penalty.
"We believe these products are exciting additions to our offerings," Head of Wealth, Shaheryar Khan said. "In line with the county's Vision 2016 Pillar to create a prosperous nation, we are committed to educating the public in general about the importance of savings to create wealth once accumulated."
Khan said they would mentor and give advice on appropriate investment to the customer who will ultimately win the million Pula.
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