Millennials are risk takers when it comes to cross-border online shopping. (Photographer/Source: Xaume Olleros/Bloomberg)

SBI Customers To Get Additional Discount, Cashback On Its App This Festive Season

Customers of the State Bank of India will get additional discounts and cashbacks on shopping through its digital platform as the lender wants to cash in on the festival season shopping spree.

YONO—acronym for You Only Need One—is the state-run bank’s digital app for various services.

Apart from paperless banking, it offers investment in financial products and customers can the choice to shop as the bank has on-boarded over 85 e-commerce players on the platform.

SBI said that it is the first ever bank to have come up with a digital shopping festival. The bank will will offer discounts up to 10 percent and cash back to customers using SBI credit and debit cards between Oct. 16-21. These discounts will be over and above what e-commerce players would offer to SBI customers during the sale.

Our discounts of 10 percent and cash back on purchases through SBI credit and debit card will be over and above the discounts up to 50 percent offered by the top 14 e-commerce players on host of products ranging from fashion to furniture.
PK Gupta, Managing Director, SBI.

The bank said that customers will get exclusive and best in-class offers from these top 14 e-commerce merchants in the YONO shopping festival. It will also offer financing options to all SBI customers.

The shopping festival deals include categories such as electronics, fashion, gifting, jewellery, furniture, travel, hospitality, among others.

Amazon, Jabong, Myntra, Kalyan, Caratlane, PCJ, Pepperfry, OYO, Tata Cliq, Yatra, Easemytrip, Firstcry, IGP, Ferns & Petals are among top digital marketplaces, as per the SBI's exclusive partnership for the state bank’s shopping festival.

Also read: Amazon Sets Sights On Its Next 100 Million Customers As Festive Sale Starts

"We are doing a lot of things on YONO apart from banking. Lots of innovation is also happening, like we already have pre-approved loan on YONO which does not require a customer to visit a branch. So, we thought in the festival season it is a good idea to come up with a digital shopping offer to our customers with additional discount benefits," Gupta said.

The bank's one-stop YONO platform was launched in November 2017 and is about to complete a year. Gupta said the bank is witnessing good traction over YONO, particularly the younger generation customer which enthuses the bank to come up with such offerings.

Also read: Festive Season Borrowers Need Not Fear Higher Rates, Tighter Liquidity

There are three million customers on board YONO and the bank is adding about 25,000 new customers on the platform per day, he added.

SBI said the shopping festival is the first digital banking platform to offer customised products and services from around 85 e-commerce players by leveraging analytics.