• SBI Introduces First Multi-currency Debit Card

    Sept. 8 --To give international travelers a hassle-free and a single card to pay in multiple currencies, the State Bank of India (SBI) has unveiled its first multi-currency debit card, Business Line reported.

    SBI, country’s largest lender, has partnered with MasterCard for this service.

    The card can be used for paying in 12 currencies including the US dollar, British pound, Euro and Singapore dollar, said deputy managing director of the bank, S K Mishra.

    As outbound travelling from India is set to rise up to 50 million by 2020 from 35 million at present, a card like this will be immensely beneficial, Mishra added.

    The bank targets corporate professionals, students and tourists, who often pay a visit to abroad.

    Now the card is available in more than 100 branches in four big cities.

    The bank is issuing this card with Rs 100 as annual fee with no more interchange fees and users can pay ATM charges of 1.25 in British pound, $2 Singapore dollar, $1.75 in US and 1.5 euro in Europe for their withdrawals.
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