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State Bank of India (SBI) and IndianOil (IOCL) Launch a Co-branded Contactless RuPay Debit Card

In Business
January 13, 2021

Raising the bar with newer offerings for the customers in the New Year, India’s largest fuel retailer, IndianOil, has now teamed up with SBI, India’s largest lender, to launch the SBI-IndianOil Co-branded RuPay Debit Card. The SBI-IndianOil Co-branded RuPay Debit Card was launched by Dinesh Kumar Khara, Chairman, SBI and Shrikant Madhav Vaidya, Chairman, IndianOil, in a virtual ceremony held today.

The features of the card are:
 6X Reward Points for every Rs. 200/- spent at IndianOil fuel stations
 Fuel benefits – Cardholder earns loyalty points worth 0.75% against purchase of fuel at IndianOil fuel stations
 Pay with a tap (contactless card) for a single transaction of upto Rs. 5000/-
 Earn Reward Points on spends on dining, movies, grocery and utility bills
 Redeem Reward Points for dining, movies, grocery and paying utility bills
 No monthly limit for purchasing fuel
 SBI-IndianOil Co-branded RuPay Debit Card can be issued anywhere in India
 Apply for card by visiting SBI’s home branch.

Dinesh Kumar Khara, Chairman, SBI said, “We are pleased to launch the ‘SBI – IndianOil contactless Rupay Debit Card’ through our strategic partnership with IndianOil Corporation Ltd. We believe this Co-branded Card, with ‘Tap and Pay’ technology, several attractive benefits and associated offers, would not only provide a rewarding experience on purchase of fuel to the cardholders, but also simplify the everyday purchases of customers with secure and convenient contactless payments. This Co-branding tie-up between the country’s largest companies in their respective field will provide an opportunity to customers with an enriched card and enhanced loyalty points. At SBI, our consistent endeavour is to offer a differentiated and customised experience to our diverse set of customers in terms of their regular spends and transactions. Fuel cards are specially designed to save money every time an individual refills his vehicle with fuel. SBI aims to be the Banker to Digital India and has
been at the forefront of all digital initiatives in the banking space. We are committed towards increasing the share of digital initiatives in products, services and transactions. This tie-up with IndianOil is one such initiative which will reward all the cardholders of SBI-Indian Oil Co-branded Debit Card with enhanced loyalty points.”

The SBI IndianOil Debit Card has been launched across India. A customer, anywhere in India, can get the card by visiting the SBI’s home branch. It is a contactless card and transactions upto Rs. 5000/- can be paid for with just a tap. Using it, cardholders can avail fuel benefits and loyalty points worth 0.75% against purchase of fuel at all retail outlets IndianOil fuel stations. There is no monthly limit for purchasing the fuel. Customers can also earn reward points for spends on dining, movies, grocery and utility bills. The reward points can similarly be redeemed for dining, movies, grocery and utility bills.

Speaking on the occasion, Shrikant Madhav Vaidya said, “We are proud to partner with SBI, having the largest number of debit cardholders in the country, to bring unmatched convenience to our fellow citizens. This power-packed card is backed by the unparalleled reach of IndianOil and SBI across the country. It will be an ideal mode of payment for customers in the current pandemic situation to opt for cashless and hassle-free payment. With this new tie-up, IndianOil is happy to expand its presence in the fast-developing debit card ecosystem in India, with an aim to offer attractive rewards and benefits for our customers. IndianOil has been a pioneer in promoting cashless and digital transactions with more than 98% of our vast network of 30,000 fuel stations capable of accepting credit/debit card/wallet payments. This initiative will also promote digital payments, and is in alignment with the Government’s vision of a Digital India.”