ING Vysya new offering for high-income group staff

ING Vysya Bank launched a new product targeting the high-income group employees called `Orange Salary Account'. Mr Vaughn Nigel Richtor, Managing Director, ING Vysya Bank, said, "The product is ideally suited to customers who are not inclined to visit the bank's branches for operating their account but prefer to operate it from their home or office." The key features of the Orange Salary Account are customers can maintain a zero balance account, get an international debit card and also free unlimited ATM transaction at ING Vysya Bank and over 20,000 other bank ATMs. The account holder also gets free issue and usage of personalised multi-city cheques and also personnel assistance service at select centres. The bank is targeting employees working in software and ITes sector, MNCs and top-end corporates in Hyderabad, Bangalore and Delhi

Direct forex trading: YES Bank joins the band

More corporate entities can now conduct forex transactions directly instead of instructing their banks to do so. This follows YES Bank announcing the launch of direct foreign exchange trading service for corporate clients. Union Bank and, more recently, Standard Chartered Bank had earlier announced such a facility for their clients. All the three banks have signed up with Reuters for Reuters Trading for Foreign Exchange (RTFX) - an electronic trading platform. "The customers will also be able to chat with the bank dealer," said Mr Ajay Mahajan, Group President, Financial Markets, Institutions and Investment Management, YES Bank. The bank has 500-550 corporate customers. There is no additional cost to the customers for using the system

SBI stake transfer Ordinance

The Union Cabinet approved the promulgation of an Ordinance to enable the transfer of Reserve Bank of India's entire shareholding in the State Bank of India to the Central Government. Informed sources said that the Ordinance route is being adopted to bring necessary amendments to the State Bank of India Act, 1955 as the Government is keen to complete the transaction before June 30.

ING Vysya's new savings scheme

ING Vysya Bank has launched a scheme known as `Freedom Savings Account.' The features of the account are a zero quarterly balance requirement and a zero penal charge for non-maintenance of minimum quarterly balance. The account holders would also be eligible for an international debit card. The account features would not be restricted to just salary earners, but would be available to all general customers of the bank. The account comes with an annual fee of Rs 1,000.