`Swagat' is being positioned as a savings bank account with no minimum balance. At the same time, the product is packed with a range of services compatible with electronic banking and other add-on facilities to make it more user-friendly, attractive and unique. It is targeted at students, housewives and the salaried class.

All `Swagat' account holders can avail of facilities like a global e-bank, ATM and debit-cards, mobile and Internet banking, round-the-clock customer care centres, `anywhere banking' and `doorstep banking'. Account holders will also be able to avail of the facility of utility bill payments, though this will be available only in Punjab. In addition, the bank has tied up with National Insurance Company to offer insurance schemes at discounted premiums to all `Swagat' account holders.

The Bank of Punjab is expecting an exponential increase in its customer base which it expects, will cross one million customers over the next two years - up from four lakh at present. The number of NRI customers are also expected to increase manifold. The branch network will be strengthened with the addition of 15 branches in the current fiscal. The bank's Calcutta and Chennai branches will be operational by early next year. Bank of Punjab's executive director, Tejbir Singh said, "Technology will drive business transformation into newer market segments, significantly enhancing customer satisfaction and creating cost efficiencies. This will lead to accelerated growth."

To manage the expanding customer base, the bank has put in place a 24-hour `customer care centre' to manage customer queries and information services. The bank has further plans of enlarging its ATM network from the existing 43 ATMs across the country. It also has plans to increase its network to 100 ATMs, with a focus on off-site installations, by the end of the current financial year.