The LVB-SBI Card will be available in two different formats: SimplySAVE Visa credit card with credit limit up to Rs 2 Lakh per annum and Visa Platinum credit card with a credit limit of Rs 5 Lakh per annum.
These cards will be accepted at two million outlets worldwide and approximately 285,000 outlets in India alone. With this card a user would get fuel surcharge waiver, cash withdrawal, bill pay facility, etc.
Addressing a media gathering, Vijay Jasuja, CEO of SBI Cards said: “we are pleased to partner with LVB and launch the co-branded credit card. It will enhance customer interaction and experience through the use of cutting edge technology.”
With a customer base of more than 3.2 million people, SBI Cards is a joint venture between SBI & GE. About 46 per cent of the customer base is from SBI, around 44 per cent from open market and about 13 per cent from such co-branding partners. SBI Cards is third in the market preceeded by ICICI(2) and HDFC(1). With an aggressive pace to acquire customers, this co-branded partner is expected to bring around 10,000 on-board.
In the backdrop of Digital India initiative of Prime Minister Narendra Modi, LVB unveiled the LVB Mobile, the mobile banking app. The app can be used in Android, Windows and iOS platforms. A customer can perform fund transfer, balance enquiry, bill payment, cheque book request, debit card blocking etc.
Another initiative launched on the same day was its bancassurance initiative by joining hands with Cigna TTK Health Insurance. Under this scheme, customers of LVB will get benefitted with the health and wellness solutions offered by Cigna TTK.
A J Vidya Sagar, CGM and COO of LVB said: “the bank has also inaugurated Crown Lounge, a specialised boutique for High Net Worth Individual clients at its Cathedral Road branch in Chennai.”
Incepted in 1928 by V S N Ramalinga Chettiar, LVB is one of the largest private banking entities in the country. With a national presence, the bank has 416 branches and 820 ATMs. The bank registered growth of 21 per cent in deposits and 28 per cent in advances at the end of September 2015. Keeping line with the current generation, the bank is geared to become a supermarket of financial services.