SBI launched Unnati Credit Card to spread credit inclusion

SBI Card on 28 March 2017 launched the Unnati Credit Card to spread credit inclusion among masses. The card was launched by the Union Minister of State (Independent Charge) for Power, Coal, New and Renewable Energy and Mines Piyush Goyal at a programe in New Delhi.

The card was launched in the presence of SBI Chairman Arundhati Bhattacharya and SBI Card CEO Vijay Jasuja.

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Features of Unnati

•    The card is targeted at all SBI customers, including the Jan Dhan account-holders across the country. And, It is primarily tailored for new users of credit cards, those who do not have a credit history.

•    The Unnati would have no annual fees (Rs 499/year) for the initial four years and the credit card will be offered through 20,000-plus State Bank of India (SBI) branches.

•    Any SBI customer with a balance of at least Rs 25,000 in the savings account is eligible for the Unnati credit card.

•    The card is accepted in over 24 million outlets across the globe, including 3,25,000 outlets in India.

•    With SBI Card Unnati, add-on cards will be provided to the customer’s parents, spouse, children or siblings above the age of 18.

•    The Easy Bill Pay facility of the card can be used to pay electricity, telephone, mobile and other utility bills.

About SBI Card

•    SBI Card was launched in October 1998. It is a joint venture between the State Bank of India (SBI) and the GE Capital, the financial services arm of the US-based General Electric (GE).

•    Incorporated as SBI Cards and Payment Services Private Limited, SBI Card is headquartered in Gurugram, Haryana.

•    In 2002, the SBI Card reached 1 million card holders within 4 years of the launch. Eventually, the company reached 4 million customer milestone in 2016.

•    In 2012, the SBI Signature Card was launched for the high net worth individuals (HNIs) and the affluent segment of the country.