On September 15, 2020 SBM Bank (India) Limited (SBM Bank India) and Mastercard have collaborated to launch SBM World Debit Card, a one-of-a-kind debit card for the sophisticated needs of high net worth customers. It represents a combination of niche banking solutions and thoroughly managed lifestyle privileges, including some of the finest shopping and dining opportunities.
The custom built card is an addition to SBM Bank India’s Private Wealth offering.
Features of SBM World Debit Card
Availability– It is available to the customers of SBM Private Wealth on request.
High Standard Safety & Security– It has the highest standards of safety and security, where detection of fraud and decision intelligence features detects, resolves and prevents fraud issues rapidly.
Zero cross currency mark up on international transactions– It offers a zero cross currency mark up on international transactions for Indians who move globally, thus making it an all-in-one international travel card.
Benefits
i.The customers of the bank can avail a range of preferential personal banking services like, attractive returns on savings accounts with monthly interest payouts, competitive forex rates, etc.,
ii.The cardholders can avail signature experiences worldwide through PricelessTM Cities.
iii.Other privileges for the cardholders include 1000+ global hotel and travel privileges, unlimited free withdrawals at all bank’s ATMs among others.
What is Niche Bank?
These banks have a specific purpose, focused on a particular subset of the population. It’s entire operations, marketing, and product mix are developed to cater to the target market’s preferences.
Points to be noted:- SBM Bank (India) Limited “SBM Bank India” is the first bank to receive universal banking license from the RBI to set up and operate as a Scheduled Commercial Bank under Wholly Owned Subsidiary (WOS) mode offering banking services in India.
SBM Bank India and PayNearby launch Nivesh, a Goal Based Recurring Deposit Platform for the masses
SBM Bank India and PayNearby announced the launch of Nivesh a unique Goal Based Recurring Deposit Platform powered by SBM Bank India. It will be available across all the PayNearby retail touch points across the country
Recent Related News:
i.On July 28, 2020 Indian Railway Catering and Tourism Corporation Limited(IRCTC) and SBI Card launched a co- branded contactless credit card, IRCTC -SBI Platinum Card on RuPay Platform to reward the frequent railway(train) travellers. The card is equipped with Near Field Communication (NFC) technology by which users can facilitate their transactions at the point of sale(POS) machines by Tap and Pay Option. This enables consumers to transact safely and securely online.
ii.FamPay, India’s first Neobank for teenagers, in partnership with IDFC First Bank launched India’s 1st numberless card, FamCard. FamPay with National Payments Corporation of India(NPCI) developed this card. This card is accepted across the RuPay payment network of merchants. It is similar to a debit card which enables teenagers to transact in a cashless manner.
About SBM Bank (India) Limited (SBM Bank India):
Headquarters– Mumbai, Maharashtra
Managing Director(MD) and Chief executive Officer(CEO)– Sidharth Rath
About Mastercard:
Headquarters – New York, United States
President and CEO Elect – Michael Miebach(Michael Miebach will succeed current CEO Ajay Banga by January 2021).
