Mumbai: If you have your account in State Bank of India then here is a good news for you. Without going into credit history, the bank will be offering credit cards to every account holder who has a balance of Rs 20,000-25,000.
In an attempt to encourage usage of credit cards and facilitate expansion in the reach of digital payments, SBI Card "Unnati" will be offered free, at zero annual fee, for four years. "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 organised financial stream," said Arundhati Bhattacharya.
This is the first major joint collaboration between SBI and SBI Card after the bank hiked its stake in the joint venture to 74% by buying out part of its partner GE Capital's stake for Rs 1,168 crore.