Aug 8 2017

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State Bank Of India Kiosk Banking

Oxigen made a foray into the much needed Financial Inclusion sector with India’s largest bank, State Bank of India in 2011. Through this partnership Oxigen delivers mainstream financial services to the bank-excluded masses of India using remote- biometric enabled Technology for Kiosk Banking.

Oxigen Retailers are being appointed as Business Correspondents to State Bank of India for carrying out banking transactions on behalf of SBI. This technology is powered by Oxigen. It is an Internet enabled PC based technology and extremely easy to use. Therefore anyone can become a Business Correspondents (BC) and open customer accounts at Customer Service Point Kiosk outlet (CSP).

SBI Kiosk transactions are bio-metrically secured. Printed acknowledgment for each transaction is issued to the customer and has end-to-end process of account opening & online transactions. Micro savings and Micro remittances are done through No Frills Savings Bank Accounts at Oxigen CSP Kiosks.

Oxigen Retailers can now be appointed as Customer Service Points for Business Correspondents to State Bank of India and carry out banking transactions on behalf of SBI. Become a CSP/ Business Correspondent for State Bank of India Kiosk Banking and boost-up your earnings. This is a business opportunity to do State Bank of India Kiosk banking in your Retail Outlet. YOU, therefore, become a Mini-Branch of State Bank of India, the country’s largest Bank. This technology is powered by Oxigen.

What Services will SBI Kiosk banking provide?

The SBI Kiosk banking will provide the following services:

  • Deposit of Cash
  • Withdrawal of Cash
  • Money transfer to another SBI/BC account holder in other locations
  • Loan disbursement (This Service is yet to start)
  • Current limit of Rs 10,000 per day per bank account holder

Benefits for Retailer

  • New Revenue Stream from Mini-Banking
  • Easy Money Transfer
  • Even an existing SBI account holder can be your customer
  • Significant benefits from Oxigen on other services
  • Increased customer footfall
  • Trusted source for money transfer with a strong brand name SBI

Earnings for Retailer

A CSP earns on Opening New Account and on Every Cash Deposit/ Cash Withdrawal/ Loans and Money Transfer.

Benefits for Customers

Customers can get a ‘No Frill SBI Accounts’ -A No-frills account is a paperless account with:

  • Minimum Balance -No minimum balance is required to be maintained in the account.
  • Maximum balance can be Rs 50000. (Balances above this can be held, but then account is converted to a regular bank account and the terms of the bank and documentations will apply to these accounts).
  • Maximum limit of transactions is Rs10,000/- per day.
  • No Cheque book is issued
  • Only the concerned account holders can do the cash transactions.
  • As defined by the word “NO FRILL”, there is no need to fill forms and sign. Electronic thumb impression is used on biometrics to access/use the account.
  • No charges levied to operate account.

Other Benefits include:

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