Agrobank sees good Wargamas take-up

AGROBANK, formerly known as Bank Pertanian Malaysia, is confident that its latest deposit placement product, Wargamas, will draw RM50 million in deposits by the year-end.

"As at end-May, it had attracted RM4.42 million from both the rural and urban areas since its launch in April," its president Martini Osman told a media briefing in Kuala Lumpur yesterday.

The bank expects to sign up 50,000 customers for the product within a year through promotions and roadshows.

Wargamas, open to those aged above 50 or individuals opening joint accounts with those above 50 years old, provides interest rates higher than the market rates for deposits of a minimum RM1,000.

Customers will enjoy 3.9 per cent interest on fixed deposits of one year and 3.95 per cent for two years.

Martini believes that rural folk, who comprise most of its 2.1 million customers, will still be attracted to such funds in spite of the current challenging conditions.

She said Wargamas depositors will receive complimentary insurance coverage of RM10,000 in the first year.

Agrobank also plans to launch next month an insurance product, called AgroKasih.

In addition, it is planning to open five more branches in the Klang Valley.

With the opening of its branch in Kulim, Kedah, next week, the bank will have 120 branches across the country, with 53 service centres.