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IndusInd Bank aims to add 10mn customers through its new app
October 05, 2023
Indusind Bank is looking to add 10 million customers through its newly launched super app INDIE over the next three years.
Speaking to the media, the bank’s MD & CEO Sumant Kathpalia said that the private sector lender is looking to increase its customer base to 45 million during the said period from 33 million now.
“The bank’s aim is to do mass banking acquisition through the app instead of the branches. In six months, 70% of the mass banking customers will be acquired through the app,” he said.
Already, the bank has onboarded 300,00 customers within a month of the soft launch of the app, he added.
The INDIE app offers an instant line of credit of up to ₹5 lakh, providing flexibility compared to standard personal loans. Customers can choose the desired amount and withdraw only what they need at a given time, paying interest on the amount utilized. The app also has a transparent rewards program, allowing customers to select preferred brands from leading e-commerce platforms and earn rewards of up to 3% per ₹100 spent. These rewards can be redeemed for cashback directly through the app or for enticing deals and vouchers.
It also allows customers to open digital savings account which offers interest rate up to 6.75% and fixed deposits that offer returns up to 7.85%.
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