Apply for SBI’s Zero Annual Fee Credit Card Unnati
State Bank of India is all set to launch a new credit card scheme with ‘zero annual fee’. This goes hand in hand with its 74% increase in joint venture announcement. On Tuesday, the SBI Chief Arundhati Bhattacharya said that they will increase their stake in SBI Cards. At present only a few regulatory issues are being sorted out.
Unnati Features and Eligibility
- A person with balance between Rs. 20,000 and Rs. 25000 in their account is eligible for this special credit card. Across 20,000 bank branches in the country will provide these cards. A person who fulfills this requirement can apply for SBI Unnati Credit Card.
- Those who have the required minimum balance and those who wish to obtain this card, shall obtain it without any credit check. They will enjoy the benefits despite their credit score.
- The SBI card shall be called “Unnati” and you don’t need to provide any fee to get this card. It will also have zero annual fees for the first four years.
- The cardholders will get many benefits, for example, 1 Reward point for every Rs. 100 spent. They can then redeem some gifts with those reward points from the gifts catalogue.
- Another attractive offer is the fuel surcharge waver across different petrol pumps in the country. Also, if you achieve a certain annual milestone in spending, then you will get a certain amount of cash back.
- For now we know that for every Rs. 50,000 spent, you will receive Rs. 500 cash back at the end of the year. But more such milestones shall be introduced and unveiled.
- The flexipay facility will make it easier for you to buy things in EMI. When you purchase things online, you can easily use this credit card and its EMI function to make payments.
Reason to launch this card
The government of India is stressing on the use of digital modes of payment. Therefore, in order to help digital payments and in order to ease the payment processes, this card was introduced. Another reason is that there is a serious lack of penetration of credit cards in the country. Therefore a lot of the market has not been captured yet. One of the causes behind this is the lack of credit history.
Most people who live in the villages and have recently opened an account under the Jan Dhan Yojana, have no credit history. Similarly, many of the urban users too lack a proper credibility. Since credit cards are given only on the basis of known credit history, many people were devoid of this opportunity. With the advent of this new system, they will be able to get a lot more benefits.
What Arundhati Bhattacharya said?
She said that Unnati is a very fresh product that will cater to the requirements of those who don’t have a credit card. It will also cater to the requirements of those that don’t have a credit history. In fact those who didn’t have credit history before can have a credit history based on their credit card activity with this new feature. If they have a good credit history they can also get additional benefits from the bank in future.
She also further stressed that with Unnati once again SBI has shown its commitment to partner with India’s digital vision. This way the bank contributes to the growth of cashless transactions. Unnati card holders shall inevitably come under a very organized umbrella of the financial stream. Therefore it is not just a big step for the bank, but also for the nation.
SBI already has more than 4.3 million users across the country. With SBI Unnati Card, they are trying to capture even more of the market. There are also Jan Dhan account holders who do not have credit cards. The bank is also targeting to acquire them with this new credit card.