The country's largest lender, State bank of India has added yet another debit card to its collection of debit card products for customers. It is the chip and PIN- based Platinum Debit Card. The bank already has popular offerings like SBI Cash Plus, SBI Gold Debit Card and SBI Yuva Card for its huge customer base of 70 million.
The bank launched the card on Friday. It says the card is an innovative launch and the first of its kind in the market.
The Platinum debit card will allow its users with a daily cash withdrawal limit of Rs. 1, 00,000 from all ATMs across the country. Besides this, the card would also be providing a spending limit of Rs. 2, 00, 000 to the users at any pint of sale.
Adding to the range of benefits, the card also brings to its customers access to premium lounges and golf courses all across the country as well as abroad.
The card would bring accidental death coverage of Rs. 5, 00, 000 to its customers and Rs. 50, 000 for liabilities arising due to loss of the card.
The card was launched by SBI Chairperson, Mr. O.P.Bhatt. Bhatt gave out the card to Ashok Chawla, Secretary, Union Ministry of Finance, and Shyamala Gopinath, Deputy Governor, RBI. C. Narasimhan, Deputy Managing Director (Corporate Strategy & New Businesses).
He also described the card to be a premium product that is meant for the affluent customers who need to make huge monetary transactions regularly.
The new card is also a secure product as the data encrypted in the chip is very difficult to copy, bank officials said. Thus the chances of electronic data theft from the card are minimal.