CIT Group Inc, a leading provider of financing to small businesses and middle market companies, on Monday announced the launch of BankOnCIT.com, the online arm of FDIC-insured consumer bank CIT Bank.

"The online bank will help us meet the financing needs of our small business and middle market clients. The CIT Bank platform will allow us to expand our client base as we offer additional retail and commercial deposit products in the future," CIT said in a release.

"The launch of CIT Bank online is another important step in our efforts to diversify our funding sources into stable, low-cost deposit products," said John A Thain, chairman and chief executive.

"The online bank will help us meet the financing needs of our small business and middle market clients. The CIT Bank platform will allow us to expand our client base as we offer additional retail and commercial deposit products in the future," he added.

CIT Bank will initially offer consumer deposit products, including a range of certificates of deposit (CDs) that offer competitive rates, depending on the product type. The bank CDs will have no account opening or monthly maintenance fees.

CD options include `term CDs', which allow consumers to lock in interest rates for between six months and three years as also `Achiever CDs', which offer consumers a one-time opportunity to increase their savings potential.

If CIT Bank's certificate of deposit rates go up, customers can opt to take advantage of the higher rate by raising their rate. Customers can also elect to increase their deposit level at any time during the term of the CD.

CIT bank also offers `Jumbo CDs', which offer consumers higher certificate of deposit rates for larger deposits.

CIT Bank said its suite of products and services are expected to expand throughout 2012 and may include checking, savings, online bill pay, mobile banking and other features.

"CIT Bank is inviting US consumers to put our experience to work for them. We are bringing the same qualities that have helped us build small and middle market businesses -- ingenuity, commitment and focus -- to consumers, and we look forward to helping them achieve their personal savings goals," Raymond J Quinlan, executive vice president, banking, said.

CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and its deposits are insured up to $2,50,000 per depositor.

CIT Bank is a state-chartered Utah bank and wholly-owned subsidiary of CIT Group Inc. It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of 30 June 2011, it had $4.4 billion of deposits and $6.9 billion of assets.

CIT is a bank holding company with more than $35 billion in financing and leasing assets. A Fortune 500 company, CIT provides financing and leasing capital to small business and middle market clients and their customers across more than 30 industries.

CIT is a leader in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance.