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MUMBAI, March 7

HSBC on Thursday launched the `FlexiFinance,' service which will offer easy access to a personal credit line and flexible repayment plans.

Through this service, the bank's personal banking customers will now be able to avail themselves of an overdraft limit of up to five times their monthly salary or income, which can be withdrawn when required.

An interest of two per cent monthly will be charged on the daily outstanding. The interest will be charged only on the amount utilised.

Talking to presspersons, the Country Head, Personal Banking Services, HSBC, Mr Vivek Kudva, said this product was targeted at salaried individuals and professionally qualified self-employed individuals.

The minimum overdraft allowed is Rs 50,000 and the maximum overdraft amount, Rs 8 lakh.

On HSBC's plans for personal banking, Mr Kudva said that in the next three years, the bank planned to double its customer base in personal banking from one million currently.

"The bank has issued six lakh credit cards so far and its card base grew by 50 per cent, year-on-year in 2001. Deposits have been growing at 20 per cent for the past few years,'' Mr Kudva added.

Speaking on the Budget announcement giving foreign banks the option of either setting up a subsidiary or operating through branches, Mr Kudva said that it was too early to arrive any decision on the matter now.

"We will review the situation once all the information in available and a balanced view will be taken,'' said Mr Kudva.

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