Citizens Bank has been introducing various new products to provide easy service to the customers.

The bank is currently operating 31 savings accounts. Out of these accounts, 2 accounts are currently very popular. These savings accounts are ‘Genji Saving’ and ‘Freelancer Saving’. After the GenG agitation on September 23 and 24, the bank has launched GenG Saving. Now this account is being opened by savers and users a lot.

What are the special features in these two accounts operated by the bank in recent times and what are the attractions of savers to open the account, what facilities will be available to the people opening these accounts, these and similar topics with Paras Bikram Thapa, Head of Deposit Marketing of Citizens Bank {TAG_OPEN_strong_87{{TAG_CLOSE_strong_87

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Citizens Bank has launched a GenG Savings Account. What are its features?

Citizens Bank has launched the GenG Savings Account from November 2082. This account has been brought targeting the current GenG generation. Those who are from 1997 to 2012 are called Genji. The bank has brought this account targeting them.

People who have completed 18 years of age can open this account and operate it. In this account, we have introduced new banking features targeting the GenG generation.

At present, the bank gets 2.75 percent interest on a fixed deposit for 3 months. If you keep a fixed deposit for one year, you get 3.25 percent interest. Now we are giving 3 percent interest on the savings account. This account is now attractive to everyone.

This account can be opened for 100 rupees. Those who open this account get a cheque book from the bank for free. A demat account can be opened for free. Those who open this account do not have to pay any insurance fee for applying for shares.

In this, we have linked digital products. This includes mobile banking, internet banking, and ecom cards. To avail all these services, if you open an account other than GenG, you have to pay more than Rs 1500. However, we are giving GenG Rs 501. There is a lot of work in terms of fees. Mobile banking, internet banking and cards are available at Rs 501.

Today’s young generation is very accustomed to financial transactions. That’s why we have kept the fees very low. There has been a very good response to this account so far. A PAN number is required to get an e-com card. Many people do not have a PAN, so there is a bit of a problem. Initially, we brought four products with one branding. After the bank, we removed the ecom card from that bundling and offered mobile banking, internet banking and the card for Rs 501 at the same time. Now we have made the ecom card free.

Some of the Genji generations are also working and some are studying in college. We have arranged this package so that they can afford it. Another feature of this account is the travel card. Now Nepalis go to countries like Thailand, Malaysia, Bali, etc. The easiest option for the current generation to pay when going abroad is the travel card. Those who open this account give them a 50% discount.

We have also put a referral and reward offer in it.

Those who have a GenG account refer another GenG youth to open an account in Citizens Bank and if they have a GenG account, they will be rewarded with cash to open the account. The bank charges a service fee of Rs 200. For this, one should open a Genji account in the bank and recommend others to open the account.

The bank has focused on the CAR targeting the Genji movement. The Rastra Bank has asked the government to help the families of those who died in the Genji movement. Focusing on this, we are giving Rs 250 per account to the families of those who were martyred in the Genji movement.

The bank’s own investment capital is operating an open-ended mutual fund. It has a systematic investment plan. Genji is popular. After opening a Genji account, it can also be taken.

If you recharge with mobile banking within a week of opening a GenG account, you will get 20% cashback.

We have brought this offer to encourage the use of digital products.

How did you plan to name this account Genji?

The bank was preparing to bring a product even before the Genji movement. After the Genji movement, we had a lot of discussions about who we were targeting to bring the product.

The bank already had a children’s product, it was decided to revive it, to add some features to the product for women. At that time, we wanted to do something new. Later, there was the Genji movement. After the movement, our CEO said that we should bring a product for Genji. Then we started this account for the Genji generation. Which is now becoming attractive for everyone.

The bank has launched a freelancer savings account, what are its features?

We brought this account a year ago. This account was launched on the occasion of our bank’s anniversary. Now the IT sector in Nepal is moving very fast.

Now the number of people who earn money by working with laptops is increasing. The field of work in this way is IT. We have brought this account by connecting it with IT. We have started this account by targeting those who are freelancers, who are not associated with any company, who earn foreign currency, who are media influencers, who are making money from YouTube.

In this, we have given the facility to open 2 accounts at once. Such an account can be opened in both Nepali rupees and dollars. If you earn money in dollars, you can open a dollar account. Its interest rate is also high. Opening an account in Nepali currency gives 2.85 percent interest. When you open it in dollars, you get 3.15 percent.

If you are a person working in a company, then his insurance is done by the company. Those who are freelancers. Whoever opens this account also has the provision of insurance. Medical up to Rs 25,000 and accident up to Rs 3 lakh, death benefit is mentioned.

We give them a good rate when exchanging dollars. There is no charge on money coming from abroad. When you exchange dollars for Nepali money, you give a good rate of 10 paise. There is a 50 percent discount on travel cards and income cards. Mobile banking, internet banking, debit cards are free for the first year.

The issue of tax for freelancers comes up. We have already deducted tax so that their dollars come to our account. In this way, there is no hassle of filing tax later.

Is it possible to open an account TAG_OPEN_strong_83 online?

It can also be opened after completing the necessary documents by visiting the website. Some people have already opened an account in Nepali rupees and can be converted to dollars. This is also happening.

This account can be opened at any branch. Once you open an account online, you have to go to the nearest branch and sign and fingerprint. Now we are bringing video KYC service soon. After bringing it, you do not have to come to the bank.

What is the attraction of customers in Genji Savings and Freelancer?

These are the most successful products we have. It has been 4 months since I started GenG Save. Now more than 1,000 accounts are opened in a month.

We have been publicizing about this account while conducting financial literacy programs in colleges. The number of account openings by being referred has also increased. We are also adding its features. There are many people who understand about the account in freelancers.

What other types of accounts does the bank open and serve?TAG_OPEN_strong_81

The bank now has 31 savings accounts. It is called Women’s Savings. It is targeted at women. It is called Muna Savings. It is targeted at children. It is a senior citizen. It is opened to help senior citizens. We have brought it called Health and Wealth. It has a good interest rate and a whole body test once a year.

The term ‘shareholder’ was aimed at the stock investors. Now we also have capital. We also have a broker. As soon as you open an account in Citizens Bank, you can go to the broker and do business. If we open a broker account, take portfolio management services, then we can also take that from our capital. We have bundled all of this and brought it as a share investment.

We have opened a remittance IPO account targeting foreign currency for foreign currency and Nepalis who are in foreign employment. There are also 2 types of this. There is a quota of 10 percent in the IPO for Nepalis who are in foreign employment. For this, you can open a separate account and fill the IPO.

There is also an account called Citizens International Remittance. The person who sends the remittance and his family can open this account. The person who sends the remittance can also open it. His family member can also open it. The interest rate is 1 percent higher. There is a rule for this.

We have also started a salary savings account. It is of two types. There is a premium savings account for those working in big organizations. There are insurance facilities in it. There are other discounts as well.

Which services of the bank are most attractive to the customers?TAG_OPEN_strong_80

Now the bank has given more priority to digital services. We have brought features and new products that are not available in other banks. We first came with a virtual credit card. It was the first in Nepal. Earlier, those who used mobile banking, Ashwa feature had to log in to my share and fill in all their details. We have now put a feature called Ma Ashwa in the Ashwa feature.

To fill the shares, just log in to the mobile and click one, two buttons there. You don’t have to remember my share password, CRN number and number. Now we have also started QR loans. We have launched Digi Bank. Where all other services can be done digitally.

Digital transactions have helped in banking transactions. This is also the demand of the current market. We have focused more on it. We are adding more new products to it.