SBI offers free credit card at 'zero annual fee' for cusotmers with minimum Rs 20,000 balance
With the aim of expanding the reach of digital payments, the State Bank of India on Tuesday said that it will offer credit cards to every account holder who has a balance of Rs 20,000-25,000. The card will be offered through a network of 20,000 plus SBI branches.
Explaining the reasoning behind keeping the card free, SBI Cards CEO Vijay Jasuja said: "SBI has close to 30 crore customer accounts, including Jan Dhan Yojana. Post-demonetisation the balance amount in these accounts increased significantly. Many customers do not have credit history and are not eligible for cards. We want to bring about financial inclusion in terms of credit facility with this new product."