Mumbai: A first in Indian financial sector, Barclays Bank has launched a savings account plan where domestic helps such as drivers and maids, referred by the family members, will be offered a no-frills savings account, or a fully functional savings account, without a minimum balance.
A savings account is a checking account where a customer can withdraw money anytime. Banks offer 3.5% interest on such accounts.
The ’Kutumb’ savings account plan, as it is called, can be availed of by a minimum of two and a maximum of five family members, including relatives, where each member gets a separate account, managed independently.
This plan also features a common quarterly balance requirement of Rs25,000 for all the members of the family across all accounts, Barclays said in a statement.