SBI Card: Major update for SBI account holders. SBI Card has launched a digital application facility on SBI YONO ahead of the festive season. Using this facility, you can apply online and have your SBI credit card generated within 10 minutes. This facility is available to State Bank customers who have fixed deposits with the bank.
Four variants of credit cards
SBI Card announced this feature on September 23rd. Four variants of credit cards will be available under this feature for SBI FD customers: SBI Card Elite, SBI Card Prime, SimplyClick SBI Card, and SimplySAVE SBI Card. SBI YONO is the banking platform of State Bank of India.
This facility will be available on FD in the bank
All of the credit cards mentioned above fall under the secured credit card category. This means that the customer’s fixed deposit with the bank will act as collateral. This feature of SBI cards is a great opportunity for those looking to strengthen their credit profile to enter formal credit.
The process of getting a credit card is quite easy
SBI Card has not yet disclosed the rewards, benefits, and charges for these four credit cards. The company’s Managing Director and CEO, Salila Pandey, said that this digital facility has been introduced to simplify the application process. She said, “Customers can now easily obtain a secured credit card through a 100% paperless digital journey.”
Confusion regarding joining fee and annual fee
SBI Card has not disclosed the minimum fixed deposit required to obtain an SBI Secured Credit Card. Information regarding joining fees and annual fees has also not been provided. SBI is the country’s largest bank. This feature makes obtaining a credit card a breeze for its customers.
This facility started before the festive season
The company has launched this feature in anticipation of the festive season. Next month is Dussehra, followed by Diwali. Shopping increases during these times. SBI’s secured credit card will be helpful for shopping. Being a secured credit card, it is also very safe for SBI.