When you have to sell a commodity offering…
By Rajesh Setty on Mon 27 Feb 2006, 4:40 PM – 1 Comment
I am a Citibank customer and my first job was with that organization (long) back in India. I love that company.
Recently I noticed that they have an offer for people like me – Non-Resident Indians. We can open an NRI account with Zero Balance.
Now, think of that offer for a second –
1. Why would I open an account if I don’t want to have a balance in that account?
2. What is so special about this?
3. How many account holders will consider this the best thing to happen since slice of bread?
2. What is so special about this?
3. How many account holders will consider this the best thing to happen since slice of bread?
A bank account, unfortunately is a commodity offering. So, I understand that banks have to work hard to distinguish themselves in that regard. But offering a “zero balance” account does not fall into that “special feature” category. Sorry!
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Anonymous on March 2nd, 2006
Rajesh
I hold Citibank NRI Account, in the past. The minimum balance was Rs. 20,000 and we need to maintain Rs. 20,000 all the time. Otherwise we will be charged Rs 400 Admin Fee for that.
With the new offer there is no need hold any minimum balance.
Most of the Indian Banks which offer NRI Services, expects the account holder to have a minimum balance. I guess Citibank is trying to differentiate the product from them.
Infact when i saw the advt first, i was very happy, because I saved he heaps of money on Fees.
I guess you are not one of the Target audiences for the Advt.