On 7 May, country’s largest lender, State Bank of India launched a RuPay Platinum debit card, in association with National Payment Corporation of India (NPCI). The occasion was marked with the presence of Arundhati Bhattacharya, Chairman, SBI; B Sriram Managing Director & Group Executive (National Banking), SBI; and AP Hota, MD and CEO, NPCI.
The latest addition to the card portfolio of SBI aims to target the young spenders in urban India because of their increased usage of cards.
“With the growth of the Indian economy, our customers have evolved and their lifestyle and aspirations are at par with their global counterparts. It is an apt addition to our existing portfolio of debit cards,” SBI chairman Arundhati Bhattacharya told reporters.
Describing the features of the card NPCI MD and CEO A P Hota said, “The RuPay card comes with a special feature for the convenience of customers that is accepted at all payment channels- ATMs, PoS and eCommerce.”
In the initial phase of the launch, the card would be issued free to customers maintaining a quarterly balance of Rs 50,000. It boasts of such features as:
- 5% cash back on utility bill payments
- Up to 1% fuel surcharge waiver
- Complimentary airport lounge access
- Complimentary concierge services
- Complimentary welcome discount vouchers
Personal accidental death and permanent total disability insurance cover of Rs. 2 lakh.