HDFC Bank's `Freedom Account', with a minimum balance of Rs 1,000 - is a brand new savings bank scheme structured to meet the banking needs of mobile-phone users. The `Freedom Account' is a service catering to the needs of technology-savvy customers who are comfortable using direct banking channels like automated teller machines (ATMs), debit-cards, the Internet and mobile telephony.

`Freedom Account' holders who are BPL Mobile customers will also get a 2.25 per cent discount when they pay their bills through ATMs, the Internet, their mobiles or telephones. On a bill of Rs 3,000, a BPL Mobile subscriber could get a discount of Rs 67.5. Based on the package that a BPL Mobile customer has opted for, gains via a free add-on sim card could range anywhere between Rs 700 upwards to Rs 2,000. To belong to this exclusive club, all that a cellular phone subscriber needs to do is to open a `Freedom Account' with a minimum average quarterly balance of Rs 1,000 with a nominal charge of Rs 75.

Said HDFC Bank's country-head (marketing & retail assets), Neeraj Swaroop: "In keeping with the bank's philosophy of proactively assessing customer needs and harnessing technologies to provide great service, we have launched the `Freedom Account'. It is a response to the needs of cell phone users being able to bank on the move. This product provides customers the ability to bank anytime, anywhere, anytime".

HDFC Bank's endeavour is to offer a complete e-Age banking experience to mobile phone users. A customer can access his account through direct banking channels such as the ATMs, `PhoneBanking', `NetBanking', `MobileBanking', and international debit-cards. These access-options minimise the need to visit a bank-branch for routine banking transactions, thereby saving customers' time and offering greater convenience. HDFC Bank said that research conducted by it revealed that an increasing number of customers avoid going to the bank. The bank added that its latest offering is its way of rewarding customers for their loyalty to non-branch banking channels.

According to projections by the International Development Corporation (IDC), by the year 2003, cellphones will have become the premier Internet-access device, outselling PCs. Mobile phones and those phones which are WAP-enabled will be seen altering the scene dramatically. Figures put out by the Cellular Operators Association of India (COAI) show a mobile-base of 2.4 million users in the country. This is seen going up to 11.7 million by 2005.

HDFC Bank has 144 ATMs as of now, and metros account for 70 of these. By March 2001, HDFC Bank plans to have a network of 250 ATMs with metros accounting for 120.