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Citibank has Diwali gold scheme for Indian Americans
Tuesday, 16 September 2003, 19:30 IST
NEW YORK: In a bid to lure Indian Americans, Citibank has announced a gold scheme in the U.S. marking one of the most celebrated Indian festivals, Diwali.
Gold Roshni Promotion offers new depositors gold jewellery of contemporary and traditional designs.
The promotion was launched at the South Flushing branch of the bank in Queens, New York, Monday by Ajay Banga, executive vice president of the bank's Global Consumer Group and president of North America Retail Banking.
Gold Roshini Promotion is open till October 31 and is available at 23 Citibank Financial Centres in New York, Connecticut, Washington, Illinois, northern California and southern California.
The scheme rewards customers in different escalating tiers of deposits.
For the first tier - fresh deposits of $25,000 - clients will receive an 18-carat gold infinity pendant with a 14-carat gold chain weighing 2.55 grams.
For the second tier - fresh deposits of $50,000 - clients will receive an 18-carat gold infinity pendant with cut diamonds and a 14-carat gold chain (three round diamonds of 0.03 carats and 2.25 gm of gold).
The third tier - fresh deposits of $100,000 - will fetch a client a 22-carat gold infinity pendant (2.50 gm) with three round diamonds (0.03 carat), with 18-carat gold chain (five grams) and a 22-carat earring set with six round diamonds (0.06 carat).
Alternatively, they can also choose a two-carat gold elephant pendant and an 18-karat gold chain (4.8 grams) with three round cut diamonds (0.03 carat).
These apart, new customers opening a regular checking account with a minimum deposit of $1,500 will receive a set of four colourful earthen lamps to light up the Diwali spirit.
"Citibank has a presence in India that dates back to 1902. And we have a good mix of customers of Indian origin in the U.S., which is growing. And we understand the needs of the non-resident Indian community," Banga told IANS.
"This promotion is to recognise and reward our existing customers, attract new ones to a range of financial services that Citibank offers and join them in their celebrations," he said, adding that the Indian community in the U.S. represented $120 billion in purchasing power.
"In the past, we've launched such schemes for the Chinese, Japanese and Koreans. This is our first promotion in the U.S. for the Indian customers. Definitely, this will not be the last one," added Paul S. Shen, vice president of the bank's diversity marketing section.
"Existing clients can join in by bringing new deposits."
Banga said through this new promotion, Citibank clients can also access some products that are tuned to the needs of specific communities.
"For Indians, three most important investment decisions they want to make are: providing for children's education, buying a good home and planning for retirement. We have, for example, what is called the CityPro service where the financial needs of our customers are assessed in all these areas and advice is offered," Banga said.
Source: IANS
Source: IANS