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Rediff.com  » Business » Federal Bank launches debit cards for HNIs

Federal Bank launches debit cards for HNIs

May 16, 2012 18:13 IST

Private sector lender Federal Bank on Wednesday launched two premium debit cards exclusively targeted at its HNI customers, apart from a premium travel card.

While the two cards -- Premium Master Debit Card and Maestro Card -- are in the debit card segment, the bank also launched a travel card under the brand name of 'Cash passport'.

"There is tremendous scope in the transaction space as the domestic economy grows. With these offerings, we hope to cash in on this growing segment," Executive Director Abraham Chacko said.

Both the Premium Master Debit Card, with an everyday transaction limit of Rs 2,00,000, and the Maestro Card with a daily transaction limit of Rs 1,25,000, are targeted at the HNIS and come with pin-based authentication.

"These two debit cards are targeted towards our HNI clients and we hope to receive sound response to these products," additional general manager and retail business head D Sampath said.

The bank, which launched a pre-paid travel card 'cash passport' in three currencies namely dollar, pound and euro, also hopes to cash in trend of rising number of domestic travellers going abroad.

"With rising number of people travelling abroad, we hope that the travel card will be fairly accepted," Sampath said.

The bank, however, said it doesn't have any plans to enter into credit card segment in the near future. Federal Bank had posted a net profit of Rs 237.60 crore (Rs 2.37 billion) for the fourth quarter ended March 2012, up 38 per cent over the same period last year.

Net profit for the full year was at Rs 776.79 crore (Rs 7.76 billion), a 32.31 per cent jump, as against Rs 587.08 crore (Rs 5.87 billion) in the previous fiscal.

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