Announcing the All India launch of the unique product, IDBI Bank Chairman and Managing Director R M Malla and its Executive Director R K Bansal told newspersons here that the new 'Magic Card' would be offered to all new and existing salary account holders of the bank with a credit limit of three times of their monthly take home amount and the ceiling of daily withdrawal of Rs 50,000 each.

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'The phenomenal rise in the number of young salaried people in the country and their demand for innovative banking services for full customer satisfaction had forced us to introduce such a unique product, the first of its kind in India so far,' Mr Malla said and hoped that this would go a long way towards improving the IDBI Bank's CASA deposits to over 30 per cent before March 2012.

Referring to the Bank's financial performances during the first quarters and his future projections for the 2011-12 in terms of credit/deposits growth, Mr Malla said in accordance with the performances during April to June period when the Bank's profit margins had increased to Rs 1615 crore, they were looking for an overall business growth of 15 to 16 per cent during the whole year to touch the figure of Rs 1,65,000 crore.