The country’s largest bank, State Bank of India, will now reward you for timely repayment of loans. An SBI customer can not only earn reward points for paying the loan instalment on time but also for opening an account or transferring funds through internet or mobile banking.

To encourage customers to use alternative banking channels, SBI launched the State Bank Rewardz, an enterprise-wise loyalty programme as the bank celebrated its 60{+t}{+h} anniversary.

Customers will be enrolled automatically into this programme once they start using at least one of the services that offer points. These include debit cards, personal banking, and alternate channels, such as internet and mobile banking, home loans, rural banking, small and medium enterprises (SME) and demat accounts.

The points earned can be redeemed by downloading the State Bank Rewardz mobile app. For now, the app is available in Google Play for Android phones. Downloading the app itself will earn 100 points. For every ₹200 spent on an SBI debit card, you can earn one point. Registering for internet banking and carrying out the first transaction of a minimum of ₹75 within a month will earn 125 points. It is 200 points in the case of registering for mobile banking.

Opening a savings bank account online with ₹1,000 minimum balance can fetch you 100 points. If you don’t request for cheque books in a year you can earn 20 points and updating contact details once a year can fetch 20 points.

Changes to branch format Also, to expand digital banking, SBI will transform its branch format.

“We are going to convert quite a lot of our branches. The entire branch network is undergoing a transformation. So, there will be changes in the branch format, changes in the branch location as well depending on the need and where the habitation is moving. It will be well-thought-out based on the clientele in that segment and their needs,” said Arundhati Bhattacharya, Chairperson, SBI.

Bhattacharya added, “We are planning to roll out about 250 IN-Touch Lite branches this year. Some would be new while some would be the older branches that would be recast into new.

“SBI will also relocate its branches according to the shift in population. Around a population of younger clients, SBI will look at opening either an e-corner or the IN-Touch Lite branch at such locations.

“So, maybe we will have more tabs there or touchscreens, etc…how that particular consumer segment needs it there,” SBI chief said at the launch of the ‘Trustee Enterprise Management System’, set up by SBICAP Trustee Company, a subsidiary of SBI’s investment arm SBI Capital Markets, that will help create WILL digitally.

SBI started its digital journey in July last year, launching a large number of online products, collaborations and MoUs with e-commerce players.

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