Apply SBI Unnati Credit Card (Zero Annual Charges )
As the nation is inching towards the digitization with each passing day, the financial institutions are making a lot of efforts to make it better. The country has already witnessed cashless moves by the financial organisations across India. Now another movement has been taken by the largest bank State Bank of India. Arundhati Bhattacharya, the chairperson of SBI has declared about a new credit card facility to be given to its customers soon.
Unnati Credit Card Facility:
By the end of the current financial year the largest bank in India, SBI has declared about much awaited credit card facility namely Unnati in an event. Recently the organisation has bought major shares of the capital company GE Capital. It is said that the rest of stakes will soon be sold to some other private company.
After taking this major step, the bank has now collaborated with its own card sector that is SBI Cards to launch the new credit card facility called Unnati.
Features / Eligibility to get the card:
- Unnati will be a simple credit card against your bank account with SBI. Like other credit cards from the same bank or other, it will also have a maximum limit for a month.
- Customers who have accounts with SBI will be eligible for this card. However the customer must maintain a steady balance of Rs. 20,000 to Rs. 25, 000 for a long time without any credit balance.
- Those who have maintained mentioned balance with their SBI accounts then they can apply for the Unnati credit card. Though there is no such news of nature of accounts yet, but expected it will be a saving account.
- The speciality of the Unnati credit card is there will not be any annual fee like other credit cards. SBI declared that unlike other credit cards from the same bank Unnati will not cost you any fee on yearly basis.
- Also it has been said that there might not be any joining fee too. That is customers might not have to pay anything to get the card. However bank service charges may apply at the time of application.
Need for Unnati:
- According to the chairperson, SBI, Ms. Arundhati Bhattacharya, currently there is a huge lack of credit history is making the financial system more unorganised. People are avoiding using credit cards which is stopping the generation of credit history.
- If an economy does not have credit history then it can ruin the monetary and fiscal balance of the economy. This leads to unorganised and unhealthy financial system across the nation. To prevent this imbalance Unnati has been launched.
- On the other many a people don’t wish to carry a credit card due to induced costs associated with it. The costs like annual fee, joining fee, late payment fee and much more come with the credit card in a package deal. This card offers zero annual fee, so the chairperson is expecting more people will be interested to have it.
- Arundhati is hopeful by launching this card, as she expects more penetration of credit history in the system. That will bring more balance in financial system of the economy in the coming financial year.
Other banks that provide credit cards with zero annual fee
- HSBC – HSBC has more than one credit card that offer zero annual fee and zero joining fee. Cards like Platinum Credit card, Gold Credit Card, Platinum Visa Credit Card and such are some of the credit card facilities offered by HSBC.
- Indus Ind – Industrial Indian Bank offers Pinnacle Credit Card for its customers. This card also does not carry any joining or annual fees for two years.
- Other banks: Vijaya Bank, Punjab National Bank, HDFC and some other private banks have this facility of issuing credit card without annual and joining fee.