Specialised account offering for Exporters launched

Lakshmi Vilas Bank (LVB) has launched a specialised current account for the benefit of exporters, called 'JU$T A Dollar'.

It is an exclusive account catering to the requirements of exporters, priced at Rs 75 for a host of remittance, trade and forex transactions.

The product was launched at Tirupur on Monday by Tirupur Exporters Association president Raja M Shanmugham in the presence of Peeush Jain, Head- Retail Banking, Lakshmi Vilas Bank, a bank release said Tuesday.

The pricing for trade and foreign exchange transactions by banks are often pegged as a percentage of the value of transactions.

But for customers, costs of such transactions can often run into several hundreds, thousands, or even lakhs of rupees. However, this product is applicable for customers or entities that have Import Export Code, it said.

"We are pleased to launch JU$T A Dollar account in association with Tiruppur Exporters Association.

The proposed solution will significantly bring down transaction costs, and hence, emerge as an interesting proposition for importers, exporters, and entities involved in both domestic and international trade transactions, Jain said in the release.