Priority banking, UTI Bank style: Video

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UTI Bank opened its second boutique branch, which will also cater to priority banking customers, in Mumbai today.

The bank, which has licence to open five such branches, has already opened one in Pune and is planning to open similar branches in Kolkata, Hyderabad and Gurgaon soon.

The bank has over 2,00,000 priority customers who contribute over 30% of demand deposits. The idea, according to a release issued by the bank, is to "allow priority banking customer conduct financial transactions in comfort and confidentiality through an exclusive Relationship Manager."

The criteria for being eligible as a priority banking customer for individuals is a minimum average quarterly balance of Rs 1 lakh in a savings account or a minimum relationship of Rs 5 lakh in a combination of savings and term deposit account.