September 4th, 2010 
Malvika
After extending the service to urban middle class and rural poor State Bank of India (SBI) is now aggressively targeting the millionaires of the country.
This move by the bank is to shed its PSU image. By this move it has it taken straight fight with other foreign and private banks.
After the scheme of ‘One Rupee Bank’ account for poor, SBI, the biggest bank has opened first-of-its-kind branch for high networth individuals (HNIs). The Bank has open has inaugurated its first branch for HNIs in Hyderabad on September 2 and it takes Rs. 1 crore to open an account, and that too on an invitation only.
However money is not the only criteria, the individual interested in opening an account has to undergo a tough application process.
The first ‘Crorepati Only’ branch is named after the Kohinoor diamond that was found here. ‘Kohinoor Banjara Premium Banking the swanky branch, spread over 4,000 sq ft, will see SBI roll out the red carpet for Hyderabad’s nawabs, nouveau and old. It will offer them specialized banking facilities like personalized relationship managers, 24/7 lockers, extended banking hours, doorstep pick-up and drop facilities, in addition to pampering with five-star amenities at the branch
In an interview to PTI, SBI Chief General Manager Shiva Kumar, said “We have opened as many as 50 accounts so far. We are confident of opening another 150 by the end of the current fiscal.”
Diwakar Gupta, Deputy Managing Director, SBI, said while the bank has over 150 branches catering to HNIs, this centre is based on a different concept.
According to bank officials, an attractive feature of the branch is its lockers. “They are open 24 hours. People can come anytime and take or keep their jewellery and other valuable items. We have special dressing rooms for customers. These will be useful for late night function goers as they would not have to take the valuables home.”
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