Karnataka Bank launches new product

Mangalore-based Karnataka Bank Limited has introduced a new product - SB-Sugama - in the backdrop of Reserve Bank of India's direction to banks to make available a basic banking "no frills" account to the larger section of the populace in the country.

The minimum balance in the account prescribed is Rs 50 for rural branches, Rs 100 for semi urban branches, Rs 150 for urban branches and Rs 200 for metro branches.

The scheme provides for maximum six withdrawals per month through withdrawal slips besides nomination facility, collection of outstation cheques and issue of pass book.

The rate of interest charged will be the same as applicable to regular Savings Bank account, a Bank press release said.