Diamond Bank PLC, a leading player in the Nigerian Retail banking space, has announced the name change of its flagship savings account in a bid to cater to a larger section of the public. Formerly known as ‘Diamond SavingsXtra’, the account has now been renamed ‘DiamondXtra’.
Commenting on the name change, Head, Corporate Communications of the Bank, Ayona Trimnell said, “The name change was informed by the need to change a wrong perception on the target market of the Diamond SavingsXtra account. Over time we found that people perceived the account to cater to only the lower mass market segment, a wrong perception. With the name change we wish to communicate to everyone that the account is open to everyone who is willing to put away some money for the rainy day, as well as enjoy a number of rewards for saving.”
The DiamondXtra account is a special savings account designed for individuals who want to build up their savings gradually. It is an interest-yielding savings account which allows the deposit of both cash and third party cheques. In addition, DiamondXtra account holders receive a cheque book and an ATM card with which they can withdraw from their account at any Diamond Bank branch. It is a simple and straightforward savings account that comes with a low minimum opening amount of N5,000.
DiamondXtra is currently executing the longest running reward scheme in Nigeria, called the DiamondXtra Reward Scheme. It was launched in July 2008 in a bid to encourage a savings culture and also to reward customers for their loyalty. The draws are held weekly (every Friday), monthly (every last Friday of the Month) and to mark special occasions as determined by the Bank. Every Friday, 4 customers stand a chance to win N250,000 (two hundred and fifty thousand Naira) each, 10 customers will win N500,000 (five hundred thousand Naira) each while another customer will win the star prize of N1, 000,000 (One Million Naira) in the weekly draw.
In the monthly draw, 1 customer wins N2.5 million, another wins N5 million and a third customer wins the star prize of ‘Salary 4Life’. The Salary 4Life is a unique feature of the DiamondXtra account in which Diamond Bank pays the sum of N100,000 into the customer’s account every month for the next 20 years. The draws are conducted through an electronic process approved by the National Lottery & Regulatory Commission and the Consumer Protection Council and which is also verified by the renowned auditing firm, KPMG Professional Services. Every N5,000 deposited by the customer increases the customer’s chances of winning as the winning tickets are chosen by a random draw.
Among the numerous benefits of running a DiamondXtra account is a free access to all Diamond Bank electronic banking channels like Diamond Online, Diamond Mobile and Diamond Dial. DiamondXtra account holders also enjoy a free life assurance cover of N50,000.
DiamondXtra customers also have access to a secured credit card called the DiamondXtra VISA Credit Card which allows them access to a credit limit of up to 75% of the funds in their account without dipping into valuable savings, hence granting them the privilege of qualifying for the weekly and monthly draws. To enjoy the benefits of the Reward Scheme, existing DiamondXtra account holders must have a minimum of N5,000 (Five Thousand Naira) in their account. Multiples of ₦5,000 deposits increase the customers’ chances of winning.
Since the reward scheme commenced, over 1,000 loyal customers have been rewarded with cash prizes valued at over N2billion in total.
Watch the video clip of Head Consumer Propositions Group, Diamond Bank, Olumide Akindele, explaining why the Diamond Bank Savings account name has changed to the DiamondXtra account.
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