State Bank of India has entered into a partnership with Thomas Cook India to offer the Thomas Cook Holiday savings account to its customers.
Through this offering, SBI’s online banking customers will be able to pre-select a holiday from Thomas Cook and save for it through a recurring deposit with the bank. Those who stay invested will receive a final top-up from Thomas Cook India.
India’s largest bank, in a statement, said customers will be offered an inflation-proof holiday as they pay for a future holiday at today’s prices while earning interest on the linked e-recurring deposit. Should they change their mind due to a change in circumstances they can always opt out of the holiday package at any stage at zero cost.
“The HSA involves a simple online process: select the holiday package from Thomas Cook India’s portal; log-on to www.onlinesbi.com to start a recurring deposit account with SBI based on the cost of the holiday.
“The cost of the package tour is split into 12 monthly instalments with a free 13{+t}{+h} instalment via a combination of accrued interest and a top-up from Thomas Cook India,” the bank said.
Rajnish Kumar, Managing Director (National Banking Group), SBI, said: “We find that people don’t plan their holidays in advance and end up taking last minute loans to finance the same.”
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