Imagine earning rewards by saving money, instead of spending money. This can now be a reality for customers who bank with the State Bank of India (SBI), which has just launched a new loyalty program called “State Bank Rewardz.”
In celebration of the bank’s 60th anniversary, SBI is now rewarding customer loyalty for engaging in and completing a wide array of banking actions and financial transactions. As of July 1st, 2015, customers can now join the free loyalty program, which is being offered by the bank as a way to say “thank you” for the decades of successful customer relationships that have been established.
To further accentuate the convenience of the new loyalty program, customers do not even have to sign up. They will be automatically enrolled immediately after engaging with one of the bank’s points activating services.
In addition to opening an online savings account and completing the minimum balance requirements, customers will be incentivized and will earn points every time they engage with a SBI banking channel including using a credit card, debit card, mobile banking app, and more.
Customers will also earn points for making timely Home Loan EMI and Agri Loan payments, opening a Demat paid account, or using the SBI Bank Anywhere app.
SBI also expects to offer more ways to earn points in the near future.
“Through this exciting initiative, the Bank envisions to strengthen its relationship with its customers by recognizing their continued faith and long term association with the Bank through various channels by providing instant gratification,” said Arundhati Bhattacharya, SBI Chairman Smt.
Along with the new loyalty program, SBI is also offering a new mobile app that will work in conjunction with the promotion. After the bank realized that many customers have difficulty securing website access, but yet often have some form of mobile device, SBI introduced the State Bank Rewardz app to allow more customers to earn and redeem points.
Just by downloading the app, which is purported to be the first mobile app in India designed exclusively for a loyalty program, customers will be rewarded with 100 bonus points. These points, as well as all other collected points, can be redeemed instantly for a wide range of offers and merchandise including airline tickets, gift cards, music downloads, groceries, and more.