April 29, Mumbai: Lakshmi Villas Bank on Monday launched a specialised current account for exporters in association with Tiruppur Exporter’s Association (TEA) at an event held in Tiruppur. When it comes to pricing for trade and foreign exchange transactions, the banks often peg as a percentage of the value of transactions, however cost of such transactions can often run into several hundreds, thousands, or even lakhs of rupees for customers.
To address this issue, Lakshmi Vilas Bank launched ‘JU$T A Dollar’ account. It is an exclusive account catering to the requirements of Exporters Community at an attractive pricing of Rs 75 on a host of remittance, trade and forex transactions. This product is applicable solitarily to customers or entities that have Import Export Code.
Commenting on the launch of the account, Peeush Jain, Head-Retail Banking, Lakshmi Vilas Bank said: “We are pleased to launch ‘JU$T A Dollar’ account in association with Tiruppur Exporters Association. Proposed solution will significantly bring down transaction costs, and hence, emerge as an interesting proposition for importers, exporters, and entities involved in both domestic and international trade transactions.”
Currently, Lakshmi Vilas Bank has a national presence catering over 2 million customer accounts through its 560+ branches, with PAN India presence, supervised by 11 Regional Offices, 7 Extension Counters and 1030+ ATMs in 18 States and 1 Union Territory. Bank also offers other banking products including Life, General and Health Insurance companies, mutual funds, stock broking houses, money remittance companies etc. through tie-ups.