SBM Bank (India), in collaboration with Kaleidofin, a fintech business correspondent, has announced the launch of ‘Ki Cash,’ a fully digital product that combines low-cost full-service banking with quick loan disbursement.
The savings account, to be opened using biometric based e-KYC authentication, will serve to accelerate digital adoption in the informal sector and offer free digital transactions; a free NACH setup, zero minimum balance and zero penalty on digital debit decline or mandate bounce. The savings account comes with a Rupay debit card with a prebuilt insurance cover of up to two lakhs.
Neeraj Sinha, Head, Retail and Consumer Banking, SBM Bank India, said, “It’s been our endeavour to address real challenges faced by all classes of customers. A Ki Cash savings account is much more than just an account for its very fully enabled digital design facilitates quicker flows that too at much lower or most in cases zero costs ultimately building savings for customers in the informal sector.”