As part of its initiatives to extend value-add products, Canara Bank on Tuesday launched its two retail banking products -- debit card with Visa and 'Savings Suraksha', a group insurance offering with Aviva Life Insurance.

The debit card was being offered as a value added and technology driven service for its niche clients and 'Savings Suraksha' to the bank's savings bank account holders and term deposit clients, R V Shastri, chairman and managing director, Canara Bank, said at the launch function in Bangalore.

With the bank's debit cards, its customers could enjoy extra access with the ability to operate their account across any of the bank's ATMs and Visa affiliated ATMs across the country, he said.

One million debit cards were being targetted by March 2004 and 1.5 million by March 2005, Shastri said. Offered free of charge, as a loyalty reward, debit card is designed to facilitate customers in accessing their deposit accounts from ATMs and enable them to do hassle-free purchases at 51,000 point of sales terminals and merchant establishments across the country.

'Savings Suraksha' was offered to all savings account holders and term deposit clients of the banks across the country in the age group of 18-55 at their option and cost, bank officials said.

The bank would come up with more new products during the current fiscal, including cross-selling of mutual fund products and schemes for women clientele, Shastri said.