Foreign lender, Standard Chartered Bank has decided to initiate preferred banking services for its emerging affluent clientele'. Preferred banking would include savings, borrowing and protection for the emerging affluent segment.

Emerging affluent client class refers to those having an annual income in the range of Rs 5 lakhs to Rs 40 lakhs.

"In India, the emerging affluent is a sizeable and rapidly-growing customer segment at 18 per cent per annum with needs that have been largely underserved and undifferentiated. Their needs are quite distinct from those of the mass market and present a huge opportunity for Standard Chartered," the bank's General Manager for Premium Banking, Sandeep Das, said.

This customer segment is mainly in the age group of 25-40, and is tech friendly who strive for ecognition, convenience and rewards and solutions, he said.

The scheme would provide easier and faster mortgage services to customers at attractive rates along with overdraft facility of upto Rs 3 lakhs at start rate of 15%.

Also, a world credit card would be provided to the customer and a platinum debit card which would carry rewards and petrol waivers.