SBI Kiosk Banking: Services Provided and Benefits to Retailers and Customers

by Bank Mitra BC Bank Mitra BC - All Bank CSP

CSP Bank, along with India's largest bank like SBI, aggressively attacked the coveted financial inclusion sector. Online CSP Provider is appointed as business correspondents to assist in carrying out all bank-related transactions on behalf of their respective banks. This ultimately helps customers increase their profits. The concept of online CSP is a concept that leads to Digital India in the Indian banking sector. The goal is to guide Indian people to a formal Indian economy with the latest specifications and generate exclusive profits to improve the lives of their customers.

What is SBI CSP?

CSP is an acronym for Customer Service Point. It is a common mistake to refer to a bank's customer service points as SBI CSP, as almost 90% of CSP applications are concentrated in the State Bank of India. The State Bank of India only approves customer service points with a valid CSP registration from the authorized CSP provider. Customer service points are bank boxes operated by persons other than banks. Therefore, SBI CSP is a small bank to carry out limited transactions and procurement transactions.

What services does SBI CSP include?

Let’s see the services provided by SBI CSP:

•    Send money to another SBI / BC account holder elsewhere
•    Cash withdrawals and deposits
•    Loan payment
•    The current limit is 20,000 per person. Bank account owner per day

The main purpose of SBI Kiosk Banking is to provide citizens with large banking facilities such as bank account opening, cash deposits, cash payments, microinsurance, Atal Pension Yojna, PradhanMantri Jan DhanYojna, Pradhan Mantri Suraksha Beema, Pradhan Mantri Jeevan Jyoti Beema, Senior Citizen Savings Scheme etc.

Benefits for Retailers

•    This is a new revenue system for mini-banking
•    SBI Kiosk Banking makes sending money easier
•    The account owner can be one of the customers who are already members of the same account.
•    These services help increase customer demand
•    Loyalty and trust as a reliable source of money from a strong SBI brand

Benefits for customers

•    Customers can also open a zero-balanced account with a KYC limit of up to 12 lakhs.
•    The maximum balance of the account is 50,000 rupees, but if the customer submits the KYC within 12 or 24 months
•    The maximum transaction limit is 10000 / --pr. Day.
•    No chequebook required.
•    Only account holders can make cash transactions.
•    No fees are required to operate your account.

Other benefits

•    You can apply for a loan to buy a home or a loan for real estate.
•    Easy access to car loans / golden loans / SME loans
•    You can access common credit cards or Kissan credit cards
•    There is no savings account from SBI
•    Referral-based funding
•    Loans for receipt of term deposits (TDRs), NSCs and KVPs
•    You can also withdraw money with a withdrawal card for every customer over the age of 18.
•    Helps promote business through SHGs (self-help groups) and provides opportunities
•    Customers can also use the R & D facility to make small individual savings.

If you want to work as a licensed SBI CSP operator, it is important to complete the Online CSP Provider registration process. Upon successful CSP registration, he or she will receive a unique code from the State Bank of India granted permission to initiate SBI Kiosk Banking.