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FINANCIAL SERVICES | Tony Chua, Singapore
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Maybank Singapore caters to depositors 50 years and above

Lender first to launch savings account with free insurance coverage and preferential interest rates.

Maybank Singapore on Tuesday launched a new savings product for customers aged 50 years and above that comes with free personal accident coverage. In addition, from now to 15 August 2010, in celebration of Maybank's 50th anniversary, customers also stand to enjoy preferential interest rates of 0.5 percent per annum above Maybank Passbook Savings Account's prevailing interest rates. Thereafter, the rates will be pegged at 0.25 percent per annum above the aforementioned rates, according to a Maybank report.

Said Ms Helen Neo, Head, Consumer Banking, Maybank Singapore, "What Maybank is offering with this new Privilege Plus Savings Account is a higher interest rate for depositors, and peace of mind with our free insurance feature. Depending on account balance, customers will enjoy interest rates from 0.6875% per annum with this new savings product."

The personal accident policy is provided free to all customers who maintain at least SGD30,000 with the Bank, and who are between 50 and 70 years old. To ensure that account holders are covered by a basic accident plan, claims can be made under both accidental medical reimbursement and accidental permanent disablement reimbursement. Premiums for accident plans that cover such claims plus accidental death typically cost between SGD 100 and SGD 300 per annum.

Said Ms Neo, "With Singapore's ageing population, one quarter of the total population is aged 50 years and above. In absolute numbers, that's close to one million people. There is a big business opportunity here and we target to double our market share for this segment with this new savings product. The customers we are looking at are active and independent, and want to enjoy flexibility in using their funds whenever the need arises.

"And to keep up with their active lifestyle, the accident plan would be useful for this segment of customers. In fact, we want customers to enjoy peace of mind when they bank with Maybank, especially children and seniors. This is why we have provided our young Youngstarz savings account holders with a similar basic accident plan which also comes with coverage for Hand, Foot and Mouth Disease. By the same token, we want these seniors to enjoy that same peace of mind, knowing that they are covered under a personal accident plan when they go about their active lifestyle."

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