Product Launch Details
SBI Card, India's largest pure-play credit card issuer, has launched a new fixed deposit-backed secured credit card called "Secured Advantage SBI Card" on the SBI YONO platform.
Key Product Features:
- The card is backed by a fixed deposit with State Bank of India (SBI)
- Four card variants are available: SBI Card Elite, SBI Card Prime, SimplyClick SBI Card, and SimplySAVE SBI Card
- Entire application process is 100% digital and paperless
- Approval and card issuance can be completed within 10 minutes
- Designed to provide an accessible entry point into the formal credit ecosystem
Digital Platform and Customer Experience:
- The digital journey is hosted on SBI's YONO platform
- Combines SBI Card's credit card expertise with SBI's reach and digital capabilities
- Provides a simple yet enhanced customer experience
- Enables customers to enjoy a rewarding experience across everyday spends
Strategic Significance:
- Reinforces SBI Card's focus on building digital-first customer journeys
- Aims to expand access to formal credit, particularly for customers looking to establish or strengthen their credit profile
- Part of SBI Card's ongoing investment in technology-led solutions to make financial interactions more convenient
- Aligns with shifting customer expectations toward simple, instant, and integrated financial experiences
Launch Event:
The digital journey was inaugurated by Mr. Challa Sreenivasulu Setty, Chairman of State Bank of India, in the presence of Mr. Ashwini Kumar Tewari, Managing Director of SBI, and Ms. Salila Pande, Managing Director & Chief Executive Officer of SBI Card.
Management Commentary:
Salila Pande, Managing Director & Chief Executive Officer, SBI Card, stated: "Customers can now experience a simpler and more convenient way to access secured credit cards through a seamless, 100% paperless digital journey. The new digital journey for Advantage SBI Card on SBI YONO is designed to bring greater ease to the entire process, enabling customers to access a secured credit card backed by a fixed deposit within minutes. The diverse portfolio of SBI Credit Cards available on SBI YONO further enhances customer choice, providing the flexibility to select a proposition best suited to their needs. At SBI Card, customer centricity remains at the core of our approach as we continue to simplify experiences and make every interaction easier and meaningful for our customers."
Company Background:
SBI Cards and Payment Services Limited is a non-banking financial company with over 22 million+ cards-in-force. The company offers an extensive credit card portfolio to individual cardholders and corporate clients, including lifestyle, rewards, travel & fuel, and banking partnership cards along with corporate cards. The company is listed on both NSE and BSE under the symbol 'SBICARD'.