With the aim to achieve the government’s vision of Cashless India, State Bank of India’s credit card venture SBI Card on Tuesday launched its new credit card ‘SBI Card Unnati’ which will have zero annual fee for the first four years of its subscription.
Yes, the largest bank in the country, State Bank of India (SBI) has announced that it will offer credit cards with “zero annual fee” for four years.
— SBI Card (@SBICard_Connect) March 28, 2017
State Bank of India has said that it will offer credit cards to every account holder who has a balance of Rs 20,000-25,000, without going into credit history. The decision has been taken in order to encourage adoption of credit cards and expansion in the reach of digital payments.
It further added that,
The Bank will not go into customers’ credit history and the card, which will be issued in the name of ‘Unnati’, will remain free for four years.
Speaking at the launch, SBI chairperson Arundhati Bhattacharya said,
“Presently, lack of credit history has been a challenge in increasing the card penetration in the country. In such a scenario, this card is likely to facilitate in generation of credit history for new users, which will help bringing them into organized financial stream.“
What is SBI Unnati card?
It is a credit card offered those SBI customers who have a minimum account balance of Rs. 20,000-25,000 in their accounts. The annual fee of Rs. 499 is waived off for the first four years.
What about Reward Points?
Cardholders will be entitled to a host of benefits including fuel surcharge waiver across petrol pumps in India. Customers will get one reward point per Rs. 100 spent and the option to redeem reward points for attractive gifts from the exclusive Rewards Catalogue.
Yes, Unnati cardholders will also receive attractive cashback on achieving certain annual milestone spends which will further add to the savings proposition and encourage consumers to migrate towards cashless payments.
For the renewal of the SBI Card Unnati, the customer needs to pay a renewal fee of Rs 499 from the fifth year of the credit card subscription. There’s zero add-on fee on SBI Card Unnati. The SBI Card Unnati will be offered to all SBI customers including Jan Dhan account holders and available at 20,000 plus SBI branches across India.
What do you think of this offer? Are you excited to get a SBI Credit Card soon? Let us know your views in the comments section below.
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