The State Bank of India (SBI) has rolled out a new Unnati credit card for its account holders. This card is targeted at all SBI customers, including Jan Dhan account-holders. According to SBI, the credit card will be issued to every account holder without any joining fee or annual fee.
The card was launched by Piyush Goyal, Minister of State (Independent Charge) for Power, Coal, New and Renewable Energy and Mines. SBI Chairman Arundhati Bhattacharya was also present at the occasion.
Mrs Bhattacharya said the Unnati credit card will be given to all account holders with a minimum balance of Rs.25,000 in their account. There will be no joining fee for the card. Moreover card holders won’t need to pay any annual fee for first four years. After four years bank will analyze how a card holder used the card, and then decide a minimum annual usage limit for the card. No annual fee will be charged from the card holder if they use the card within specified limits.
No credit history or CIBIL score will be checked at the time of issuing the card. That means people with poor credit history can also apply for the card.
“The idea is to spread credit inclusion among the masses. This would enable those who do not have a credit history to build one so that they could avail themselves of other loan products in the future,” SBI Card CEO Vijay Jasuja said.
Mrs Bhattacharya also revealed that SBI hopes to complete its planned stake hike in its credit card venture, SBI Card, to 74 per cent by June this year.