RK Swamy/BBDO bags SBI India Millennium Deposits business worth Rs 3 crore

The SBI India Millennium Deposit scheme is aimed at NRIs

Following a multi-agency pitch, RK Swamy/BBDO (Mumbai) has won the account of the SBI India Millennium Deposit (IMD) scheme. The size of the business is estimated to be around Rs 3 crore.

Confirming this development to agencyfaqs!, Shailen Sohoni, senior vice-president and director, client servicing, RK Swamy/BBDO, says, “The India Millennium Deposits are due for redemption in December 2005. The brief was to develop an integrated communication plan addressing IMD depositors so that they will reinvest their matured deposits with SBI.”

He adds, “We bagged the account in a multi-agency pitch against nine other agencies on the panel.”

Sohoni continues, “The product is targeted at NRIs and returnees from overseas who have invested in IMDs.”

The SBI India Millennium Deposit scheme encompasses a new deposit scheme, which will offer returns of more than 1 per cent over the foreign currency deposit rate in India, an insurance cover through the life insurance subsidiary of the bank and an offer to invest the redemption proceeds in diversified Indian equities through an offshore fund.

There are around six agencies working on the different divisions and products of SBI. The list includes Adfactors Advertising (SBI ATM, Education Loan ), Grey Worldwide (SBI Bank, SBI Card), Concept Communications (SBI Gold Card), Mode Advertising (SBI Gold Deposit), Ogilvy and Mather (SBI Life), and JWT (SBI Mutual Fund).

SBI executives also confirmed the development, but declined to divulge any further details.

© 2005 agencyfaqs!