MoneyWorks4Me

State Bank of India’s arm to offer credit cards against Rs 25,000 FD : Report

21 Dec 2016 Evaluate

SBI Card, a subsidiary of State Bank of India (SBI), is reportedly planning to come out with credit cards for anyone who has a Rs 25,000 fixed deposit (FD) in any bank. The card will not have any charges and will be available without any proof of income or a credit history. The company is also planning to issue credit cards to students of top 100 educational institutions in India without any income proof.

SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc. The Bank reported 34.56% fall in its net profit at Rs 2,538.32 crore for second quarter ended September 30, 2016 as compared to Rs 3879.07 crore for the same quarter in the previous year.

Peers
Company Name CMP
State Bank Of India 940.65
PNB 115.50
Bank Of Baroda 234.10
Canara Bank 117.20
Union Bank Of India 172.95
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