Federal Bank & SBI Card Joins to Launch Co-branded Credit Cards

Federal Bank, one of India’s premier private sector banks, and SBI Card, one of India’s leading Credit Card issuer announced their collaboration to launch Federal Bank-SBI co-branded credit cards today. Through this alliance Federal Bank will launch two new variants of Visa credit cards for its customers, namely Platinum and Gold ‘N More.

The Federal Bank SBI Platinum Credit Card is a top of the line credit card and will offer distinct and exclusive benefits to customers of the bank especially for Fuel Payments, Dining etc. The credit cards will be chip-based cards providing a high level of security to the cardholders.

Mr. Shyam Srinivasan MD & CEO, Federal Bank said, “We are delighted with the opportunity to partner with SBI Card, a leading credit card Issuer In the country. It is our continuous endeavour to offer new and differentiated products to our customers. The Federal Bank SBI Credit Card is yet another offering that helps complete the bouquet of offerings we have for all of our clients' retail needs. It surely meets the longstanding demand of our valued and proud customers to hold a Federal Bank Credit Card. We will continuously strive to keep this premium offering of ours relevant and yet contemporary by constantly adding compelling add-ons to it."

Commenting on the launch, Mr. Vijay Jasuja, CEO, SBI Card said, “We are pleased to partner with Federal Bank and to launch the co-branded credit cards. Through this collaboration we hope to extend our bouquet of best in class services and rewarding offers to Federal Bank customers. We are confident that the new card will add value to the consumers of Federal Bank.”

The Platinum variant will offer a credit limit up to Rs. 5 Lakh & the Gold variant upto Rs. 1.75 Lakh. These cards are accepted worldwide in over 27 Million outlets including 3 Million outlets in India. The Federal Bank-SBI Credit Card offers a wide range of attractive benefits to its card members: The platinum variant offers Reward points for every use at Dining, Departmental & international Stores. International Airport Lounge access & Golf course access are the other attractive options for this variant. An exclusive gift voucher worth Rs.3000/- will be issued as a joining gift on payment of fees. Distribution of the cards is planned in two phases, in the first phase the card will be available at select branches of Federal Bank and more branches will be added in the second phase.

About Federal Bank

Federal Bank is a leading Private Sector Bank with a branch network of 1,247 branches and 1,489 ATMs spread across the country. The Bank’s total business mix (deposits + advances) stands at Rs 1.22 Lakh Crore as at March 31, 2015 and it has earned a net profit of Rs 1005.75 Crore. Bank’s Capital to Risk weighted Ratio (CRAR) stood at 15.46% at the end of March 31, 2015. Federal Bank has its Representative Office at Abu Dhabi that serves as a nerve centre for NRI customers in the UAE. Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well defined vision for the future as a guidepost to its progress. Visit www.federalbank.co.in for more details.

About SBI Card

SBI Cards and Payment Services Private Limited (SBI Card) is a joint venture between State Bank of India and GE Capital to offer Indian consumers extensive access to a wide range of world-class, value-added payment products and services. The partners have set up two joint venture companies to develop a credit card business in India -- SBI Cards & Payment Services Pvt. Ltd., which focuses on the marketing and distribution of SBI Card and GE Capital Business Processes Management Services Pvt. Ltd., which handles the technology and processing needs of SBI Card. Visit www.sbicard.com for more details.