SBI offers free credit card at zero annual fee for customers with minimum Rs 20,000 balance

To expand the reach of digital payments from the State Bank of India (SBI) announced new credit cards offer every account holder that has a balance of Rs 20,000 to 25,000. The card will be offered  through a network of more than 20,000 SBI branches. The Bank will check the customers credit history and the card, and then will be issued in the name of the 'Unnati' it will remain free for four years. To develop digital payments and encourage adoption of credit cards facilitate the SBI Card Unnati will be offered for free and at zero annual fee, for four years.

SBI has about 30 crore  client accounts, including Jan Dhan Yojana. After the demonetization, the balance in these accounts increased significantly. Many customers have no credit history and are not eligible for the  cards. We want to achieve financial inclusion in terms of credit facility with this new product. Bank is also in the process of increasing its stake in the SBI card to 74 percent. "Participation  will increase in the first quarter of next year, there are few regulatory issues that are sorted continue reading