Kiosk Banking, a very important concept initiated by Reserve Bank of India in partnership with State Bank of India is a financial breakthrough that would serve as a great measure to provide adequate finance to people who do not have easy access to banking facilities. This facility would pave the way towards greater and better development of the rural areas with respect to financial benefits. It would help serve people who are living in areas where there is less number of banks and people are unable to visit banks to use their services.

Retailers are being appointed to open up a Mini-branch in order to carry out banking transactions on behalf of the bank. It is a computer-based technology where anyone with prior and proper knowledge of computers can volunteer to become a Business Correspondent and open a Customer Service Point outlet. The transactions performed by SBI kiosk are biometric and an acknowledgment receipt for each transaction is issued to the customer individually.

The facility of kiosk banking serves both the people as well as the small business owners or retailers who can easily boost up their earnings by opening up a Customer Service Point (CSP) in partnership with SBI, the largest bank of India. Hence, the advantages of SBI kiosk financial services is two-fold:

Benefits for retailers:

Apart from growing out their business, retailers enjoy several other facilities as a part of SBI online kiosk banking, these facilities include:

Revenue:

Retailers working with kiosk banking facilities are entitled to a fixed amount of revenue depending on the transactions done by them each day or the number of new accounts opened by them.

Money Transfer:

The transfer of an amount from one bank account to another becomes easier for you as you have permission from the main branch to perform the same. Hence, the public too is satisfied with the speed and efficiency.

Benefits from Oxigen:

Oxigen in partnership with SBI offers a wide variety of other beneficial and significant offers to the retailers who can claim these benefits by just becoming a part of SBI online banking kiosk.

Increase in business:

As you are a registered SBI retailer, your shop/business will gradually receive various customers for their banking tasks. This is a great method to advertise your other important aspects of business, products or services.

Advantage of Brand name:

Working under a trusted and responsible brand like SBI, people will not have a beginner’s dilemma and would gradually come to you once they get to know about your work.

Benefits for the consumers:

The consumers are the ultimate end to all the products and services in society. These banking kiosks fill the gaps between customers of the rural area and financial facilities. The customers get benefits such as:

  • Maintaining a paperless account.
  • No need to issue a cheque book.
  • No minimum amount is required to be deposited when opening a new bank account.
  • A balance up to Rs 50000 can be kept in this account.
  • No additional charges are applied to operate your account.
  • No need to stand in long queues.
  • Term/Recurring Deposit

With the increasing advancement in technology, people have started realizing the value of online facilities. These advancements have made things a lot easier than it used to be. The government has taken a great initiative by using technological advancements to serve the most needed section of society.